Ethereum Altair upgrade will be live on mainnet on October 27 as it has been 3 months since Network went under any major upgrade. This upgrade will help to achieve the network’s goal of transformation from proof of work to proof of stake.
Ethereum Altair upgrade:
Ethereum, the second crypto asset by market cap, popularity is increasing with each passing day. It brought the new concept of defi and a whole lot of other things to the crypto market. The network’s approach has been to shift from Proof of Work (PoW) to Proof of Stake (PoS). For this purpose, the Ethereum Network has been testing many upgrades. The latest update is named “Ethereum Altair upgrade” which will change how the miners are paid. This upgrade will be implemented on October 27.
Altair is the first time the beacon chain, which is helping Ethereum in the transition to Proof of Stake. Beacon chain is a proof of stake chain running on mainnet parallel to the proof of Work chain. Head of a few decentralized projects, Pooja Ranjan, has said clearly that Ethereum Altair might be the only upgrade to the beacon chain before Ethereum switches to PoS. Beacon chain has a lot of features like it prepares the mainnet for shard chain which makes transactions faster by creating 64 blockchains that work in harmony and this will make Ethereum 2.0 fully functional.
In the meantime, it’s time for people to upgrade their nodes. Danny Ryan, who’s coordinating the move to Ethereum 2.0, told Decrypt around half of people have already updated their node, a process that took him about 10 minutes. “I’m confident we’ll get quite a bit of upgrading this weekend but we’ll only know where we get to by Wednesday.”
If more nodes don’t upgrade, it could, in an extreme circumstance, make the network vulnerable to a chain split. That’s what happened in August when users of the Geth software client on Ethereum failed to upgrade their software after a bug was found. For more interesting content please click here.