LG responded to recent concerns over corrosion of the G Watch charging pins by releasing the KMV78Y update. Now it looks like the same update is rolling out to the Samsung Gear Live smartwatch. While Gear Live customers have not been facing (or reported) any charging pin issues, we assume that the update may bring other features to the smartwatch.
The over-the-air update is being rolled out in stages, so if you dont see it immediately, you should be receiving the OTA notification in a couple of days.
Those who are impatient to wait for the update and have knowledge in manually sideloading the update files through ADB, could download the update files by following the source links below. However it is recommended that you wait for the OTA update to arrive, as the specific features this update offers are unknown.