The second-largest cryptocurrency exchange as per the daily trading volume, Binance has suspended deposits and withdrawals of Ether (ETH) to show its support in the recently announced Ethereum network Muir Glacier upgrade. In the recent blog post on the website, Binance mentioned that the deposits and withdrawals is going to be suspended prior to the execution of the Ethereum network block height of 9,200,00 selected for upgrade.
No effect on Ether trading
This is not going to affect the ETH trading during the upgrade as deposits and withdrawals will be open after the upgraded network is stable. The exchange made sure that it is not going to make a separate announcement associated with the resumption of deposits and withdrawals. The exchange made a recommendation to make deposits completely prior to the upgrade.
Muir Glacier upgrade comes less than a month after Istanbul hard fork
It was mentioned in a November 22 proposal by Ethereum developer James Hancock that the Muir Glacier upgrade is on the way and will be activated on January 1, 2020 at block 9,200,000. The date might get changed because of the variable block times and timezones and real-time block statistics are available on the website Ethernodes.org.
According to the Ethereum Cat Herders blog post – Muir Glacier has one improvement proposal, EIP 2384. This proposal is basically created to delay the difficult bomb which is also referred as Ethereum Ice Age for another 4,000,000, blocks or for approximately 611 days. To know more, you can call on Binance helpline number which is functional all the time for guidance. You can reach the team to attain quality results that would be helpful in fixing problems in nick of time.
What is Ethereum difficult bomb?
Ethereum’s difficult bomb mechanism is supposed to create the process of generating new blocks more complicated and finally processed to the network to a proof-of-stake consenus algorithm. The Ethereum Cat Herders talked about the importance of Muir Glacier upgrade following the recent Deceber 7 Instanbul upgrade because of the time issue in the difficult bomb.
It said – it is difficult to predict the timing of the difficulty bomb . At the time of planning Istanbul, it was predicted that the bomb would be noticeable till mid of 2020. This implied that it could be delayed in the follow-up upgrade to Istanbul. At the end, all these estimations were wrong. call on Binance support number for assistance related to Binance queries and problems. Talk to them and avail the best solutions.
Also, the Muir Glacier is going to be activated on the Ropsten testnet network. The node operators and miners who missed the Instanbul upgrade and are not part of the present Ethereum chains are supposed to upgrade their client to Muir Glacier at the earliest. As per the official announcement by the Ethereum Foundation, nodes should be upgraded prior to the December 30, 2019. The past week, Binance announced to support a 2.0.2 network upgrade of Algorand which is a decentralized network created by the American blockchain firm.