New Ethereum network update expected on January 1

Ethereum is the second-largest name in the world of cryptocurrency, closely following all-time favorite Bitcoin. In order to provide customers with top-notch service, the Ethereum network is going to get a New Year’s update called “Muir Glacier”.

Ethereum network

According to an official announcement released by the Ethereum Foundation, the network will undergo a block update on the first Wednesday of the new year. The update is called “Muir Glacier” because of its significance for the overall operation of the network.

The network recently benefited from the newly released Istanbul Hard Fork, which is also intended to boost productivity and capabilities.

The “Muir Glacier” update consists of a single improvement proposal called EIP 2384, unlike the Istanbul Fork, which covered more than eleven different proposals.

The main goal behind the update is to take care of a difficulty bomb which has been causing a slowing down in block reaction times. While the Ethereum Foundation planned to release the Istanbul update in 2020, in order to deal with this slowing down, the network needed a more recent update. This is why both the Istanbul Fork and “Muir Glacier” are introduced much earlier.

What does that mean for users?

While for people who are only using Ether to trade on exchanges, this update does not have any significance, it is essential for people using the Ethereum blockchain. 

Anyone who is using an Ethereum node is going to have to update their version, so they have the latest release, and this should happen before 30 December 2019.

Featured Image by Pixabay