Ethereum has recently undergone Istanbul Hardfork on Dec 8, 2019. This is just the beginning of a series of hard forks to shift to new PoS. However, in a change of events, Ethereum developers have announced an impromptu hard fork – Muir Glacier. The hard fork is scheduled to occur on Jan 1, 2020, as developers have missed one update in the last hard fork.
The developer’s proposal for the upcoming Muir Glacier hard fork addresses the impending Ice Age on Ethereum Mainnet and includes a commitment to solving the problems with the ice age more permanently. The Ethereum developers claim that this hard fork will push back the IceAge as far as possible and give them the relief to update the network to solve design problems.
There were speculations in the crypto market that the Ethereum team have miscalculated the hard fork and have forgotten about the Iceage. Also, one of the twitter users complained that the hard-fork is scheduled on a holiday. Ethereum Team Lead Péter Szilágyi tweeted the team’s reply –
The Muir Glacier hard fork may cause a decrease in the Ethereum price. Moreover, the two consecutive hard forks require the operating nodes to update to the new versions. For a large network like Ethereum’s, this can cause a lot of chaos deterring node operators away from Ethereum. Furthermore, it also raises concerns around the decentralization of the cryptocurrency. Subsequent hard forks are not practical for a decentralized network.