Posted 8 months ago | by @devadmin
Ethereum’s first move to update to ETH 2.0 is now set for December 1st, an event that is being heralded as “genesis day” for the Ethereum network’s future.
The Ethereum network will begin its first phase on Dec. 1st, pushing forward a major milestone according to ETH 2.0 Researcher Justin Drake, who tweeted that Ethereum 2.0’s Beacon Chain’s launch has officially been set.
The genesis block is now set 🙂
genesis time: 2020-12-01 12:00:23 GMT
validator count: 21,063
— Justin Ðrake (@drakefjustin) November 24, 2020
The Beacon chain is a temporary blockchain that will operate alongside the current Ethereum network as developers begin the first four migration phases, as Bitboy Crypto previously reported.
Yesterday, the Beacon chain’s deposit contract received the minimum ETH necessary to lock in Eth 2.0, that’s a total of 80% of the 100K ETH needed to launch the upgrade. That means there still needs to be a total of 524,000 ETH in the contract for the upgrade to take place on the planned launch date. However, it looks like the upgrade will take place, with a massive spike happening just a week away from the deadline. Samuel Haig reporting for Cointelegraph noted that with “just nine hours remaining, the Ethereum’s deposit contract met its threshold of 524,288 Ether.”
The Ethereum came from an incredible 16,384 validators after the contract was struggling to get stakes since it went live on Nov. 4th.
Danny Ryan, another researcher at the Ethereum Foundation, recently said the following to Paradigm explaining the update:
“If you haven’t had a chance to read my recent blog post, The State of Eth2, I highly recommend it. I try to give context on the project, discuss the trade-offs, the timelines, and the benefits over time. Specifically, check out the “Benefits of eth2 to the community over time” section. In short, Phase 0 bootstraps the system, Phase 1 provides a highly scalable data-layer that, through the use of eth2 light clients in Ethereum, can be leveraged by layer 2 constructions for scalability, Phase 1.5 is the unification of the Ethereum chain that we know and love as a shard under the upgraded eth2 consensus, and Phase 2+ is expanding the functionality of shards over time.”
Ethereum 2.0 will integrate sharding, which will effectively split up the processing of transactions amongst different groups of nodes to increase transaction throughput on the network: Although a timeline for that is not known at this time, we should start seeing ETH rally in preparation for its big upgrade.
“Both of these mechanisms are designed to enhance the system while retaining strong properties of decentralization. You can easily scale up a block chain through simpler mechanisms than sharding, but these mechanisms tend to reduce the ability for users to follow and participate in consensus with consumer hardware. Proof of Stake and Sharding, though, allow for a wide set of participants to contribute to the construction of a highly scalable protocol even with standard consumer hardware.”
Ethereum is currently trading at [FIAT: $598.77] DOWN -1.2% in the last 24 hours, according to Coingecko at the time of this report.