The long-planned upgrade of the Ethereum network is approaching a scalable consensus model for proof of effort as developers set a date for an Altair upgrade.
According to Ethereum researcher Danny Ryan, Altair, which is billed as the first major network upgrade of Beacon Chain, will have era 74240, or around October 27.
Ryan described the technical update as follows:
“This update provides easy client support for basic consensus, cleans up beacon state incentives, resolves validator incentive issues, and increases penalty parameters in line with EIP-2982.”
EIP-2982 introduces “punitive standards” to ensure the financial security of the Proof of Stake protocol. “Measure leakage” and “interruption” are two of the penalties proposed in the improvement proposal.
The London Ethereum hard fork has come close to the deadline of 5 August, and triggered the long-awaited EIP 1559 proposal. EIP-1559 was described by the spokesmen as a deflation switch, as it meant burning the core fees and thus reducing the supply of ETH in circulation.
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Joseph Lubin, who co-founded Ethereum before moving to ConsenSys, said London was preparing ETH to become “ultrasound money.” The concept of “sound” or “ultrasound” money has become popular with the Bitcoin (BTC) community and refers to an asset that is not subject to sudden depreciation or purchasing power.
The price of ETH fell sharply on Tuesday with the sale of cryptocurrencies along with other risky assets, including equities. ETH was last traded at $ 2,822, down 6.5% on the day.