Copyright Hé - License GPL

Ethereum 2.0 countdown begins with the release of the deposit contract

Blockchain   2021-02-09 17:26:44

Ethereum founder Vitalik Buterin at ETHDenver 2020. (archives) < section class = "article-body has-media news default-article "> Submission of Ethereum 2.0 contract is now live, announcing the imminent unveiling of the second act of" the computer global. " Posted at 3:00 p.m. UTC, according to developer Afri Schoedon , the deposit agreement is the first physical implementation of Eth 2.0 for everyday users. The deposit contract acts as a bridge between the next Proof of Stake (PoS) blockchain and the current Proof of Work (PoW) main chain, valued at $ 40 billion by market cap . The genesis time of Eth 2.0 was first set for January .3, the 12th anniversary of the launch of the Bitcoin network. The date has been moved, the GitHub file says, as of December 1. After the publication of this article, the deposit contract file was confirmed by an Ethereum Foundation blog. " We"re all excited "sa id Ethereum 2.0 researcher Danny Ryan in an October email. "It took time and countless researchers, engineers and community members put blood, sweat and tears into this project It feels good to finally be able to kick-start Ethereum "s long awaited proof of stake consensus. Learn more: Everything you need to know about Ethereum 2.0 On a practical level, Ethereum stakers can now start depositing 32 ether (ETH) required to bet on Eth 2.0. Once 16,384 auron validatorst deposited funds equivalent to a total of 524,288 ETH into the contract, the Beacon chain - the backbone of Ethereum 2.0"s multi-blockchain design - will spring into action in what is known as the "genesis" event of Ethereum 2.0. This event is expected in the coming weeks. Stakers will start earning Inflation Rewards after the Genesis Event by placing their Aether as collateral on Eth 2.0. Staking rewards are reasonably high compared to other investments ranging between 8% and 15% per annum. And that"s for good reason: not only is there software risk, but the deposit contract to Eth 2.0 is a one-way bridge - at least for now. Launch of the Ethereum 2.0 deposit contract: the next step On a broader level, the deposit contract and the Beacon chain that will soon be launched represent a critical step towards a futureir that Ethereum co-founder Vitalik Buterin predicted seven years ago: the creation and need for a generalized Turing-com complete blockchain. This vision unfolded in stages, not to mention crises and departures. Buterin and other developers have run a four-part version of Eth 2.0: Frontier, Homestead, Metropolis, and Serenity. Each successive phase has added new functionality for the current main chain and future PoS blockchain via so called hard forks or incompatible code changes backwards . ETH prices, protocol upgrades, and Ethereum development phases over time Source: Research / Coinmetrics For example, the last Istanbul hard fork in January 2020 created a bridge for the Eth1.x blockchain to talk with Equihash-based blockchains such as Zcash. Find out more: Time to launch the Ethereum 2.0 tag chain Serenity, the more formal name in Eth 2.0, is the most ambitious and controversial of the four hard forks. In fact, it is addressed in several 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 last two phases have not yet been fully developed). Developers have performed limited Phase 0 testing over the past year with single-client and multi-client test networksin an attempt to nail the final launch, Joe Lubin, CEO of risk studio ConsenSys nDesk sa id in an email. The final test network, Medalla launched in September and has remained relatively stable. "We have beefed up Ethereum 2.0 as much as possible with mock test environments, formal checks, and audits. We are incredibly excited to see the community galvanize around the first phase of Eth2, now with real value at stake, "sa id Lubin. But now all eyes are on the network"s deposit contract principal and the Beacon chain, Ben Edgington, developer of ConsenSys Eth 2.0, sa id in a post. "Deployment of the deposit contract is the point of no return for Eth2. We have no other choicenow than seeing this thing all the way. After 2.5 years of working on this, I am incredibly excited about where we are at and what is still to come, "sa id Edgington. See also: Report: Ethereum 2.0: How it works and why it matters