10 Ethereum Upgrades You Should Know

Do You Speak Crypto: Episode 15

Episode 15: Ethereum Upgrades

The Merge, probably the most important upgrade in Ethereum’s history, is just a couple of months away. It will eventually transform the Ethereum blockchain from a PoW platform to a PoS which is more eco-friendly, scalable, and secure.

1. Serenity

Serenity is another name for the well-known Ethereum 2.0 upgrade which will gradually transform Ethereum’s blockchain into a Proof of Stake (PoS) network, improving its capacity and scalability.

2. Frontier

Frontier took place in July 2015 and was the official launch of the Ethereum blockchain. It was intended for technical users and developers to start using the platform and building their applications and forming their communities.

3. The Split

In 2016, a DAO smart contract became the victim of a hack, losing over 3.6 million ETHs. The majority of the Ethereum community decided to retrieve the stolen funds by reversing the blockchain’s history. However, some members believed that this goes against the immutability nature of blockchain technology.

4. Constantinople

Constantinople was one of the first steps in Ethereum’s journey to Serenity. The upgrade was planned for mid-January 2019 but got pushed to the end of February due to some security issues.

5. Istanbul

Istanbul was the last upgrade before Serenity’s implementation, paving the way for the network to get ready for its transition to a PoS blockchain. The upgrade took place in December 2019.

6. Glacier Upgrades

Glacier is a series of upgrades focusing on the Difficulty Bomb. Difficulty Bomb is a mechanism that increases the difficulty of mining blocks on the Ethereum blockchain to encourage miners to move to the PoS network.

7. Beacon Chain

Beacon Chain was the fundamental piece of Serenity and went live on December 1st, 2020 when the Deposit Contract reached its goal of 16384 validators.

8. London

The London Upgrade was implemented to change the way transaction fees are calculated on the network. Another important aspect of this upgrade was the burning process in which a part of every transaction fee is burned.

9. The Merge

As per Ethereum’s website, The Merge is “the most significant upgrade in the history of Ethereum” which will literally merge the Beacon Chain and the Mainnet. It is scheduled for 19th September 2022 and will reduce the energy consumption of the Ethereum blockchain by almost 99.95%.

10. Shanghai

Right now, Shanghai Upgrade consists of 6 EIPs and is expected to go live 6–12 months after The Merge. After this upgrade, network validators will be able to withdraw their staked Ethers.

About DIFX

DIFX is a centralized cross-asset crypto exchange that allows users to trade between multiple asset classes that include indices, forex, crypto, metals, and commodities, just to name a few. The DIFX fully-insured crypto wallet comes from a partnership with Fireblocks, one of the leading crypto custodians in the world.

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https://difx.com

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