Ethereum Hits Record Highs As Altair Launches

Hello as always, and welcome to today’s edition of Overbit Insights.

We kick off today’s edition with news that the long-awaited Kleiman v. Wright trial will begin on Monday, November 1, with a federal jury deciding on Dave Kleiman and Craig Wright’s connection.

This saga kicked off when the Kleiman estate, executed by Dave’s brother Ira, chose to pursue Craig Wright over an alleged connection with the now-deceased computer forensics specialist Dave Kleiman more than three years ago.

The suit was officially filed on February 14, 2018, where the Kleiman estate alleges “a scheme against Dave’s estate to seize Dave’s Bitcoins and his rights to certain intellectual property associated with the Bitcoin technology,”.

Legally speaking, the court will consider whether Wright’s or the Kleiman estate’s arguments are persuasive, as well as the presence of 1.1 million Bitcoins allegedly held in trusts. While supporters of BitcoinSV and supporters of Wright believe the trial will ultimately validate Wright’s ostensible Satoshi claims, others feel it will shed light on proving his ideas incorrect.

Kurt Wuckert Jr. of Coingeek predicts that the court case will be “the trial of the century,” though it’s certainly not receiving any type of coverage to indicate this.

There’s not much to report on in terms of potential outcomes, but this will undoubtedly be one of the top news priorities to close out the year.

And to close out today’s edition of Overbit Insights, we pivot to some good news on the market front – Ethereum has officially set new all-time highs above $4,400 off the back of its latest network upgrade – Altair.

Although Altair’s immediate influence may be limited to validators or those that validate Ethereum transactions, it is one of Ethereum 2.0’s (Eth2) most essential enhancements, and investors should be aware of it.

For some context, Eth2.0 will alter Ethereum’s infrastructure, making mining unneeded in the long run. Ethereum currently uses a proof-of-work architecture, in which miners compete to solve complex problems in order to validate transactions.

Going forward, Ethereum intends to switch to a proof-of-stake architecture in 2022, in which users can only validate transactions based on how many coins they own.

As for the upgrade, Altair is significant because it serves as a sort of test to ensure that the Beacon Chain “functions properly,” as Beiko explains. According to him, the upgrade demonstrates that a complete shift to PoS is achievable; since its debut in December 2020, Altair has been the first upgrade to the Ethereum Beacon Chain.

According to Tim Beiko, the coordinator for Ethereum’s protocol developers, PoS will no longer require the energy that PoW does, lowering Ethereum’s environmental impact by 99 per cent. Although a complete shift to PoS is unlikely in the near future, Altair is a significant “Step closer,” according to Beiko. “It means there’s a slightly higher chance that things will go well for the [Eth2] transition next year,” he expanded.

Thanks as always for reading Overbit Insight!

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