Transition ETH from Proof of Work consensus to consensus Proof of Stake (PoS) is again a small step closer. The developers of the second largest cryptocurrency have announced an upgrade date for a network called Altair.
The first major update to the Beacon Chain mainnet, which currently only allows staking Ethererum if you have at least 32 ETHs, is scheduled for epoch 74240. Preliminary estimates are expected to take place on October 27.
“This upgrade brings light-client support for the core consensus, fixes several incentive issues for validators, and strengthens EIP 2982 parameters.” said ETH developer Danny Ryan.
EIP 2982 introduces repressive parameters to ensure the economic security of the Proof of Stake consensus. “Leak of inactivity” (inactivity leak) a “Chopping” (slashing) are the two proposed sanctions in the improvement proposal.
Beacon Chain upgrade is another important moment for ETH, which underwent a significant update of EIP 1559 on August 5 within the London hard fork. According to the co-founder of this cryptocurrency, Joseph Lubin, it will gradually make ETH the so-called Ultrasound money.
Thanks to EIP 1559, the number of circulating ETHs may even gradually decrease, which may also contribute to an increase in the value of this cryptocurrency. Although ETH has not yet achieved this, the burning of ETH for transaction fees incurred, which previously went “in the pocket” of miners, has led to a slowdown in ETH inflation. According to watchtheburn.com, about 52% of all ETHs extracted since then have been destroyed since August 5. That’s $ 1.3 billion.
The complete transition of ETH to Proof of Stake is expected in 2022, but skeptics warn that it may take longer in the end. He will tell a lot in the coming months.