Posted 5 months ago | by @devadmin

Vitalik Buterin announced and released the deposit contract of Eth 2.0 on Twitter. This is the first substantial implementation of the upgrade and comes with a countdown set for December 1, 2020, when developers will launch phase 0.

Ethereum’s price spiked to $408 within hours of Vitalik’s ETH 2.0 announcement, according to Coingecko.

The deposit contract is one of the most important contracts to get Ethereum 2.0 off the ground without a hitch. The contract acts as a bridge between the forthcoming proof-of-stake (PoS) blockchain and the current proof-of-work (PoW) mainchain, valued at some $40 billion by market capitalization at the time of this report.

The launch day for Eth 2.0 or the genesis block generation event was first set for Jan. 3rd, the 12th anniversary of the Bitcoin network launch. However, that date has now been moved, the GitHub file shows, to Dec. 1st. The deposit contract file was confirmed by an Ethereum Foundation blog, tweeted by Founder Vitalik Buterin.

Coindesk provides the following image to explain Ethereum’s update cycle and Serenity’s four phases, starting with phase 0.

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Serenity, the codename for Eth 2.0, is the most difficult and controversial of the four hard forks. In fact, it’s being launched in multiple parts: Phase 0 with the Beacon chain, phase 1 with sharding, Phase 1.5 with scaling improvements, and, if necessary, a final phase 2. Although the details aren’t fully worked out yet.

Developers have conducted a number of tests of phase 0 over the last year with single-client and multi-client testnets to ensure that the upgrade goes through without issues.

Bitboy Crypto has previously said that ETH 2.0 would be a game-changer pushing ETH’s price higher. That and Ethereum’s potential to run an app store similiar to Google play are two of the reasons why Bitboy believes that Ethereum could end up shooting to $100K.

Etherum is currently trading at [FIAT: $402.18] UP +4.9% in the last 24 hours according to Coingecko at the time of this report.