Ethereum updates

The month of October seems to hold enormous prospects for the popular blockchain protocol Ethereum.

This is because Ethereum Network has disclosed plans to launch its much-anticipated Altair upgrade in October 2021. This announcement is a sure indicator of Ethereum’s much-anticipated ETH 2.0 launch.

Ethereum Altair Upgrade

According to an official announcement, the ethereum foundation recently announced that Altair’s upgrade is on track and ready for October. The Altair upgrade is the first mainnet upgrade to the Beacon Chain. While we have had several unique upgrades focused on ETH 2.0, Altair’s upgrade is an accurate indicator that ETH 2.0 is genuinely around the corner.

Also, an Ethereum Foundation researcher, Danny Ryan, disclosed that the upgrade is a clear indicator that ETH 2.0 launch is close to fruition. Altair is estimated to take place on October 27, 2021, at epoch 74240.

More on ETH 2.0

As a result of slow transactions with gas fees at an all-time high, the Ethereum network has been faced with significant scalability issues over the last couple of months. To provide a working solution, the protocol disclosed plans to launch its ETH 2.0 upgrade. The upgrade is to ensure the blockchain becomes more scalable, secure, and also more sustainable.

The ETH 2.0 upgrade is expected to take place in stages over some time. Firstly, the deposit contract for the ETH 2.0 upgrade was launched on October 14, 2020. This launch was also closely followed by the ETH Beacon Chain on November 24, 2020.

On the other hand, the Ethereum Berlin upgrade had four EIPs: EIP 2929, EIP 2930, EIP 2718, and EIP 2565. Interestingly, the Berlin hard fork also paved the way for the ETH London hard fork launch with its much-talked-about EIP-1559, also known as the deflationary switch.

Describing in detail the upgrade, Ryan disclosed that it will bring about “[…] light-client support to the core consensus, cleans up beacon state incentive accounting, fixes some issues with validator incentives and steps up the punitive params as per EIP-2982.”

Completing the ETH 2.0 upgrade will also involve a strategic move from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism.

ETH Price

At the time of publication, the ETH price was trading at USD 2,997.28 with a market cap of USD 352,874,243,730 and a 24-hour trading volume of USD 20,186,076,305. The token price is also up by 3.1% in the last 24 hours.

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