The shift to proof-of-stake for Ethereum continues, with Beacon Chain's first mainnet upgrade set for late October. The long-awaited upgrade to a scalable, proof-of-stake consensus mechanism for the Ethereum network is getting closer as engineers set a date for the Altair update.
According to Ethereum Foundation researcher Danny Ryan, the first mainnet update to the Beacon Chain, Altair, is set to take place around epoch 74240, or around Oct. 27.
The technological improvement was characterized as such by Ryan:
“As per EIP-2982, this update adds light-client support to the core consensus, cleans up beacon state incentive accounting, solves certain validator incentive problems, and increases the punitive params.”
To guarantee that the proof-of-stake protocol is economically secure, EIP-2982 adds "punitive parameters." The two suggested punishments under the improvement suggestion are "inactivity leak" and "slashing."
On August 5, Ethereum's London hard fork came nearly on time, bringing in the much-anticipated EIP 1559 proposal. EIP-1559 was dubbed the "deflationary switch" by supporters since it required burning base fees, which reduced the amount of ETH in circulation.
London puts Ethereum on track to become "ultrasound money," according to Joseph Lubin, who co-founded Ethereum before moving on to ConsenSys. The Bitcoin (BTC) community popularized the idea of "sound" or "ultrasound" money, which refers to an asset that is not vulnerable to a rapid loss of value or buying power.
On Tuesday, the price of ETH fell significantly as cryptocurrencies and other risk assets, such as equities, fell in value. The price of ETH was last seen trading at $2,822, down 6.5 percent on the day.
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