Ethereum’s developer team confirmed about the next upgrade in Ethereum to switch Ethereum from Proof-of-work consensus to proof-of-stake consensus.
Because of the time & situation, the Ethereum team is working to make Ethereum coin more affordable & better to make it affordable from every perspective. Recently EIP-1559 upgrade was done successfully with the London hardfork on Ethereum Mainnet. Now there are many upgrades, which will take place to make Ethereum to shift finally on the Proof-of-stake consensus.
The next upcoming upgrade in the Ethereum network of this year will take place on 27 October at 10:56:23 am UTC. This upgrade of Ethereum is termed as Altair Upgrade.
It is believed that the Ethereum team is able to predict the exact time, date & block because of the Proof-of-stake.
Altair Upgrade’s event will take place on epoch 74240.
This upgrade will shift the Ethereum blockchain to one step closer toward Ethereum 2.0. and also this upgrade will bring client support on the blockchain consensus.
“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.”
EIP-1559 impact on Ethereum price
Recent upgrade of Ethereum blockchain with the London fork bring a necessary and most needed upgrade that was EIP-1559.
Because of the EIP-1559, Ethereum’s transaction fees of the blockchain network getting burned and sometimes burning of transac take place more than the mining of new Ethereum tokens. So probably adoption of Ethereum will result in a better price growth of the Ethereum token.