Today marks another day of note on the Ethereum (CCC:ETH-USD) 2.0 overhaul timeline. The network is undergoing its Arrow Glacier update today, an upgrade that stands to give developers more time to ready it for bigger and better things. However, this Ethereum news isn’t necessarily a normal update; indeed, Arrow Glacier isn’t meant to add new features or correct bugs, it’s to delay a blockchain catastrophe.
As Arrow Glacier hits the Ethereum network today, crypto bulls are quite excited. However, some might not understand the scope of this update, or the history behind it.
Here’s everything you need to know about the latest Ethereum news as the network gets into a very busy Friday.
Ethereum News: Arrow Glacier Prevents a “Blockchain Bomb” From Detonating
- Before explaining Arrow Glacier, it’s worth getting up to speed on Ethereum 2.0. The 2.0 upgrade is a years-long change Ethereum has been making since late 2019. In Ethereum 2.0, the network will transition from proof-of-work to proof-of-stake. It will also implement shard chains, a scaling mechanism that will greatly increase transaction speeds and lower fees.
- The network created the Beacon Chain in 2019; this is a separate chain running parallel to Ethereum, which holds all of the changes developers want to make. The last step in this process will be to merge the two chains into the Ethereum 2.0 network.
- Arrow Glacier is the newest update after October’s Altair upgrade. Altair is one of the last steps in Ethereum’s 2.0 implementation; it forces node operators to update their nodes or risk losing out in participating in the 2.0 network. It is essentially the last necessary upgrade before the final merge.
- Yes, Arrow Glacier is an update, but it’s certainly not an upgrade in the traditional sense. Rather, it’s a response to an issue that developers have been anticipating for some time now.
- When Ethereum was spawned, its creators knew that they wanted to make it a proof-of-stake network down the line. In order to ensure that this transition is actually done, they implemented something called the “difficulty bomb.”
- The difficulty bomb is a ticking blockchain time bomb. It ensures developers don’t put off the 2.0 overhaul by threatening to essentially destroy the network. Were this bomb to go off, the time to mine ETH would increase significantly, transactions would become overwhelmingly slow, and fees would skyrocket.
- Obviously, the 2.0 change is happening. With Altair, investors know they are on the cusp of the upgrade they’ve been waiting for. Moreover, the developers made known their intentions to have the final product delivered in Q2 of 2022.
- However, the difficulty bomb it set to detonate this month. As such, the Arrow Glacier update will delay this detonation time. Ultimately, there will be no noticeable change to the network for anybody other than the network’s administrators; users, node operators and app developers won’t notice a thing.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.