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Ethereum has unveiled its preparations for a new upgrade – Arrow Glacier. An upgrade is scheduled to commence on December 9.
According to a recent announcement published by CNBC, the world’s second leading cryptocurrency, Ethereum is set for another upgrade in a bid to revolutionize its mining system for better efficiency. The new Ethereum upgrade dubbed Arrow Glacier has been scheduled to commence on December 9. Its initiation is basically focused at holding back the known “difficulty bomb” as a way give more time to developers to work on Ethereum 2.0 before the planned transitioning.
As noted by the coordinator for Ethereum’s protocol developers, Tim Beiko, the bomb is predicted to slow or freeze mining on Ethereum till when developers would have probably transitioned Ethereum from a proof of work model for mining to a proof of stake model. Hence, pushing it back via Arrow Glacier will provide developers with more time to work on Ethereum 2.0 prior to the period of transitioning.
Ethereum 2.0: Ethereum to Shift from Proof-of-Work Model to Proof-of-Stake
According to reports, Ethereum has unveiled plans to shift from a proof of work model to a proof of stake model. The proof of stake model offers users the opportunity to only validate transactions according to how many coins they hold, rather than an energy-intensive mining rigs being currently used in the proof of work mining model.
The currently used proof of work model has proven very challenging to miners as it requires miners to compulsorily compete to solve complex puzzles if they must validate transactions. This model has concrete impacts on the environment, as it requires an extreme amount of computer power.
According to the developer, the proposed revolution to Ethereum 2.0 will help curtail the impact of Ethereum mining on the environment. Hence the proof of stake model of mining will not require the same amount of energy as proof of work. The development will make Ethereum feature a more scalable, secure and sustainable network for users. Although, mining of Ethereum will cease generating revenue by means of the transition.
The designs proposed to come with the upgrade suggests that Ethereum 2.0 will greatly impact the crypto sphere, as it will automatically change the Ethereum infrastructure, hence making the mining system ultimately obsolete.
Further predictions suggests that a successful shift to Ethereum 2.0 will as well have an immense impact on the price of its coin Ether in the long run.