The first update to the Beacon Chain network, called Altair, is scheduled for 10:56:23 UTC on 27 October 2021. This was announced by Ethereum 2.0 lead developer Danny Ryan.
This precise timing of the hardforward allows the benefits of the Proof-of-Stake consensus algorithm to be assigned, he added.
"The update will provide core consensus support for light clients, clarify incentive accounting on the network, fix some issues with validator rewards and adjust the level of penalties under EIP-2982″," Ryan clarified.
The developers intend to release all mainnet releases on October 4. After that, users will be able to update their clients' software.
After the Altair hardforward, ETH 2.0 engineers will start creating logic and specifications for merging with the Ethereum mainnet and test their software with other teams in testnet.
"Engineers will test the specifications as they exist and provide dynamic feedback to refine and fix problems as they arise," Ryan wrote.
Work on the update continued throughout 2021, he said.
As a reminder, the launch of phase zero of the second version of Ethereum took place on December 1, 2020.
In February 2021, project co-founder Vitalik Buterin revealed details of the future ETH 2.0 hardforward.