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25. Oct. 2021 - News

Ethereum – The Altair Beacon Chain Upgrade: Clients do not need to take action, funds are safely secured.

After the London Hard Fork in August the next step towards ETH2.0 is coming just a little bit closer. Customers of Bank Frick do not have to get active and their funds are safely secured at any point in time.

Ethereum – The Altair Beacon Chain Upgrade: Clients do not need to take action, funds are safely secured.

Please be informed that this fork is merely seen as a “warm-up upgrade” of the existing Ethereum Beacon Chain rather than a hard fork on the ETH1.0 Blockchain where your Ether are. Therefore, customers of Bank Frick do not have to get active and their funds are safely secured at any point in time. There will not be any restrictions when it comes to trading Ether via Bank Frick at any point in time.

Technical background:

Now that we had a successful implemented fork and activation of the ETH2.0 upgrade “Altair” in the testnet, the next step is to launch “Altair” as the first Hard Fork for the ETH2.0 Mainnet Beacon Chain at epoche 74’240 most likely on October 27th 2021. The Beacon Chain is a foundational component for a secure, sustainable and scalable ETH2.0 since it will be coordinating shards and stakers of the network.

This Update introduces several optimizations, such as accounting reforms or the adjustment of a minor imbalance in the distribution of rewards, so that the earnings for different validator responsibilities become more evenly split. But the major amendment that will come with “Altair” is that the network is not going to be as “forgiving” of offenses, meaning that slashing and penalty parameters for misbehaviour will increase distinctly.

If you do have any questions about the upgrade or the security of your funds, please do not hesitate to contact us.

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