Ethereum developers have been working feverishly since 2015 to migrate the network to the considerably more efficient Proof of Stake (PoS) technique. The Gray Glacier upgrade, set for June 29, 2022, demonstrates how critical this step is.
This will keep the difficulty of block mining from growing for the sixth time in a row. If this method was not employed, the time necessary to construct a block would increase, reducing the number of potential transactions per second significantly. However, the network is already reaching its technological constraints on a daily basis, resulting in slow transaction speeds and large transaction costs.
The move to PoS will be accomplished through a process known as “The Merge.” This long-awaited gathering, according to founder Vitalik Buterin, should take place this summer. The Gray Glacier upgrade provides developers an additional 100 days before the difficulty bomb explodes.
While node operators and crypto exchanges should prepare for the June 29 upgrade, blockchain consumers need not worry.
Binance has stated that transactions using ETH and ERC-20 tokens will be temporarily halted on June 29, 2022 at 09:32 a.m. as a precaution (UTC). As a result, the crypto-exchange wants to assure that there will be no problems processing transactions during the upgrade.
