It’s been a busy few days for the Ethereum network, as the world’s second largest cryptocurrency recently completed a hard fork upgrade and immediately halted mining. The upgrade, which was completed on January 2nd, was designed to improve the network’s scalability and security, as well as reduce transaction fees and increase the block size.
The hard fork upgrade was designed to help the Ethereum network transition from its current proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS) algorithm. This transition is expected to increase the network’s scalability and security, as well as reduce transaction fees and increase the block size.
The upgrade also included a temporary halt to mining, which was done to ensure the transition went smoothly. Mining was halted for about an hour and a half, during which time miners were not able to generate new blocks.
The halt was necessary to give the network time to update the new protocol and ensure that the transition was successful. During this time, miners were still able to receive rewards for their work, but they were not able to generate new blocks.
The halt was also designed to help prevent any potential forks in the Ethereum network, which could have caused a split in the chain and potentially caused significant disruption.
Now that the upgrade is complete and the halt is over, Ethereum miners can get back to work. The upgrade is expected to bring a number of benefits to the network, including increased scalability, improved security, and reduced transaction fees.
It’s an exciting time for Ethereum, and the hard fork upgrade is just the beginning. With the upgrade complete, Ethereum is well-positioned for continued success in the future.
