Ethereum 2.0’s deposit contract is now live, herald the imminent launch of the second action of the “world computer”.
Released at 15:00 UTC, according to developer Afri Schoedon, the deposit contract is the first physical implementation of Eth 2.0 for everyday users. The deposit contract serves as a bridge between the upcoming Proof of Stake (PoS) blockchain and the current Proof of Work (PoW) main chain, valued at around $ 40 billion by market cap.
The initiation time for Eth 2.0 was first set on January 3, the 12th anniversary of the Bitcoin network launch. The date has been transferred, the GitHub file shows up, to December 1st. After the publication of this article, the deposit contract file has been confirmed by an Ethereum Foundation blog.
Ethereum 2.0 researcher Danny Ryan told CoinDesk in an October email: “We are all very excited. “This has been over a long time, and countless researchers, engineers and community members have poured blood, sweat and tears into this project. It feels good to finally kick off Ethereum’s long-awaited proof-of-stake consensus. ”
Read more: Everything you need to know about Ethereum 2.0
At a practical level, Ethereum investors can now start depositing the 32 ether (ETH) needed to bet on Eth 2.0. After 16,384 validators have deposited an amount equivalent to a total of 524,288 ETH into the contract, the Beacon chain – the backbone of Ethereum 2.0’s multi-blockchain design – will begin operating during the event known as the “trigger event “top” of Ethereum 2.0. That event is expected within the next few weeks.
Producers will begin earning inflation rewards after the inception by placing their ether as collateral on Eth 2.0. The deposit bonus is reasonably high compared to other investments from 8% –15% annually. And that’s for good reason: Not only is there a software risk, but the escrow contract with Eth 2.0 is a one-way bridge – at least for now.
Launch of Ethereum 2.0’s deposit contract: The next phase
On a larger level, the deposit contract and the upcoming Beacon chain represent an important step towards a future that Ethereum co-founder Vitalik Buterin foresaw some seven years ago: the creation and need a complete block chain, generalizing Turing.
That vision has been phased out in stages, not to mention fit and initiation. Buterin and other developers made the four-part release of Eth 2.0: Frontier, Homestead, Metropolis, and Serenity.
Each successive phase added new features to the existing main chain and future PoS blockchain through what is known as a hard fork or backward incompatible code changes.
For example, the latest Istanbul hard fork in January 2020 created a bridge to the Eth1.x blockchain for talking to equivalent blockchains like Zcash.
Read more: It’s time to launch Ethereum 2.0 signaling chain
Serenity, Eth 2.0’s more formal name, is the most ambitious and controversial of the four hard forks. In fact, it’s dealt with in several parts: Stage 0 with Beacon chain, Stage 1 with sharding, Stage 1.5 with scaling improvements; and, if necessary, final stage 2 (Although the following two phases are not yet finalized).
Developers ran phase 0 limited test runs last year with single-client and multi-client testnets in an effort to prepare for the final launch, CEO Joe Lubin of the rogue studio Insurance ConsenSys told CoinDesk in an email. The last test network, Medalla, launched in September and remains relatively stable.
“We have enhanced Ethereum 2.0 as much as possible with simulation, formal verification, and audit environments. We are extremely excited to see the vibrant community around Eth2’s early stage, now with real value at stake, ”Lubin said.
But now all eyes are on mainnet deposit contracts and the Beacon chain, ConsenSys Eth 2.0 developer Ben Edgington told CoinDesk in a text.
“Depositing contract implementation is a point of no return for Eth2. Now we have no choice but to see this from start to finish. After 2.5 years of working on this issue, I am extremely excited about our position and what’s going to happen, ”said Edgington.
See also: Report: Ethereum 2.0: How it works and why it matters