Phase 0 of Ethereum 2.0 set to launch on the 1st of December this year

Quick take

1 minute read

• The development progress for Ethereum 2.0 has been slow but steady to say the least. 

• Just this week, the team have released an update on the progress of the upgrade and according to them, phase 0 of the upgrade will be launched on the 1st of December this year. 

The development progress for Ethereum 2.0 has been slow but steady to say the least. 

Just this week, the team have released an update on the progress of the upgrade and according to them, phase 0 of the upgrade will be launched on the 1st of December this year. 

On top of this, the specifications for the first version of the new upgrade were published in a blog post which included the main net deposit contract address for staking. You can read the full blog post here but here are the highlights.

Today, we released v1.0 of the eth2 specs, including the mainnet deposit contract address – 0x00000000219ab540356cBB839Cbe05303d7705Fa. eth2 will have a MIN_GENESIS_TIME of 1606824000 (or for those of you who don’t think in unix time – December 1, 2020, 12pm UTC).

Moreover, the Genesis of phase 0 will need almost 16,300 validator deposits of 32 Ethereum which will trigger the event. These deposits need to be in a deposit contract one week before The 1st of December as they went on to explain:

To trigger genesis at this time, there must be at least 16384 32-ETH validator deposits 7 days prior to December 1. If not, genesis will be triggered 7 days after this threshold has been met (whenever that may be). For a more detailed discussion of how genesis is kicked off, see Ben Edgington’s genesis writeup.

After many years of excitement and delays, this announcement marks the first time that a clear date for the upgrade launch is set in stone.

It is clear that the community is very much ready for the upgrade to go ahead but there could still be some potential issues in the clients. The testnet reliability for the Medalla upgrade has been wavering over the past few days typically failing to finalise due to issues with participation. Many people within the community believe that this is down to a lack of incentive but there were some software issues that have been reported on as well.

Despite all this, the team considers most software clients to be “mainnet launch ready“.

The launch of phase 0 won’t have a direct impact on the Ethereum blockchain however and it will continue operating as before with proof of work mining going ahead.

With ground officially being made with Ethereum 2.0, it is very exciting as to where it will go in the future.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.