This December, the cryptocurrency community could see the first introductory phase of the highly anticipated Ethereum 2.0 consensus change. On Wednesday, the Ethereum Foundation released ETH 2.0 specifications explaining how the genesis stage will be invoked. Additionally, on November 5th, Ethereum co-founder Vitalik Buterin sent 3,200 ETH to the genesis phase deposit agreement to start betting after the round.
For some time now, the transition to ETH 2.0 has been postponed and it appears that the first phase will begin around December 1, 2020. The first phase of ETH 2.0 is often referred to as “phase 0” and the Ethereum developers claim the transition will reduce energy consumption. The blockchain will also introduce fragment chains, but most people these days are debating how to implement proof-of-stake (PoS).
Being a PoS blockchain, ETH owners will be able to stake their coins and run validation nodes. Anyone can stake within the Ethereum network, as long as the owner has a minimum of 32 ETH. According to the Ethereum Foundation, ETH 2.0 is being deployed in stages and network participants can see the roadmap here.
On Wednesday 4 November, Ethereum Foundation’s Danny Ryan posted an update called “eth2 quick update no. 19. “The update shows the specifics for the launch of phase 0, which is expected to take place around December 1. In addition, Ryan has published the address of the deposit agreement on the mainnet that will be used to activate the distribution of staking.
“To trigger genesis right now,” Ryan wrote. “There must be at least 16,384 32 ETH validator deposits 7 days before December 1st. If not, Genesis will be activated 7 days after this threshold is reached (whenever it can be).”
Ryan also explained that the mainnet launch pad is up and running and stressed that people should make sure they are taking advantage of the correct deposit agreement address. “Check, double check, double check the deposit agreement address before sending money anywhere,” Ryan pointed out.
In addition to the Ethereum Foundation announcement, cryptocurrency co-founder Vitalik Buterin sent funds to the deposit agreement address. According to Etherscan data, Buterin sent 3,200 ETH ($ 1.4 million using today’s exchange rates) to the address. At the time of publication, there were approximately 39,173 ether worth $ 17.3 million held in the ETH 2.0 contract address.
Some Ethereum backers are excited about ETH 2.0 phase 0, but ETH 2.0 has also had its share of skeptics. A Medium post titled “The Real Challenge for Ethereum 2.0” written by Robert Greenfield IV notes that “plutocracy is a threat to” decentralized equity “.”
In the blog post, Greenfield says the emerging blockchain industry may be “doomed to inherit the inequities of the traditional tech industry.”
Meanwhile, in another blog post, Adam Cochran, shows seven reasons why “ETH 2.0 will create the next economic change”.
Cochran further states:
The best reason for this growth, and the one that only ETH 2.0 can really claim, is the actual demand for the asset, such as using gas in a decentralized computer. With the release of ETH 2.0 (among other improvements) we will see ETH drastically increase its tx / s and hence its commercial and consumer profitability. The gas clogs, the high transaction costs, the long waiting times in the dapps disappear, even in a fast-paced market.
Meanwhile, the other stages of the roadmap (1 and 2) are expected to roll out in the next few years and the network will likely work very differently. Ethereum supporters are hoping that the Phase 0 launch will be successful and everything will run smoothly according to plan.
With around 39,173 ETH in the deposit agreement address today, the deposit address needs about 485,115 ETH more to trigger the trigger’s 524,288 ETH threshold.
What do you think of the launch of Ethereum 2.0 scheduled for December? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Etherscan
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