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Muir Glacier

Ethereum Devs Propose Hard Fork to Address Impending Ice Age

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Ethereum

Ethereum

Ethereum developers have proposed a hard fork, titled the Muir Glacier, which is aimed at addressing the impending Ice Age that could potentially slow down the Ethereum mainnet.

A hard fork refers to a radical change to a network’s protocol that makes previously invalid blocks and transactions valid or vice-versa and requires all nodes or users to upgrade to the latest version of the protocol software. Ethereum’s Ice Age, also called a Difficulty Bomb, is the increasing hashing difficulty in the mining algorithm used to reward miners with Ether (ETH) on its blockchain and serves to slow down the production of blocks.

In an Ethereum improvement proposal (EIP) from mid-November, devs have tentatively slated January 6 for the hard fork, which would prevent the Ice Age from going off for another 4,000,000 blocks or about 611 days. The developer behind the proposal, James Hancock, argues that the current implementation of Ice Age is unnecessarily complex and confusing to communicate to the community.

“This fork would give us time to address the community to understand their priorities better as far as the intentions of the Ice Age, and give time for proposals for better mechanisms to achieve those goals,” said Hancock.

In other Ethereum news, a developer currently employed by the network has been arrested after giving a talk at the Pyongyang Blockchain and Cryptocurrency Conference in North Korea in April. FBI Special Agent Brandon M. Cavanaugh alleges that Griffith was in violation of the International Emergency Economic Powers Act for traveling to North Korea without authorization and for providing knowledge on how blockchain technology can be used to engage in fraudulent activity, such as money laundering and sanction evasion.

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Griffith’s arrest has sparked debate in the crypto world as to whether The Ethereum Foundation researcher’s lecture on providing public knowledge of open source technology constitutes a violation of economic sanctions or whether it is an act of admirably “freedom fighting.”

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Binance to Support Upgraded Ethereum Network Muir Glacier

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Binance

Binance

When it comes to the crypto space, it should be noted that much of the progress that has been seen is primarily due to the existence of crypto exchanges, and perhaps the most influential among those is Binance. In a new development, the exchange has announced that Ethereum withdrawals and deposits are going to be suspended in order to complete an upgrade on the ETH network.

Key Details

The Ethereum network recently announced that there is going to be a Muir Glacier upgrade, and owing to that, Binance will update accordingly. The announcement was made in a blog post today.

That being said, it should be noted that those who are going to trade the ETH token have nothing to worry about as the upgrade is not going to affect normal trading activities in any way. However, Binance has not revealed when deposits and withdrawals are going to be reopened.

The exchange has stated that it will be back to normal if the exchange believes that the network is in a stable state. In the blog post in question, the exchange has asked its users to leave sufficient time so that any deposits can be processed.

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In the blog post, the exchange further added, “We will handle all technical requirements involved for all users holding ETH in their Binance accounts.” These are interesting times for the Ethereum network since the upgrade comes close on the heels of another seminal event less than a month ago.

Less than a month ago, the network had its Istanbul hard fork, and the effects of the new network upgrade are also going to be closely watched by market participants. It has been revealed that the Muir Glacier upgrade has become necessary due to the Istanbul hard fork. That being said, crypto traders on Binance will be able to continue trading despite the slight disruption.

Featured image: DepositPhotos © Grey82

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