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The wave of Bitcoin has eclipsed other major events in the cryptocurrency market, but that doesn’t stop the evolution of space. Developing Ethereum 2.0 has been a challenging task, and its phase 0 has been pushed for over a year. The first phase of ETH 2.0, Phase 0, is expected to launch on December 1st, but is the network ready?
Headlight chain
The first phase of ETH 2.0, the launch of Beacon Chain, is scheduled for December 1st. However, the launch can only happen when at least 524,288 ETH is wagered in the deposit agreement.
Two weeks ago the developers of ETH made progress with the launch of 2.0 when the deposit agreements went into effect. However, according to a recent update, nearly 3,000 validators have staked a total of 95,552 ETH at the ETH 2.0 contract address. This brings the network 18% closer to the threshold required to initiate phase 0.
According to researcher Danny Ryan, the ETH must be deposited on the contract seven days before launch.
With PoS in place, the network will validate transactions by choosing a “staker” and will be selected based on their participation. The requirement was set at the aforementioned 524,000 ETH, but was unable to achieve this despite the contribution of Ethereum founder Vitalik Buterin.
As previously reported by AMBCrypto, Buteirn committed 3,200 ETH into the Phase 0 contract in the first week of November, while another added 17,088 ETH committed. Ryan made it clear that “genesis” will only be activated if the required amount of ETH is in the contract nearly a week before launch. He added:
“Otherwise, genesis will be triggered 7 days after this threshold is reached (whenever it can be).”
In case the requirements are met, it will not bring significant changes to Ethereum but will serve as the basis for the protocol change. The Beacon chain lacks accounts and cannot handle smart contracts.
Phase 1
The future of Ethereum will see side chains [Phase 1] launched and eventually merge the two blockchains. During this time, the Beacon Chain will allow PoS mining and will also be responsible for assigning stakers as validators for shard chains.
However, Phase 1 is still a long way off. Phase 0 preparations have been underway for a long time and it has taken more than a year to get closer to its launch. However, with the deposits still missing, it is likely to be pushed.
