As developers set a date to upgrade Altair, the long-awaited upgrade of Ethereum’s network to a proof-of-stake consensus system that is scalable and robust becomes closer.
According to Danny Ryan, an Ethereum Foundation researcher, Altair is the first major upgrade of the Beacon Chain’s mainnet. It is expected to occur at epoch 742240 or around Oct. 27, according the Altair team.
Ryan described the technical upgrade like this:
“This upgrade adds light-client support for the core consensus, cleans beacon state incentive accounting and fixes some issues regarding validator incentives. It also increases the punitive params per EIP-29982.
EIP-2982 introduces “punitive parameter” to ensure economic security of the proof-of stake protocol. The proposed penalties for the improvement proposal are “inactivity leak” or “slashing”.
The highly anticipated EIP-1559 proposal was delivered on time at Ethereum’s London hardfork on Aug. 5. EIP-1559 was deemed the deflationary switch by its supporters. It involved burning base fees and thereby reducing the circulating supply.
Similar: September sees steady gains for layer-one and Ethereum alternatives
Joseph Lubin, co-founder of Ethereum, before moving on to ConsenSys. He said London places ETH on track for becoming “ultrasound cash.” This concept was first popularized by Bitcoin (BTC), and refers to assets that are not subject to a sudden decline in value or purchasing power.
On Tuesday, the ETH price fell sharply as cryptocurrencies were sold along with other risk assets like stocks. ETH traded at $2,822 the last time it was seen. This is a 6.5% decline from the previous day.
Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.