This Wednesday, Ethereum 2.0 developers will launch the first upgrade of the Beacon Chain, Altair, which brings the merger between Ethereum and Ethereum 2.0 even closer. As Ethereum developer Danny Ryan and the founder of the podcast explain Week in Ethereum, Evan Van Ness, Ethereum 2.0 validators have until 10:56 am UTC today to update their nodes to Altair. Otherwise, they will be penalized for inactivity within the blockchain.
You have exactly 12 hours to update your Eth staking nodes before the Altair upgrade
Inactivity penalties will commence in 12 hours for those who do not upgrade
– Evan Van Ness 🐬 (@evan_van_ness) October 26, 2021
Altair is the first update to occur within the Beacon Chain, Ethereum’s beacon chain that opened the doors to staking within the network. Recall that in December of last year, Ethereum began its official journey towards a new consensus model, the Proof of Stake (PoS). The blockchain of smart contracts and DApps is abandoning the Proof of Work (PoW) protocol in order to increase its scalability and reduce its energy consumption. Ethereum is on the way to becoming a much faster, safer, more efficient and greener blockchain. And the Altair update is part of this transformation and evolution process.
Facebook turns to Ethereum, Paxos and Coinbase to launch its digital wallet
Altair y Ethereum 2.0
Through Altair, Ethereum developers will introduce various improvements to the Beacon Chain. These improvements will help the chain to be prepared for the imminent merger, called The Merge. Ethereum developer Tim Beiko explained that Altair will allow developers to test new features on the network. And subsequently ensure that the merger between Ethereum and Ethereum 2.0 goes smoothly. According to Roadmap From the development team, the merger between the two chains is scheduled for the first half of 2022, although many consider that it could take a couple of more years.
Altair prepares the network for the merger of the current Ethereum mainnet with the proof-of-stake system, which is built on the Beacon Chain beacon chain. At present, the PoS network is developed in parallel with the Ethereum in PoW, protected by the miners. The drastic change that Ethereum 2.0 will introduce to the network will end dependence on computing power. The Merge will suppose the end of ethers mining.
Spruce, the new login with Ethereum or the restart of a new internet
The Beacon Chain, the beacon chain of Ethereum is known as Phase 0 of Ethereum 2.0. It is a blockchain designed to implement and test all the changes required to transition from Ethereum from PoW to PoS. Successfully tested implementations within this network will move to the Ethereum 2.0 mainnet. In the case of Altair, the update will allow developers to offer support for the creation of thin clients, as well as introduce changes to the penalty scheme and optimize the transfer process.
Lily Knight, the 3-year-old girl who educates about Bitcoin and Ethereum
The slashing or the penalties will be tightened with the recent Altair implementation. The objective, as the Ethereum developers explain, is to guarantee and maintain an active participation of the validator nodes in the network. According to him Launchpad of Ethereum, the beacon chain has 250,185 validators. To become an Ethereum validator, you need to bet at least 32 ethers on the network. To date, the chain maintains more than 8.31 million ethers wagered, whose value amounts to approximately 34,000 million dollars.
Validators that do not comply with Altair and future updates on the network will be penalized, losing part of the ethers staked on the chain.
Bitcoin price stabilizes and ethereum hits all-time high
Ether price rises 7%
In the last week, the price of Ethereum (ETH) is up 7%. As of press time, it is trading at $ 4,019. At the end of last week, ETH hit a new all-time high of $ 4,361. Analysts note that if the Altair update is implemented successfully, the price of the cryptocurrency could reach a new high in the coming days.