Ethereum releases Deposit Contract, confirms date of ETH 2.0 launchNovember 7, 2020
After months of speculation, Ethereum has finally confirmed the date of the launch of the much-awaited Ethereum 2.0. The news comes immediately after the Deposit Contract went live yesterday. As per the sources, ETH 2.0 is scheduled to be launched on December 1, 2020, 12 p.m. UTC. The new version will bring in a serious blockchain upgrade that would shift Ethereum network to POS (Proof-Of-Stake) consensus from the existing POW (Proof of Work) mechanism. As a result, Ethereum holders would have to stake coins to run the ETH network rather than mine blocks as has always been the case. The recently launched Deposit Contract would be used to collect funds needed for staking.
The launch of Ethereum 2.0 is, however, dependent on certain conditions. First, there should be a minimum 16,384 validators right on the ETH network. Then, each validator would have to stake around 32 Ethereum (current worth 12,700 USD) that would amount to 209 million USD (524,288 ETH ) in total.
It’s to note here Ethereum has released a Launch Pad lately where users should register to become the ETH 2.0 validator. It’s also the place where the validators have to deposit their funds for staking. Validators should not send the funds directly to the Deposit Contract as that would result in a failed transaction. Funds will only reach the Deposit Contract via stacking mechanism through Launch Pad.
The total sum needed from validators must be collected minimum 7 days ahead of the scheduled launch date of Ethereum 2.0, i.e. December 1, 2020. In case, there is a delay in collection of funds, the launch date would be postponed.
Let the staking start
Interested stakers can now start to deposit the 32 ETH needed to stake on Ethereum 2.0. Once the fund collection becomes complete, the Beacon chain will trigger genesis of Ethereum 2.0. The start of the genesis will roll out inflation rewards for stakers who would place their Ether as collateral on the upgraded 2.0 network. Staking rewards are likely to be higher in comparison to other forms of investments that are coming in around 8 to 15 percent annually.
“The launch of Ethereum 2.0 is certainly one of the best ways to wind up 2020 and welcome 2021. The new version would dawn in an advanced blockchain upgrade by shifting to POS and we are also looking forward to a more scalable network with the launch of ETH 2.0”, stated Sina Estavi, CEO of rising decentralized oracle Bridge oracle.
The launch of Ethereum 2.0 is like a vision coming true for the Ethereum team which Vitalik and his guys have been planning for since the last 7 years. They have mapped the vision in 4 stages- Frontier, Homestead as well as Metropolis & Serenity. The first three have been rolled out already and each of them has added fresh features to the existing mainchain. The upcoming launch will mark the release of Serenity or the final leg of the release of Ethereum 2.0.