Ethereum 2.0 deposit threshold reached: proof of stake “beacon” chain begins in 7 days

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The Ethereum network’s ETH 2.0 contract has crossed the necessary threshold to initiate the next upgrade. Currently, the deal contains more than 694,368 Ether worth over $ 422 million, as the developers are hoping the proof-of-stake launch will begin on December 1.

At the end of the first week of November, the Ethereum Foundation launched the first process of the highly anticipated Ethereum 2.0 (ETH 2.0) Upgrade Specifications, which detailed the initial rules for Genesis Phase 0. Genesis phase 0 contract stated that there was approximately 524,288 ETH and at least 16,384 validators needed to invoke the proof-of-stake process.

The requirements to launch Ethereum 2.0 for December 1 required that the threshold be met by November 24, 2020. Additionally, a web portal called Launch Pad was released so that users could learn how to be an ETH validator and secure. the blockchain.

The requirements to trigger the Phase 0 genesis process were officially completed on the 24th, and there are now 694,368 Ether worth $ 422 million in the contract.

The contract address recorded approximately 16,736 transactions, or approximately 32 ether per transaction. 32 ETH is what it takes to become a validator and earn a stake on the Ethereum chain. At the current exchange rate of $ 608 per ether, this costs almost $ 20k per staking validator. Basically, the last 25% of the ether needed to reach the threshold was deposited into the contract in less than four hours.

Screenshot of an editorial titled “The Genesis of a Beacon Chain” written by Ben Edgington.

After the milestone of the deposit, a large number of Ethereum promoters and developers celebrated. “We have reached it” he told me Hsiao-Wei Wang, Ethereum 2.0 R&D member. “Thank you to all the Eth2 teams and to the community that made history. And thanks to the Ethereum reviews that made us stronger. Don’t forget to update your Eth2 client in a few days, ”Wang added.

The “Eth 2.0 Deposit Agreement – Bot Progress Meter” also tweeted about the milestone event and said:

We took off. Thank you to the developers, researchers, educators and community members who made this possible. Meet on December 1 at noon UTC.

Many Ethereum supporters also understand that Phase 0 of the Ethereum 2.0 genesis will initially begin with the “Beacon” blockchain, a small step that will ensure that the upgrade will have less impact on the mainnet. The ETH 2.0 upgrade will begin in seven days and the Beacon Chain will begin the first of four initial phases.

Estimates indicate that Ethereum 2.0 validators could earn around 20% in annualized rewards. Once the requirements are met, Ethereum promoter Tom Shaughnessy he told me that the launch of Ethereum 2.0 “garnered more attention in an hour than any other Layer 1 did this entire year.”

Hudson Jameson, member of the Ethereum Foundation tweeted on how the Ethereum 2.0 Beacon chain launch will go the day before and what needs to happen to create a successful launch.

“The beacon chain marks the start of the transition to Eth 2.0, but that doesn’t mean everything changes immediately,” Jameson wrote. “Eth 2.0 is a multi-year process and the first elements of this process will not strongly affect the current Ethereum mainnet. ”

Jameson also pointed out that whatever happens, the Ethereum community should be impressed with the Ethereum 2.0 development team. He also explained when he thought the Beacon Channel launch was going to start.

“My opinion (not an official Ethereum Foundation position) is that we will launch between December 1 and 5,” Jameson concluded. “I’m basing myself on how quickly the deposits arrive over the past 48 hours. ”

At the time of publication, ethereum (ETH) is trading at $ 608 per ether, with the token having gained 26% in the past seven days and 49% in the past 30 days.

What do you think of the culmination of the highly anticipated Ethereum 2.0 launch? Let us know what you think of this topic in the comments section below.

Tags in this story

32 Ether, 694368 Ether, Beacon Chain, Beacon Chain Launch, Contract Requirements, December 1, ETH, ETH 2.0, ETH 2.0 Upgrade, ETH Blockchain, Ethereum, Ethereum (ETH), Ethereum Foundation, Ethereum Upgrade, Hsiao -Wei Wang, Hudson Jameson, PoS, PoS revenue, Proof-of-Stake, Smart Contract

Image credits: Shutterstock, Pixabay, Wiki Commons, Ben Edgington Chart,

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