The progress of the ETH2.0 deposit contract has reached 100%, and the genesis block will be launched on December 1
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Genesis block starts countdown
On the morning of November 24, etherscan.io data showed that the amount of pledged ETH received in the ETH2.0 deposit contract address had exceeded the threshold required to start the beacon chain (approximately 524,288 ETH). This means that the 0th phase (beacon chain) genesis block of Eth2 will be officially launched on December 1st as previously agreed.
The address of the ETH2.0 deposit contract was previously announced on November 4, and the number of ETH received was only 60,000 ETH on November 13, and 24 hours ago, the minimum requirement for starting the Ethereum 2.0 genesis block was only 50% complete. When some people were worried that Ethereum 2.0 might not be able to reach the release threshold on December 1, on November 23, the number of pledges accelerated and surged within one day, quickly exceeding 90%.
According to the official news previously released by the Ethereum Foundation, the creation time of Ethereum 2.0 is set at a block height greater than 1,606,824,000, which is around 12 noon on December 1, UTC time. But the prerequisite for the start is that there must be 16,384 validators participating in the pledge on the network, and each validator needs to pledge 32 Ethereum, that is, there must be 524,288 ETH in the deposit contract.
As of 14:30 on November 24, the number of ETH pledged in the deposit contract address has reached 593,600, far exceeding the minimum requirement of 524,288ETH, and the number of validators participating in the pledge has also exceeded the minimum requirement.
Danny Ryan, a researcher at the Ethereum Foundation, told the media, “Genesis deposits will be locked at 12:00 UTC on November 24th (7 days before December 1st), so we will lock up the next morning after the lockup. will know the genesis block and validator settings".
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What is ETH2.0?
As we all know, the development plan of ETH is divided into four stages, namely "Frontier", "Homeland", "Metropolis", and "Serenity". The conversion between each stage is usually carried out through hard forks. ETH2.0 is also known as Eth2, which is the general term for all updated stages starting from the "Serenity" stage.
Ethereum 2.0 has actually been on the agenda for a long time, originally scheduled for its first release in January 2020, but has since been delayed. With the outbreak of DeFi on the Ethereum blockchain this year, it poses challenges to network scalability and efficiency, and the ETH2.0 upgrade is even more urgent.
ETH2.0 is essentially a series of interconnected technical upgrades aimed at improving the scalability, security and sustainability of Ethereum. It will be divided into at least 3 stages, namely stage 0, stage 1, and stage 2, each stage has its own sub-goals and updates.
Phase 0 introduces the "beacon chain". The beacon chain is considered to be the backbone and core of the Ethereum 2.0 network and becomes the root of security and verification for all other shards. At the same time, Phase 0 will make the Ethereum blockchain officially switch to the PoS consensus mechanism, which will fundamentally change the economic foundation of the network.
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ETH ushers in an explosion
The progress of the ETH2.0 deposit contract has reached 100%, which means that the long-awaited 2.0 network launch has entered the countdown, which is a matter worthy of attention for Ethereum and the entire blockchain industry.
As the native cryptocurrency of Ethereum, the price of ETH has been soaring recently, rising by nearly 33% last week, and broke through the $600 mark in the early hours of November 24, reaching a peak of $621, the highest level since 2018 .
The skyrocketing price of ETH is not only because it is the native token of Ethereum, but also has a close relationship with ETH2.0.
The launch of the Ethereum 2.0 deposit contract encourages users who want to become Eth2 verifiers to buy more ETH for pledge. More and more new users buy ETH. The reduction in sales has reduced the market selling pressure of ETH in both aspects.
So, what impact will ETH2.0 have on the market in the future?
ETH2.0 Phase 0 "Beacon Chain" will introduce Staking in the later stage. Users can become validators by pledging 32BETH on the Beacon Chain, and get rewards by proposing and proving the next block on the chain. (Note: BETH is a new asset that can only be used by validators on the beacon chain). Therefore, in phase 0, a large amount of ETH may be locked inside the beacon chain to earn staking rewards, which will affect the supply of ETH in the market and boost the price.
Of course, the long-term value of ETH still depends on the future ecological development of Ethereum, which has sustainable demand.
In any case, Ethereum, as the leading public chain, has gradually matured its technology, and ETH2.0 may continue to open up our new understanding of the blockchain.
