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Ethereum developer and co-founder Vitalik Buterin contributed 3,200 ETH (nearly a million and a half dollars) as a share (pole) in what will be the new version of the Ethereum 2.0 network. The Canadian programmer made 100 transactions of 32 ETH to the deposit agreement, which should have a hundred validation nodes once the protocol is activated.
Buterin himself confirmed the transactions via his Twitter account in which clarified that these are not sold ethers, but “charitable gifts and donations”. Operators who wish to participate as validation nodes in the new Ethereum 2.0 must send at least 32 ETH to the deposit agreement. In total, it is estimated that 16,384 validation nodes will be required.
The goal is to collect 524,288 ethers before December 1, the tentative date of activation of the network. In line with its roadmap and meeting all requirements, that day will be the launch of the genesis block of the network.
At the time of this article’s publication, 39,237 ETH has been promised, according to the etherscan.io service. If you take into account the total needed and compare it with the funds committed so far, then collection increased by 7.5% in just two days.
Quoted by digital means, Buterin indicated that when participants mine their stored cryptocurrencies and familiarize themselves with the tools, they will enter safety. The programmer expects the participation level to fluctuate until the last days of November.
“It is possible that even here we will see a quiet period and then a lot of participation in the last week of November. But I’m speculating on this, we’ll see! “It was the quote published this Thursday by The Block.
The potential activation in December will be phase 0 of the new project. In this phase, the so-called Beacoin Chain will be implemented, the network whose mission will be to archive and manage the register of validating nodes.
Both networks, the current Ethereum and the Beacon Chain, will work in parallel to avoid outages. If the ether goal is not met, Ethereum 2.0 would be launched seven days after the completion of the figure. The number of addresses with more than 32 ETH is estimated at 125,000.
Ethereum 2.0 and the Proof of Stake
For years Ethereum and its developers have been planning to migrate their blockchain from a Proof of Work (PoW) based protocol to a Proof of Stake (PoS) one. In this case the participants must commit a percentage of its assets to be considered as validating nodes.
The current network, running on PoW, supports up to 14 transactions per second. However, in a successful PoS deployment, the new network could perform 100,000 operations per second, Buterin said in the past. The topic of energy saving and greater network efficiency was also discussed in the Ethereum community. The safety of this protocol has also been questioned.
The nodes with the largest number of cryptocurrencies committed will be those authorized to process and validate blocks on the network. Some cryptocurrencies that use a Proof of Stake consensus protocol are: Dash, LSK, ATOM, and SNX.
CryptoNews reported Wednesday that the Ethereum Foundation had formalized the launch date. The long-awaited announcement raised the price of the cryptocurrency by 7%. Ether is currently trading at $ 438 per unit, according to our market price index.
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