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The Ethereum 2.0 Deposit Agreement is now active and announces the imminent presentation of the second act of the “world computer”.
Released at 15:00 UTC, according to developer Afri Schoedon, the Depository Agreement is the first physical implementation of Eth 2.0 for everyday users. The depository agreement serves as a bridge between the upcoming proof-of-stake (PoS) blockchain and the current proof-of-work (PoW) main chain, valued at approximately $ 40 billion by market cap.
The genesis time for Eth 2.0 was first set for January 3, the 12th anniversary of the launch of the Bitcoin network. The date has been moved, the GitHub file shows, to December 1st. After this article was published, the deposit agreement file was confirmed by a blog from the Ethereum Foundation.
“We are all excited,” Ethereum 2.0 researcher Danny Ryan told CoinDesk in an October email. “It has been a long time and countless researchers, engineers and community members have put blood, sweat and tears into this project. It’s nice to finally be able to launch Ethereum’s long awaited proof-of-stake consensus. ”
Read more: Everything you need to know about Ethereum 2.0
On a practical level, Ethereum stakers can now start depositing the 32 ether (ETH) needed to bet on Eth 2.0. Once 16,384 validators have deposited funds equivalent to a total of 524,288 ETH in the contract, the Beacon chain – the backbone of Ethereum 2.0’s multiple blockchain design – will go into action in what is called the Ethereum 2.0 “genesis” event. . This event is expected within the next few weeks.
Stakeholders will start earning inflation rewards after the genesis event by placing their ether as collateral on Eth 2.0. Staking premiums are reasonably high compared to other investments ranging from 8% to 15% per year. And that’s for good reason: not only is there software risk, but the Eth 2.0 Depository Agreement is a one-way bridge, at least for now.
Launching the Ethereum 2.0 Deposit Agreement: The Next Step
On a broader level, the deposit agreement and the forthcoming Beacon chain represent a fundamental step towards a future that Ethereum co-founder Vitalik Buterin envisioned about seven years ago: the creation and necessity of a generalized and comprehensive blockchain. by Turing.
That vision developed in stages, not to mention the beginnings. Buterin and other developers ran a four-part version of Eth 2.0: Frontier, Homestead, Metropolis, and Serenity.
Each subsequent phase has added new features to the current main chain and future PoS blockchain through what are called hard forks or code alterations incompatible with previous versions.
For example, the latest Istanbul hard fork in January 2020 created a bridge for the Eth1.x blockchain to talk to equihash-based blockchains like Zcash.
Read more: Time to launch the Ethereum 2.0 beacon chain
Serenity, Eth 2.0’s more formal name, is the most ambitious and controversial of the four hard forks. In fact, it is addressed in several parts: phase 0 with the Beacon chain, phase 1 with sharding, phase 1.5 with scaling improvements; and, if necessary, a final stage 2 (although the last two stages have yet to be fully resolved).
Developers have conducted limited dry runs of phase 0 over the past year with single-client and multi-client testnets in an effort to nail the final launch, Joe Lubin, CEO of venture studio ConsenSys, told CoinDesk in an email. The final testnet, Medalla, launched in September and has remained relatively stable.
“We’ve strengthened Ethereum 2.0 as much as possible with simulated test environments, formal verifications and audits. We are incredibly excited to see the community galvanize around the first phase of Eth2, now with real value at stake,” Lubin said.
But now all eyes are on the mainnet depository contract and the Beacon chain, ConsenSys Eth 2.0 developer Ben Edgington told CoinDesk.
“Depository Agreement implementation is the point of no return for Eth2. We have no choice but to carry this through to the end. After 2.5 years of working on this, I’m incredibly excited about where we are and what’s yet to come, “Edgington said.
See also: Report: Ethereum 2.0: How it works and why it matters
