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<ul><li>The <keyword id="12269872" type="General" weightage="20" keywordseo="altair-hard-fork" source="Orion">Altair hard fork</keyword>, the first upgrade for <keyword id="11061979" type="General" weightage="20" keywordseo="ethereum-2-0" source="Orion">Ethereum 2.0</keyword>, is slated for October 27.</li><li>It is the first step towards bringing the proof-of-stake (PoS) to the main Ethereum platform.</li><li>PoS is the primary competitive advantage that 'Ethereum Killers' like Solana, Cardano and Avalanche have over the Ethereum blockchain.</li></ul><br />Altair, Ethereum 2.0’s first hard fork, is expected to come into effect by the end of the month — just before Halloween kicks off. It is the first step towards getting developers and coders ready for the ‘Merge’ — the point where the original proof-of-work <a href="http://coindcx.com">Ethereum</a> blockchain will transition to Ethereum 2.0’s proof-of-stake consensus mechanism.<br /><br /><div type="twitter" handle="vdWijden" handlename="MariusVanDerWijden" image="http://pbs.twimg.com/profile_images/1334610351976026113/o0FQPHZX_normal.jpg" favoritecount="716" retweetcount="150" status="Alpha leak: Don't buy any more mining hardware #ethereum #mergeLeft: Geth running post-mergeTop Right: Lighthous… https://t.co/4AfLlGqAVY" createdat="1633407998000" id="1445244013385289728"></div><br />The move is expected to reduce Ethereum’s power consumption by 99.9%. While this is good news for Ethereum and its native token Ether (ETH), which is the second largest cryptocurrency globally by market cap, it’s not good news for the likes of Solana, Cardano, Avalanche and others. <br /><br />These players are often dubbed to be ‘Ethereum Killers’ because they claim to do the same things Ethereum can, but better. In the world of crypto that means cheaper and faster. However, once Ethereum 2.0 kicks in, that may no longer be the case, denting their competitive advantage. <br /><br /><cmsannotation type="cmsannotation" annotationid="Why is Ethereum 2.0 a threat to ‘Ethereum Killers’?" comment="subhead" text="Why is Ethereum 2.0 a threat to ‘Ethereum Killers’?"><span data-til="noop">Why is Ethereum 2.0 a threat to ‘Ethereum Killers’?</span></cmsannotation><br />Ethereum was first on the crypto scene with smart contracts — agreements that get executed automatically whenever the prerequisite terms and conditions are met. <br /><br />Ethereum’s native token, Ether (ETH), is the second largest cryptocurrency globally by market cap. This means that its adoption — popularity and usage among users — is second only to Bitcoin. All in all, it has the first mover advantage.<br /><br />            <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div><br />Among three aspects of the blockchain ‘trilemma’ — decentralised, scalability and security — Ethereum already hits two, but scalability that thus far eluded the platform. Simply put, if there are too many users on the blockchain, it gets increasingly expensive to buy and sell things. <br /><br />This was seen during Time<a href="https://www.businessinsider.in/cryptocurrency/news/ethereums-scaling-issues-strike-again-as-time-magazines-nfts-sell-for-30-times-their-price/articleshow/86490791.cms"> Magazine’s non-fungible token (NFT) launch</a> where some users ended up paying 30 times the original price of the NFT.<br /><br />Cardano, Solana, Avalanche and others claim to address the issue with PoS. But, if Ethereum moves to PoS as well — which it is — what will set the other blockchains apart?<br /><br />          <div type="image" title="PubG - Crypto (2)" msid="86863700" hostid="261" caption="&amp;lt;p&amp;gt;The blockchain &amp;#39;trilemma&amp;#39;&amp;lt;/p&amp;gt;"></div><br />Without PoS as a competitive advantage over Ethereum, they’re unlikely to have as many developers flock to their respective blockchains — another facet where Ethereum is miles ahead. Ethereum has thousands of developers. Most others only have a couple of hundred. <br /><br />The only thing that is left to set them apart is the target market. For example, Ethereum is mostly focused on the West. Cardano and Solana, on the other hand, are going after the developing world. <br /><br />The question remains whether there’s enough ground for everyone to share because by 2022, they will all be on the same footing.<br /><br /><br /><br />

Ethereum 2.0’s first upgrade will happen this month — a step closer to denting the competitive advantage of ‘Ethereum Killers’

<ul class="summary-list"><li><keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">Ether</keyword> reached a <keyword id="12417123" type="UNKNOWN" weightage="60" keywordseo="record-high" source="Orion">record high</keyword> of $4,402 on Friday, after a significant Altair upgrade to its network.</li><li>The cryptocurrency's move higher comes days after bitcoin hit an all-time high above $66,000.</li></ul><p><a href="https://markets.businessinsider.com/currencies/eth-usd">Ether</a>, the native cryptocurrency of the <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> blockchain, hit a record high above $4,400 on Friday after an important upgrade went live on its network.</p><p>The digital asset rose as much as 7% to $4,402.13, according to data from <a href="https://www.coindesk.com/price/ethereum/">CoinDesk</a>, taking its gains in the last month to about 55%.</p><p>Ether is up 490% so far this year. With a market cap of more than $515 billion, it is the <a href="https://www.coingecko.com/en">second-largest</a> cryptocurrency.</p><p>The network's long-planned upgrade to a scalable, <a href="https://www.businessinsider.com/category/proof-of-stake?r=US&amp;IR=TIR=T">proof-of-stake</a> consensus model turned bullish sentiment higher days after <a href="https://markets.businessinsider.com/currencies/btc-usd">bitcoin</a> hit a <a href="https://markets.businessinsider.com/news/currencies/bitcoin-etf-price-prediction-btc-65000-100000-new-high-proshares-2021-10">record high</a> of $66,974 on October 20.</p><p>Altair, an important upgrade for ethereum 2.0, or Eth2, was introduced on <a href="https://ethereum.org/cs/history/">October 27</a>. It is described as the first mainnet upgrade to the <a href="https://ethereum.org/cs/eth2/beacon-chain/">Beacon Chain</a> mechanism, which is at the heart of ethereum's transition to a proof-of-stake network from proof-of-work. This shift to PoS, from an energy-consuming PoW protocol, is being promoted as a faster, more secure, and more environmentally friendly network.</p><p>The altair upgrade, which will test whether the Beacon Chain is functional, shows that the transition is possible, an ethereum developer Tim Beiko told <a href="https://www.cnbc.com/2021/10/28/what-to-know-about-ethereum-altair-upgrade-and-proof-of-stake.html">CNBC Make It</a>. "It means there's a slightly higher chance that things will go well for the [Eth2] transition next year," he said. The ethereum blockchain is set to undergo its substantial transition in 2022.</p><p>While all the talk in the <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> space has recently been dominated by bitcoin and shiba inu, <a href="https://markets.businessinsider.com/currencies/doge-usd">dogecoin's</a> ethereum-based rival, crypto cheerleaders had been waiting to see ether breakout to record highs too.</p><p>Former Goldman Sachs executive Raoul Pal, whose crypto portfolio <a href="https://www.cryptoglobe.com/latest/2021/10/former-goldman-sachs-exec-explains-why-his-crypto-portfolio-is-70-eth-5-btc/">consists of 70% of ether</a> and 5% of bitcoin, said in a tweet Friday that he is "more than irresponsibly long ETH."</p><div type="image" title="Raoul Pal" height="245" width="467" msid="87364186" hostid="261"></div><p>The recent hype surrounding shiba inu particularly might have benefited ether. "This is because SHIB is an ERC-20 token, so whenever SHIB is exchanged, some ethereum is burnt, thus reducing its supply and benefiting its price," said Nick Spanos, co-founder of Zap Protocol.</p><p>Another expert said ETH's moves are far more interesting than other <keyword id="11893901" type="UNKNOWN" weightage="60" keywordseo="crypto-assets" source="Orion">crypto assets</keyword> for now. That's "especially with all that's been going on in the Dapp (decentralized apps) space over the past quarter and the amounts of ETH that have been flowing into NFTs and DeFi," said Dragos Dunica, co-founder of DeFi insight platform DappRadar.</p><p>"Being the leading smart contract platform, ethereum's price is being directly impacted by the growing adoption of Dapps across the most active categories of DeFi, NFTs, and gaming," he added.</p><p>Dunica said he wouldn't be surprised if ether hits $10,000 before Christmas.</p><p><em><strong>Read More:</strong> <a href="https://www.businessinsider.com/where-to-invest-areas-market-best-positioned-win-blackrock-ishares-2021-10">The head of 'megatrends' at $3 trillion iShares shares the 4 areas of the market he thinks are best positioned to rake in big returns in the years ahead as the worst of COVID recedes</a></em></p>

Ether hits a record high above $4,400 after a successful network upgrade clears the path for ETH 2.0

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>LinkedIn</span></p><p class="caption">Zaid Ali Kahn at LinkedIn's flagship Oregon data center</p></div><p></p></div></div>In the shadow of its acquisition by Microsoft, LinkedIn has quietly begun talking about an internal project that has the potential to shake up the <a href="http://www.gartner.com/newsroom/id/3482917">$171 billion data center hardware market</a>, </p><p>LinkedIn's plan is somewhat similar to what Facebook is doing with its Open Compute Project. OCP is creating brand new "open source" data center hardware where the engineers from different companies work together, and everyone freely shares the designs.</p><p>In its five years, OCP has upended the data center market and generated a <a href="http://www.gartner.com/newsroom/id/3368517">cult-like following</a> so big, that when Apple forbade its networking team to join OCP, <a href="http://www.businessinsider.com/facebook-ocp-project-caused-apple-networking-team-to-quit-2016-10">the whole team up and quit the same day</a>. </p><p>Likewise, LinkedIn is designing and building nearly all the pieces and parts of software and hardware that it needs for its data centers, poaching away key people from Facebook and Juniper to do it.</p><p>"We are not building servers and switches and all these things because we want to be good at it. We are doing it because we believe it gives us an advantage to control our own destiny," LinkedIn's Zaid Ali Kahn, senior director of infrastructure architecture and operations, told Business Insider.</p><p>This is a terrifying trend for vendors like Cisco and Juniper. In the past only the biggest internet companies like Amazon, Google, and Facebook have gone this route: designing their own IT infrastructure from scratch.</p><p>LinkedIn isn't as big as those guys. It has a handful of data centers in California, Texas, and Virginia, most of them using leased space at a hosting provider, and only recently started designing and building its own in Singapore and Oregon. The one in Portland, Oregon, is its crown jewel, with the other data centers eventually also to be upgraded with the new technology.</p><p>Internally, this is known as <a href="https://engineering.linkedin.com/blog/2016/03/project-altair--the-evolution-of-linkedins-data-center-network">Project Altair</a> and the plan to build its own network software to run on dirt-cheap commodity network hardware <a href="https://engineering.linkedin.com/blog/2016/06/openswitch">known as Project Falco</a>.</p><h2>A super fast network for $1</h2><p>The story begins with a Facebook network hardware engineer named Yuval Bachar . He part of a Facebook team in 2013 that had a big goal: reducing the price of building a super high speed computer networks by 10-fold. Facebook had <a href="https://www.linkedin.com/in/yuvalbachar">stolen him from Cisco</a> and he did a stint at Juniper too. </p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.youtube.com/watch?v=uiiLMtO9nW8">YouTube/@Scale</a></span></p><p class="caption">Yuval Bachar</p></div><p></p></div></div>He wanted to <a href="https://www.linkedin.com/pulse/11g-100g-optics-story-change-yuval-bachar">pay $1 per gigabyte</a>, or $100 for each piece of network equipment that normally cost $2,500, and he publicly announced <a href="https://engineering.linkedin.com/blog/2016/01/getting-to-know-yuval-bachar">the goal it at an industry conference</a>.</p><p>He then went on to help Facebook build its industry-changing, <a href="https://code.facebook.com/posts/717010588413497/introducing-6-pack-the-first-open-hardware-modular-switch/">l0w-cost, and open source</a> Wedge switch that put market leader Cisco on notice. Earlier this month, Facebook announced <a href="http://www.businessinsider.com/facebook-ocp-project-caused-apple-networking-team-to-quit-2016-10">the second generation of that switch.</a></p><p>About the time Bachar announced his goal, the LinkedIn networking team was struggling with its own network, which wasn't handling the company's user growth very well.</p><p>"The Production Engineering Operations team found it very difficult to meet the demands of our applications when network routers and switches are beholden to commercial vendors, who are in control of features and fixing bugs," Kahn <a href="https://engineering.linkedin.com/blog/2016/06/openswitch">wrote in a blog post</a>.</p><p>In early 2015, the team began to build their own switch, called Pigeon, and in the fall, they hired Kahn away to help them do it. They began testing the switch early this year.</p><p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span><a href="https://engineering.linkedin.com/blog/2016/02/falco-decoupling-switching-hardware-and-software-pigeon">LinkedIn</a></span></p><p class="caption">LinkedIn's Pigeon switch</p></div><p></p></div></div></p><h2>Deja-vu all over again</h2><p>In the meantime, having been a part of OCP, Bachar came up with a similar plan for LinkedIn. OCP started by creating a rack that holds stacks of computers, storage drives, and network switches.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="http://open19.org/">Open19.org</a></span></p><p class="caption">The Open19 rack</p></div><p></p></div></div>As a company grows, it simply adds more switches, servers and disk drives to the rack. But the racks themselves can be expensive, including all sorts of bells and whistles that LinkedIn didn't need.</p><p>Facebook had the same problem, and built for itself a stripped down 21-inch rack, then designed its own servers and storage to put in it.</p><p>But hardly anyone else uses a 21-inch rack. "Probably 99.5% [of companies] are using a 19-inch rack," Kahn tells us. That means for LinkedIn (or anyone else) to use Facebook's rack, it had to renegotiate supply deals with its vendors to get different sized gear.</p><p>So it was deja-vu all over again. Bachar led an initiative called Open 19 to create an open standard for a low-cost 19-inch rack. This rack can be stuffed with 96 servers for $50,000 total cost, saving $25 million across a 500-rack data center, <a href="http://open19.org/">the organization says. </a></p><p>Having seen the impact of OCP, vendors jumped on board, including some of the Chinese contract manufacturers that have made a killing supporting OCP. Hewlett-Packard <keyword id="6356323" type="UNKNOWN" weightage="100" keywordseo="Enterprise">Enterprise</keyword>, which was late to OCP, is also a member.</p><h2>Full-steam ahead, no turning back </h2><p>Microsoft, which expects its $26.2 billion acquisition of LinkedIn to close by the end of this year, is a member of OCP and has standardized on its 21-inch racks and other OCP technology.</p><p>Kahn wouldn't comment on the impact of acquisition but Microsoft has promised to let LinkedIn operate independently. A person with knowledge of the situation tells us, Projects Altair, Falco and Open19 are still full-steam ahead.</p><p>This person points to the fact that in September, three months after the merger was announced, the company hired <a href="https://www.linkedin.com/in/dhanks">Doug Hanks away from Juniper Networks.</a></p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span><a href="https://www.linkedin.com/in/dhanks">LinkedIn/Doug Hanks</a></span></p><p class="caption">Doug Hanks</p></div><p></p></div></div>Hanks was Juniper's director of product management and strategy and has written a number of books on Juniper's tech. He's now LinkedIn's director of engineering.</p><p>"Doug Hanks reports to me. He recently joined and we're delighted to have him," Kahn said.</p><p>"His focus is to build the network engineering team and take it to the next level and help executive a number of initiatives, understanding the blend between software and networking," he said.</p><p>Our source tells us that with Hanks on board, LinkedIn plans to be nearly fully reliant on its own home-grown network gear in 18 to 24 months and then "it's no turning back at that point."</p><p>Kahn insists that LinkedIn's goal differs from Facebook's. He's not looking to pick a public fight with the network industry led by Cisco.</p><p>In fact, he's still buying network gear from a number of commercial vendors, as long as they allow him to ditch their software so he can install his own, he said. </p><p>"A lot of vendors are open to that, to meet the needs of a web scale company," he said.</p><p>LinkedIn also hasn't fully committed to giving away all of its home grown infrastructure software, the designs of its switch, or other hardware like OCP does. But <span>Kahn</span> hasn't ruled out openly sharing its technology either  </p><p>"LinkedIn's culture is open source, so when the time is right we will be open to that," Kahn told us.</p><p>In fact, LinkedIn was a founding member in Hewlett-Packard Enterprise's open source project<a href="http://www.openswitch.net/"> called OpenSwitch</a>, to build a Linux-based switch. OpenSwitch is now run by the Linux Foundation (and word is that the initiative is floundering and LinkedIn is looking for alternatives). </p><p>Meanwhile LinkedIn has also been sharing <a href="https://engineering.linkedin.com/blog/2016/03/the-linkedin-data-center-100g-transformation">technical articles</a> about its network software. </p><h2>Big money at stake</h2><p>Internet companies using commercial network gear often spend $40 million to $140 million a year on it with vendors like Cisco, Arista, and others, one person who ran a large internet network recently told Business Insider.</p><p>Seeing a company LinkedIn's size roll their own, they could be encouraged to try that themselves.</p><p>One person not associated with LinkedIn, who built a huge data center for one of the world's largest tech companies, said that after his company starting building its own network equipment, it drove the costs down by a factor of 10: from $40,000 per Cisco switch to $4,000 per cheaper "commodity" switch capable of running home-grown software.</p><p>"Arista, Cisco, Juniper, they are all sh---ing themselves about this trend," said someone familiar with LinkedIn's project. "The big guys, Google, Amazon, Facebook, are all doing this for economies of scale. For them, it's all about money. It's cheaper to build their own. At LinkedIn, cost is not the No. 1 priority at all. They want to have complete control over the user experience, to own everything in the stack. Then they can standardize it."</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/richest-village-china-mysterious-international-huaxi-2016-10">The richest village in China is one of the most mysterious places on earth </a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="13bjdrNjE6Tg8f368O5gQ13VZiJ-euV-" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

LinkedIn is working on a project that should terrify Cisco and the rest of the $175 billion hardware industry

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Ethereum 2.0’s first upgrade will happen this month — a step closer to denting the competitive advantage of ‘Ethereum Killers’

Prabhjote Gill

Ether hits a record high above $4,400 after a successful network upgrade clears the path for ETH 2.0

Shalini Nagarajan

LinkedIn is working on a project that should terrify Cisco and the rest of the $175 billion hardware industry

Julie Bort

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