Ethereum Gray Glacier Network Upgrade
The Gray Glacier network upgrade is intended to change the parameters of the Ice Age/Difficulty Bomb by pushing back the difficulty bomb by approximately 100 days (700,000 blocks) estimated to be in mid-September 2022. The change in the Difficulty Bomb has previously been introduced in Arrow Glacier and Muir Glacier upgrades similar to the Byzantium, Constantinople and London network upgrade. No other changes are introduced as part of Gray Glacier network upgrade. The implementation of this upgrade is to avoid network degradation due to a premature activation of the difficulty bomb.
The upgrade is expected to be activated at block 15,050,000, (Wednesday, June 29, 2022). The exact date is subject to change due to variable block times and time zones.
News -
https://blog.ethereum.org/2022/06/16/gray-glacier-announcement/
https://ethereum.org/en/history/
Gray Glacier Network Specification –
https://github.com/ethereum/execution-specs/blob/master/network-upgrades/mainnet-upgrades/gray-glacier.md#gray-glacier-network-upgrade-specification
What is Difficulty Bomb?
Ethereum's "Difficulty Bomb" refers to a mechanism that, at a predefined block number, increases the difficulty level of puzzles in the Proof of Work mining algorithm resulting in longer than normal block times (and thus less ETH rewards for miners). This mechanism increases the difficulty exponentially over time and eventually leads to what is referred to as the "Ice Age" - that is, the chain becomes so difficult to mine that it grinds to a halt and stops producing blocks (freezes). This mechanism has been introduced in Ethereum to serve as a deterrent for miners, who may opt to continue with Proof-of-Work (PoW) even after the blockchain transitions to Proof-of-Stake (PoS). Their primary reason for doing so may be the shift in balance of power and profits away from miners into the hands of investors and users of the blockchain. If all miners do not make the switch to Proof of Stake, then there is the danger that Ethereum’s blockchain might fork.
Evaluation Process
MidChains evaluates:
What is changing?
Analyse the impact of those changes.
What is Changing?
The EIP proposes to delay the Difficulty bomb by a further 700000 blocks, to the middle of September 2022. Node operators need to upgrade their nodes to latest client version prior to the upgrade. Node operators that use Ethereum client that is not updated to the latest version, will have their client sync to the pre-fork blockchain once the upgrade occurs and will be stuck on an incompatible chain following the old rules and will not be able to send Ether or operate on the post-upgrade Ethereum network.
Upgrade Preparation
MidChains is not expected to perform any actions in support of this upgrade as there are no changes to client wallet addresses. Client funds will therefore not be impacted by this upgrade.
Impact Analysis
MidChains will support the Gray Glacier network upgrade. All deposits made during the upgrade at block 15,050,000 are expected to be processed without any impact.
Impact on Client Funds: No impact on client funds post network upgrade. Ethereum deposits, withdraws and trading are not affected.
Regulatory implications: None.
Maturity / Market Capitalization: The surviving asset’s root is ETH so the legacy carries forward.
Security and Operations: No change
Traceability / Monitoring: The Gray Glacier upgrade will not have any effect on addresses; hence tracing will not differ.
Exchange Connectivity and Demand: No impact.
Type of Distributed Ledger Technology (DLT): Remains the same for ETH
Innovation and Efficiency: No change