The Ethereum successfully completed the update ‘Altair’ on your main network on the morning of Wednesday (27). The new upgrade features come to enhance the Beacon Chain, the chain that prepares the currency ecosystem for the arrival of Ethereum 2.0 next year.
Beacon Chain will transition to the new version of Ethereum that moves away from traditional proof-of-work (PoW) mining and moves towards consensus proof of participation (PoS).
In general, Altair brought support for light clients (simplified use clients that do not participate in validation or consensus), small changes in the incentive model and increased amounts charged in penalties to node operators if they go offline.
Changes were introduced to the protocol during the 74240 season, with no problems identified to date. “Ethereum’s beacon chain has been successfully forked for Altair.
No problems and with a very high turnout. A new era begins today,” tweeted Lion, core developer of Eth 2.0.Although node operators notice more changes that Altair brings rather than the end user of Ethereum.
The upgrade is important because it puts to the test and prepares developers’ code bases in preparation for Ethereum 2.0. Altair was the first — and may be the last — update Beacon Chain receives prior to the consensus exchange.
The Beacon Chain is the participation proof chain that was activated on the Ethereum core network in December of last year and has since run parallel to the work proof chain.
It introduced staking in the Ethereum ecosystem, a mechanism where network users lock part of their ether in the software to validate transactions in exchange for rewards.
As the network is not yet based on proof of participation, Beacon Chain only allows users to lock the coins, but without being able to withdraw them for the time being.
Withdrawal of funds will only be allowed after the merger of ETH 2.0. The parallel network also prepares the ecosystem for fragment chains or “shard chains”.
The feature will give the expected scalability for Ethereum 2.0 and promises to decongest the network by creating another 64 block chains that work in harmony.