This December, the crypto community could see the first rollout of the highly anticipated Ethereum 2.0 consensus change. On Wednesday, the Ethereum Foundation announced the specifications of ETH 2.0 explaining how the inception phase will be called. Furthermore, on November 5, the co-founder of Ethereum, Vitalik Buterin, deposited 3,200 ETH in an inception-phase margin contract to start betting after the change.
It’s been a long time since ETH 2.0 conversion has been postponed and it looks like the first phase is set to begin on or around December 1, 2020. The first phase of ETH 2.0 is often referred to as “Phase 0” and Ethereum developers claim that the transition will reduce energy consumption. Blockchain will also introduce segmented chains, but most people today are discussing how to implement proof of stake (PoS).
As a PoS blockchain, ETH holders will be able to stake their money and run validator nodes. Anyone can place a bet in the Ethereum network, as long as the owner owns a minimum of 32 ETH. According to the Ethereum Foundation, ETH 2.0 is being transported in phases, and network participants can see the roadmap here.
On Wednesday, November 4, Danny Ryan of the Ethereum Foundation published an update titled “eth2 quick update no. 19. ”The update shows the specs for the phase 0 launch, slated to take place on or about December 1. Additionally, Ryan has announced the mainnet deposit contract address will be used to trigger a bet rollout.
Ryan wrote: “To activate origin at this point. “Must have at least 16,384 32 ETH sending the validator 7 days before December 1. Otherwise, the initiation will be triggered 7 days after the threshold is reached (whenever possible).”
Ryan also detailed that the Mainnet Launch Pad is up and running, and he stressed that people should make sure they take advantage of the correct deposit contract address. Ryan emphasized: “Check, double-check, triple-check the address of the deposit contract before sending money anywhere.
In addition to the announcement from the Ethereum Foundation, the crypto co-founder Vitalik Buterin sent the money to the deposit contract address. According to Etherscan data, Buterin sent 3,200 ETH ($ 1.4 million at today’s exchange rate) to the address. At the time of publishing, there were approximately 39,173 ether worth $ 17.3 million held in ETH 2.0 contract addresses.
Some Ethereum supporters are very excited about ETH 2.0’s phase 0, but ETH 2.0 also has its share of skeptics. A Medium post titled “The Real Challenge to Ethereum 2.0” written by Robert Greenfield IV notes that “civil rights is a threat to” decentralized justice. “
In a blog post, Greenfield said that the emerging blockchain sector could “suffer the inequality of the traditional technology sector”.
Meanwhile, in another blog post author, Adam Cochran, points out seven reasons why “ETH 2.0 will generate the next economic shift”.
The best reason for this growth, and one that only ETH 2.0 can really claim, is the real demand for the asset, like using gas in a decentralized computer. With the release of ETH 2.0 (among other enhancements) we will see ETH significantly increase its tx / s and hence its commercial and consumer viability. Air congestion, high transaction costs, and long wait times in the dapp are all gone, even in a busy market.
Meanwhile, other roadmap phases (1 & 2) are expected to roll out in the next few years, and the network is likely to behave a lot differently. Ethereum supporters hope that the phase 0 launch will be a success, and that everything will go well as planned.
With about 39,173 ETH in the deposit contract address today, the deposit address needs to add about 485,115 ETH to initiate the trigger’s 524,288 ETH threshold.
What do you think the Ethereum 2.0 launch is expected to happen this December? Let us know in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Etherscan
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