Ethereum 2.0 gets even closer as part of a future Proof-of-Stake transition, the development team has planned the first Altair hard fork on October 27.
One of the main developers of the hard fork, Danny Ryan, announced the Altair update on his Twitter account, which will be implemented on October 27 at 10:56:23 UTC, attaching a post from the official Ethereum blog. It also noted that such an accurate timing of future updates became available only thanks to Proof-of-Stake, calling it an advantage of this algorithm.
The update integrates incentives into the Ethereum network, corrects previously encountered problems and shortcomings in rewarding validators, while simultaneously correcting penalties in accordance with EIP-2982. In addition, Altair will provide consensus support for easy customers and implement “punitive parameters” to ensure the economic security of Proof-of-Stake.
New details of the update will be presented on October 4, 2021. According to the latest news on the blog of the Ethereum team, the network members will then be able to update their nodes. Altair was developed throughout 2021.
The last hard fork of the Ethereum blockchain was London, activated on August 5, 2021. He also initiated EIP-1559, which became a kind of deflation "switch", after which the network began a massive burning of tokens received from commissions, gradually reducing the supply of ETH in circulation.
Ethereum co-founder Joseph Lubin stated that London has begun preparing ETH for its transformation into "ultrasonic money" - a concept popularized among bitcoin enthusiasts and implying an asset that is not subject to a sudden drop in price or purchasing power.
After Altair is launched, Ethereum 2.0 developers will begin creating the logic and specifications for merging with the ETH Mainnet, testing their own software along with other industry representatives on the Testnet. According to Danny Ryan, this will help the team receive comprehensive feedback and troubleshoot issues that may arise during the audits.