- Ethereum announces the date of Istanbul upgrade
- Istanbul Is the Eighth and Largest Ethereum Upgrade in Terms of Community Proposals
- Ethereum takes more bold steps to enhance the network
Ethereum News Today – Ethereum (ETH) – the second-largest digital currency in the world and the largest altcoin in the market – takes another bold step towards improving its network. The Ethereum foundation finally announces the date of the Istanbul upgrade.
Istanbul Upgrade to Happen on December 7
In a recent update, the Ethereum Foundation announced the activation date of the Istanbul upgrade. According to the announcement, the Ethereum network has scheduled to upgrade at block #9,069,000, which is expected to happen on Saturday, December 7, 2019. All node operators and miners are mandated to download the latest version of Ethereum client before December 1.
The Istanbul upgrade, which is scheduled to take place on Dec. 7, will not affect Ethereum holders. Ethereum holders are not required to do anything unless their respective digital currency trading platforms ask them to.
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Istanbul Is the Eighth and Largest Ethereum Upgrade in Terms of Community Proposals
Istanbul is the eighth upgrade on the Ethereum Network. The previous upgrades on the network were named Spurious Dragon and Byzantium. The name of the last upgrade on the Ethereum network is Constantinople. When an upgrade is implemented, changes to the protocol are programmed into several Ethereum clients such as Parity, Geth, Nethermind, and Besu. The changes in the protocol are activated at a specific block number. This means they will pick a particular block number to activate the changes in the protocol.
In terms of community proposals, Istanbul is the largest upgrade on the Ethereum network, according to Ethereum. The community proposed more than thirty Ethereum Improvement Proposals (EIPs) for inclusion in this hard fork. Out of the 30 EIPs that the community proposed, six Ethereum Improvement Proposals were considered suitable. Ethereum is ready to implement those six suitable EIPs as part of this upgrade.
Ethereum Takes More Steps to Enhance Its Network
Ethereum has been the go-to platform for individuals and companies that want to create decentralized applications. There is also an increasing number of Decentralized Finance (DeFi) platforms on the network. Nevertheless, Ethereum is associated with one issue, which is scalability. The Ethereum network is highly congested with DApps, smart contracts, and others, which has resulted in the slow transaction speed and high gas fees of the network. However, Ethereum is working towards solving this problem with Ethereum 2.0. The crypto project aims to put an end to the scalability and slow transaction issues on the network with Ethereum 2.0.