Preparation for the merge upgrade on the ETH blockchain network has started in earnest. The consensus protocol transition has kickstarted with the Goerli merge on the 11th of August. After the completion of the initial upgrade, the proof-of-work (Pow) to-proof-of-stake (PoS) change will take place in September.
Coinbase Will Ban Ethereum Activities During Upgrade
The statement was revealed earlier via the broker’s platform’s official website by its Product Manager. According to the published article, the manager stated that once the merge upgrade on the Ethereum blockchain starts, there will be a suspension of some platform users’ actions.
Armin stated that the platform would restrict ETH and its blockchain transactions token, ERC-20 depositions, for a short time. The suspension will take effect till the merge upgrade is successfully implemented and tested on the blockchain network.
The world’s second-largest cryptocurrency will be transited to a new Ethereum 2.0. According to the Coinbase official release, the suspension is a prudent move to secure the broker’s user’s assets and system. Immediately after the release, crypto experts pointed out that the platform had taken such a step a few years ago when Mike Hearn executed the BTC hard fork upgrade.
The platform banned Bitcoin withdrawal and conversion to cast pending the successful split of the blockchain. Although, the platform noted that other token network activities would not be affected, as centralized trading and exchange will continue.
Trading, Swapping, Buying, Still Possible During Merge Upgrade
Coinbase will suspend some activities on the ETH network. However, trading, buying, and cryptocurrency will not be affected. Coinbase users can still trade, sell, and digital swap currency. The suspension is a precaution to avoid the brokerage users being exploited or violated.
However, trading, buying, and swapping on the platform would be made available to users. The platform failed to give detailed explanations regarding the date of the suspension.
The suspension will be temporary and activated once the transition starts. The consensus protocol upgrade is a major one that needs precautions. There are speculations that other top-profiled cryptocurrency platforms like; Gemini, Kraken, KuCoin, Bitstamp, FTX, and Binance will follow suit.
The transition of the ETH blockchain network from POW to POS consensus protocol is the first ever. The upgrade has continued to heighten ETH users’ and enthusiasts’ hopes regarding a price spike.