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Eth 2.0 is anticipated to deal with mainnet’s low throughput and high transaction fees compared to the upcoming smart contract blockchain dubbed Ethereum killers.
Eth 2.0, the awaited Ethereum ecosystem’s savior, is finally taking shape with the Altair upgrade. The Altair upgrade, which is described as the first mainnet upgrade to the Beacon Chain, is scheduled to take place at epoch 74240, or roughly Oct. 27, according to Ethereum Foundation researcher Danny Ryan.
This follows the recent London upgrade that saw Ethereum (Eth) gain better chances of becoming ultrasound money. Dubbed EIP-1559, the London upgrade pressed a deflationary switch in the Ethereum ecosystem, thereby ensuring the burning of base fees.
Notably, the Altair upgrade will fix some notable issues with validators incentives among other issues. Consequently, the developers promise Ethereum users a huge advantage of getting to enjoy proof of stake and its features.
“A subtle but great advantage of proof-of-stake is that we can precisely time upgrades,” Ryan noted in a blog post. “This upgrade brings light-client support to the core consensus, cleans up beacon state incentive accounting, fixes some issues with validator incentives, and steps up the punitive params as per EIP-2982,” he added.
Ryan urged the Ethereum community and the entire crypto market to watch out for Monday’s blog post that will include all mainnet Altair releases. Until then, validators can upgrade their nodes.
Eth 2.0 and the Ethereum Outlook Ahead of Altair Upgrade
Eth 2.0 is anticipated to deal with mainnet’s low throughput and high transaction fees compared to the upcoming smart contract blockchain dubbed Ethereum killers.
Ryan also noted in the blog post that Merge interop specs were released on Friday. Notably, the meta specs will allow stable targets for developers for an initial wave of testing and devnets.
“After a flurry of specification activity over the past few months, Merge specs are near feature complete, and the core logic is stable. In this next phase, engineers will build out the Merge logic and test their software with other teams on short-lived devnets. The engineers will vet the specs as they stand today and provide dynamic feedback into the specs to refine and/or fix issues as they arise,” Ryan explained.
As all these upgrades take place on the Ethereum ecosystem, competition from other smart contract platforms like Cardano intensifies. The Cardano ecosystem recently launched its smart contract feature that is dubbed faster and cheaper than what Ethereum offers the market.
However, Ethereum has retained the second most valuable digital asset after Bitcoin by market capitalization. According to market analytics provided by Binance-backed Coinmarketcap, Ethereum traded around $2,918, up approximately 0.14% in the past 24 hours. With a market capitalization of $343.5 billion, Ethereum has a market dominance of 18.3%, second after Bitcoin with 42.5%.