The Ethereum network went one step further before switching to Ethereum 2.0 via the Altair update yesterday, around 7pm Malaysian time.
What is the Altair update?
Is the mainnet's first update before entering the Beacon Chain, or known as the Proof-of-Stake (PoS) blockchain.
After Altair, there will be Ethereum integration into the Beacon Chain, starting with phase 0.
Beacon Chain was launched in December 2020.
Can be considered the ‘foundation’ to Ethereum 2.0.
Beacon Chain is expected to go full air in 2022.
What happens when Altair is activated?
Introduce support to light clients.
The reshaping of incentives led to three major changes.
Changes to the penalty parameters that resulted in inactivity leaks and a reduction in fines compared to before Altair’s presence.
An increase in the cut -off rate was also made, from one to two.
Cleanup against validator rewards for easier centralized management.
Altair’s presence is the latest improvement after the London hard fork that took place in August. Through London, EIP-1559 was introduced as a transaction pricing mechanism.
At the time this article was written, a total of 653,278 ETH ($ 2.6 billion) had been burned.
The presence of The Merge at the end of the Altair phase, which is 2022, will end the Proof-of-Work era, making it the biggest improvement in the history of Ethereum.
Ether (ETH) did not show an exciting reaction. But, ETH managed to record an increase to the level of $ 4,046 following the launch of Altair after dropping to $ 3,981 late yesterday afternoon. However, strong ETH volatility caused the price to fall back to a daily low of $ 3,906.
At the time of writing this article, ETH is trading at $ 4,017, up over 2% in 24 hours.
