Binance Will Support Newly Announced Ethereum Muir Glacier Upgrade

Major cryptocurrency exchange Binance will suspend Ether (ETH) deposits and withdrawals to support the recently announced Ethereum network Muir Glacier upgrade.

In a Dec. 30 blog post, Binance said that deposits and withdrawals will be suspended on the platform prior to the Ethereum network block height of 9,200,000 selected to execute the upgrade.

While ETH trading will not be affected during the upgrade, deposits and withdrawals will be reopened once Binance deems the upgraded network to be stable. Binance noted that it will not make a separate announcement about the resumption of deposits and withdrawals. The exchange recommended making deposits in full prior to the upgrade.

Described in a Nov. 22 proposal by Ethereum developer James Hancock, the Muir Glacier upgrade is expected to be activated on the mainnet on Jan. 1, 2020 at block 9,200,000. The exact date is subject to change due to variable block times and time zones and real-time block statistics are available on the website Ethernodes.org.

According to a blog post by the Ethereum Cat Herders — a community dedicated to the network’s development — Muir Glacier has only one improvement proposal, EIP 2384. The proposal is designed to delay the so-called “difficulty bomb,” also referred to as Ethereum’s Ice Age, for another 4,000,000 blocks, or approximately 611 days.

Ethereum’s difficulty bomb is a mechanism that is supposed to gradually make the process of generating new blocks more complicated and would eventually lead the network to a proof-of-stake consensus algorithm.

The Ethereum Cat Herders explained that Muir Glacier upgrade is necessary following the Dec. 7 Istanbul upgrade because of problems predicting the timing of the difficulty bomb.

Leave a Reply

Your email address will not be published. Required fields are marked *

shares