The long-planned upgrade of the Ethereum network to an evolving consensus and proof-of-stake model is approaching as developers set a date for the Altair upgrade.
Altair, which is being described as the first mainnet upgrade to the Beacon Chain, is slated to take place around the 74240 era, which is around October 27, according to Ethereum Foundation researcher Danny Ryan.
Ryan described the tech upgrade as follows:
“This upgrade brings basic consensus thin client support, cleans up tag state incentive accounting, fixes some issues with validator incentives, and escalates punitive settings per EIP-2982.”
EIP-2982 introduces “punitive parameters” to ensure that the proof of stake protocol is economically secure. “Inactivity leak” and “slashing” are the two sanctions proposed as part of the improvement proposal.
The London hard fork of Ethereum arrived almost on time on August 5, ushering in the much-anticipated EIP 1559 proposal. thus reducing the circulating supply of ETH.
Related: Ethereum Alternatives and Layer One Solutions Record Consistent Gains in September
Joseph Lubin, who co-founded Ethereum before moving to ConsenSys, said London was putting ETH on track to become “the money for ultrasound.” The concept of “sonic” or “ultrasonic” currency was popularized by the Bitcoin (BTC) community and refers to an asset that is not susceptible to sudden depreciation in value or purchasing power.
The price of ETH fell sharply on Tuesday as cryptocurrencies sold off along with other risky assets, including stocks. ETH was last seen at $ 2,822, after falling 6.5% on the day.