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Ethereum founder Vitalik Buterin has finally given a clear date for Ethereum 2.0, which is eagerly awaited by the cryptocurrency community. According to Buterin’s tweet, ETH 2.0 will launch on December 1, 2020.
ETH2 deposit agreement issued: https: //t.co/bDrtf9vRpJ
– vitalik.eth (@VitalikButerin) November 4, 2020
As is known, the Ethereum 2.0 deposit agreement, or the deposit agreement, was published on GitHub in the morning. This situation has created great excitement in the cryptocurrency community.
ETH 2.0
1 December 2020
Come on let’s go ..
– Tobby Kitty ⟠ (@TobbyKitty) November 4, 2020
ETH 2.0 includes many useful studies not only for Ethereum but also directly for the cryptocurrency market. The fact that the Ethereum 2.0 network will be launched on December 1, 2020 is considered a great development in this regard and has created excitement for everyone.
What is Ethereum 2.0?
Ethereum 2.0 is the latest major update to the Ethereum network. After the update, one of the major improvements will be the Ethereum consensus mechanism. Ethereum 1.0 uses a consensus mechanism known as Proof of Work (PoW) which requires miners to validate transactions and create new blocks using computing power.
Ethereum 2.0, on the other hand, will use a Proof of Stake (PoS) mechanism that uses validators to create new blocks on the blockchain. Validators will be rewarded with new tokens to maintain the integrity of transactions on the network. To manage a validation node, participants must meet the primary requirement of at least 32 staked ETH as part of the proposed Ethereum 2.0 upgrade.
A Proof of Stake mechanism requires less energy and requires fewer resources to run the Ethereum network. As a result, scalability and efficiency increase.
How does it affect the crypto money market?
ETH 2.0 will attempt to move all users and resources to the new network while maintaining existing operations. This has never been done on such a large scale before. This raises a big question, will the Ethereum 2.0 update have any impact on the ETH price?
I don’t have Ethereum. What is the significance of this development for me?
– Tobby Kitty ⟠ (@TobbyKitty) November 4, 2020
There are several assumptions about how crypto markets might react. Analysts generally make different comments on this issue. There may be problems in the supply of tokens, the FOMO, ETH price could be positively or negatively affected. Time will tell.
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