Upcoming New Ethereum Update Could End The Mining Process

As related criptonoticias, The first update of the Ethereum 2.0 Beacon Chain network, called Altair, is already dated. This will be given on October 27, 2021, at the time 74240 of the network. On Monday, October 4, all the details will be published in this regard and from this date it will be possible to start updating the nodes.

As detailed in a post by developer Danny Ryan on the Ethereum blog, Altair will be the first update to the Beacon Chain mainnet, the first of the 64 shards that will make up (at least initially) the Ethereum 2.0 blockchain. This update is part of phase 1, the consolidation of these fragments that will later be incorporated into the main blockchain.

According to that release, Altair “brings light-client support to kernel consensus, cleans up beacon state incentive accounting, fixes some issues with validator incentives, and increases punitive parameters under EIP-2982.” Regarding the latter, the validators that will be in charge of processing the networks will be sanctioned if they carry out malicious activities or if they remain inactive for a long time.

The scheduled time for the new update is 10:56:23 a.m. (four hours before in Venezuela and three hours before in Argentina). Precisely, “one of the great advantages of the proof of stake is that we can specify the times of the updates,” Ryan details in the statement.

It Could Be The End Of Mining

Beyond the details about the Altair update, the quoted text details, almost as a personal celebration of the author, that the network “will be done with the proof of work soon.” As CriptoNoticias has detailed, this is one of the main changes that the move to Ethereum 2.0 will entail, whose phase 0 or “Serenity” began on December 1, 2020, when the genesis block of the Beacon Chain was created.

This parallel chain is intended to continue recording information as the stages are completed for the transition from the main Ethereum network to the new consensus, Ethereum 2.0. In this way, the interruption in the registration of the information in the blockchain is avoided while the tests are carried out for the transition to the main network.

With the completion of the Altair upgrade, Ethereum takes another step towards merging with Beacon Chain, which will end the proof of work (that is, mining) to validate transactions on the network. This will be replaced by the proof of stake or proof-of-stake when the move to Ethereum 2.0 is completed, something for which there is still time.

In addition to proof of stake to validate transactions, the other significant change from Ethereum 2.0 will be the use of shard chains. These are divisions in the Ethereum blockchain that will allow processing transactions in parallel, as if they were several lanes of a highway, which would be Ethereum. Beacon Chain is one of them. The result will be faster transactions and fewer resource requirements to run a node on the network.

Change On Beacon Chain Incentives

For those who have nodes that already operate in the Beacon Chain, which today are still a minority of the total users of the Ethereum network, Altair also incorporates other novelties. These have to do with the parameters for the penalties, which are adjusted in order to increase the security of the network.

In this way, EIP-2982 details that values will be modified for behaviors that are not allowed, such as periods of inactivity or the signing of malicious messages that could threaten the construction of new chains.

In principle, these penalties were thought to be much higher than their current values, and this will be corrected to guarantee the security of the network even in unfavorable contexts, the text details.

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