Binance Will Support Ethereum and Tezos Network Upgrades

Cryptocurrency exchange Binance said it will support updates to the Ethereum and Tezos networks. Gray Glacier and Jakarta 2 upgradesare scheduled for June 30 and June 27, respectively.

In the Ethereum blockchain, the update will be activated onblock height #15 050 000. With the current network characteristics, this will take place on June 30 at approximately 12:05 (Kyiv / Moscow time). One hour before the implementation of the code, Binance will suspend deposits and withdrawals in ETH and ERC-20 tokens.

Gray Glacier update delays activation“difficulty bombs” for 700,000 blocks or about 100 days. This mechanism determines in advance the block number at which the complexity of the network increases within the framework of the Proof-of-Work algorithm and, accordingly, the reward of miners is reduced.

“Over time, this tool will exponentiallyincreases difficulty, which ultimately leads to the so-called “ice age” - the blockchain becomes so difficult for miners to operate that it stops and stops generating blocks,” says the definition on EthHub.

This mechanism is intended to stimulatedevelopers are moving towards switching to Proof-of-Stake (PoS), but some community members consider it pointless, since the project team can delay activation at will. 

Speaking to CoinDesk, ConsenSys product manager Ben Edgington called the mechanism “one of the weird things about Ethereum.”

"From the point of view of the coercive functiondevelopers, I don't feel like the mechanism works really well. This is illustrated by forks that focus exclusively on the bomb. We are going to do the third one,” he said.

Edgington noted that the delay in the activation of the bombwill not have a big impact on the timing of The Merge. Earlier, Ethereum co-founder Vitalik Buterin named August as the most likely time to move to PoS.

The Merge: what to expect from the biggest update of Ethereum

Jakarta 2 update for Tezos network will be activated onblock height #2,490,369. According to Binance, this will happen on June 28th at approximately 02:27 AM (Kyiv/Moscow time). An hour before the Fock, the platform will also suspend deposits and withdrawals in XTZ.

The update is intended to fix two "criticalerrors" that were found in the Jakarta protocol. The latter should increase the network throughput through the implementation of the L2 solution Optimistic Rollups.

Recall that in June, Tether launched the USDT stablecoin on the Tezos blockchain platform.

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