In December of this year, the cryptocurrency community may see the first introductory phase of the highly anticipated Ethereum 2.0 consensus change. On Wednesday, the Ethereum Foundation released the ETH 2.0 specification, explaining how to call the creation phase. In addition, on November 5th, Vitalik Buterin, the co-founder of Ethereum, sent 3,200 ETH to the founding stage deposit contract to start staking after the transfer.
For some time now, the ETH 2.0 transition has been postponed, and it seems that the first phase is scheduled to begin around December 1, 2020. The first phase of ETH2.0 is often referred to as “Phase 0”, and Ethereum developers claim that the transition will reduce energy consumption. Blockchain will also introduce sharding chains, but now most people are discussing how to implement Proof of Stake (PoS).
As a PoS blockchain, Ethereum owners will be able to release funds and run validator nodes. As long as the owner has at least 32 ETH, anyone can mortgage in the Ethereum network. According to the Ethereum Foundation, ETH 2.0 is being delivered in phases, and network participants can view the roadmap here.
On Wednesday, November 4th, Danny Ryan of the Ethereum Foundation released an update called “eth2 quick update number. 19” This update shows the specification for the Phase 0 launch, which is expected to occur on or around December 1st . In addition, Ryan released the mainnet deposit contract address that will be used to trigger the stakeout deployment.
“At this time the origin is triggered,” Ryan wrote. “At least 16,384 32 ETH verification program deposits must be deposited 7 days before December 1. Otherwise, the creation will be triggered 7 days after reaching this threshold (no matter when).”
Ryan also detailed that the mainnet launchpad is up and running, and he emphasized that people should make sure they use the correct deposit contract address. Ryan emphasized: “Check first, check carefully, then check the deposit contract address, and then send money to any place.”
In addition to the announcement of the Ethereum Foundation, the co-founder of the cryptocurrency Vitalik Buterin also sent funds to the deposit contract address. According to Etherscan data, Buterin sent 3,200 ETH ($1.4 million at today’s exchange rate) to this address. At the time of release, the ETH 2.0 contract address held approximately 39,173 Ether, valued at $17.3 million.
Many Ethereum supporters are excited about Phase 0 of ETH 2.0, but ETH 2.0 also has its skeptics. In an intermediate post titled “The Real Challenge of Ethereum 2.0”, Robert Greenfield IV pointed out that “Rallocism poses a threat to’decentralized equity’.
Greenfield stated in his blog that the emerging blockchain field may be “destined to inherit the inequality of traditional technology.”
At the same time, another blogger Adam Cochran (Adam Cochran) showed seven reasons “ETH 2.0 will bring about the next economic transformation”.
Cochran further pointed out:
The best reason for this growth, which only ETH 2.0 can truly claim, is the actual demand for assets, that is, natural gas used in decentralized computers. With the release of ETH 2.0 (and other improvements), we will see ETH greatly increase its tx/s, thereby improving its commercial and consumer viability. Even in a busy market, gasoline congestion, high transaction costs, and long waiting times in dapps all disappear.
At the same time, other roadmap phases (phases 1 and 2) are expected to start in the next few years, and the way the network operates may be very different. Supporters of Ethereum hope that the Phase 0 release will be successful and everything will go smoothly as planned.
Picture Credits: Shutterstock, Pixabay, Wiki Commons, Etherscan
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