As developers set Altair upgrade in October, ETH 2.0 is closer to becoming a reality

The transition to proof of stake continues for Ethereum. The first Beacon Chain mainnet upgrade is scheduled for late October. As developers set a date to upgrade Altair, the long-awaited upgrade of Ethereum’s network to a proof-of-stake, scalable consensus model is closer. According to Danny Ryan, an Ethereum Foundation researcher, Altair is the first major upgrade to the Beacon Chain’s mainnet. It is scheduled for epoch 742240, or around Oct. 27. Ryan described the technical upgrade like this: “This upgrade brings light client support to the core consensus accounting, clears up beacon state incentive accounting and fixes some issues regarding validator incentives. It also steps up the punitive paragraphs as per EIP-2982.” EIP-29882 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 with Ethereum’s London hardfork arriving just in time. EIP-1559 was hailed by proponents as the deflationary switch. It involved burning base fees and thereby reducing ETH’s circulating supply. Related: Ethereum alternatives and layer one solutions see steady gains SeptemberJoseph Lubin, who founded Ethereum, before joining ConsenSys, stated that London puts ETH on track for becoming “ultrasound money.” The term “sound” or the “ultrasound “money” was popularized in the Bitcoin (BTC), and refers to assets that are not subject to a sudden decline in value or purchasing power. Tuesday saw a sharp drop in ETH prices as cryptocurrencies were sold off, 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.

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