Ethereum, which is described as digital silver, is the second largest currency by market capitalization among crypto coins. Developments related to Ethereum continue day by day. With these updates to the security of transactions to take place on the network, the transition to ETH 2.0 is accelerating. After the Berlin Hard Fork in April, Ethereum’s long-awaited London Hard Fork was launched last August. The last update to be performed after these updates is the Altair update. With the transition to ETH 2.0 approaching, the official date for the Altair update has been given. On the basis of this update, it gives us that the transition to ETH 2.0 is getting closer and closer.
With the upcoming Altair update, an important task has been played in the transition period from ETH 1.0 to ETH 2.0. ETH 2.0 has been announced by Ethereum developers to happen soon. With the Ethereum Altair Update, which is set for October 27, the PoS (Proof of Stake) model will continue to work with the Proof of Work model despite being developed in parallel. This will happen in less than a month. With this update, which is expected to be made in late October, the transition to proof of stake (PoS) has come closer. With this update, a big step towards ETH 2.0 has been taken. The Ethereum Blockchain, which works with the PoW (Proof of Work) model, has been highly criticized for energy consumption. With this update, it takes its next step towards becoming a PoS (Proof of Stake). With this transition, transactions that will be carried out with lower energy consumption compared to the Proof of Work network will create an eco-friendly and economical crypto money ecosystem. ETH 2.0 aims to move forward with a vision of a global-scale and general-purpose use while continuing to maintain security and centralization.
The Altair update is included with the EIP-2982 update. Thanks to the Altair update, which will bring various rewards and penalties, the transactions to be performed on the network will be carried out more economically and safely. The transaction densities that can be experienced on the network will prevent miners from charging higher commissions. In this way, in a market where the demand for NFTs is increasing day by day, there will be a decrease in the desired high commission fees.
The Altair update, which will take place on October 27, 2021, is the first major network upgrade to be performed on Beacon Chain. To ensure the economic security of the Ethereum network, the upgrade will be accelerated with punitive parameters. New updates to the Altair update are expected to be announced on October 4.
