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The highly anticipated launch of Ethereum 2.0, or Eth2, is scheduled for next week. Notably, the Eth2 proof-of-stake blockchain known as “the beacon chain” has been confirmed to work alongside the Ethereum network starting December 1.
Although some members of the blockchain community remained skeptical about the December 1 launch date for the beacon chain, an impressive 524,288 Ether (ETH) from 16,384 validators was deposited in the Eth2 contract. Therefore, the Ethereum Foundation now guarantees that the Eth2 beacon chain will actually be active as intended.
While impressive, it is important to note that additional deposits were entered into the Eth2 deposit agreement even after the target goal was achieved. To put this into perspective, Vitalik Buterin, the co-founder of Ethereum, posted a recent tweet on November 24 showing the impressive amount of transactions across the Ethereum network over time:
While it is not known where these transactions originated, Alex Mashinsky, CEO and founder of Celsius Network – a cryptocurrency lending and lending platform – told Cointelegraph that Celsius provided 25,000 ETH to ensure the Eth2 deposit agreement had funds. enough for the launch time.
According to Mashinsky, the amount of ETH Celsisus deposited was equivalent to $ 15,125,000 at the time of the transaction. Mashinsky further noted that the funds came from Celsius’s community resource pool, explaining that this will be used to generate an even higher return for the community once the Eth2 network is officially launched. Currently, Celsius users can earn up to 7.21% annual percentage return on ETH held in the Celsius wallet. Mashinsky said:
“We already have 230,000 users on the Celsius network, along with $ 3.3 billion in assets. These users are entering ETH, allowing the network to earn returns in many different ways. The 25,000 ETH contributed to the Ethereum proof-of-stake network will generate another source of return for our community. “
Mashinsky further shared that the growing Celsius community has been modeled on Ethereum, emphasizing the importance of returning the Ethereum network:
“We built our CEL token on the Ethereum blockchain and used it to scale and become one of the fastest growing companies in the cryptocurrency industry. We are proud to usher in ETH 2.0 Genesis and to contribute to the latest block with 25,000 ETH. from the Celsius community and to be a helping hand for a company that helped us scale our project. “
Hopes for Eth 2.0 are high, but concerns remain
Although the launch of the Eth2 beacon chain is scheduled for December 1, concerns still remain. For example, while scalability issues should be solved as Ethereum adopts a proof-of-stake consensus algorithm, the security of some Ethereum smart contracts remains questionable. This has emerged in particular with the rise of decentralized finance projects, or DeFi.
Therefore, a new Enterprise Ethereum Alliance working group called the “EthTrust Security Levels Working Group” has focused on creating a set of defined standards to ensure that Ethereum smart contracts are safe to use. Finally, the working group hopes to develop a digital ledger for secure smart contracts that can be used by businesses.
Furthermore, some remain concerned that the benefits will not be seen immediately following the gradual rollout of Eth2. As such, the need for level two scaling solutions has become evident.
Concerns aside, Mashinsky expressed enthusiasm for faster scalability from the Eth2 network:
“Ethereum 2.0 will scale everything 100 times faster than it is now. The ability to move Ethereum from a proof-of-work to a proof-of-stake network will open up a world of new ideas and opportunities that couldn’t be reached before due to scalability issues. “
