The magic of Ethereum 2

Pic: cointelegraph

BREAKING: Ethereum 2 has been launched TODAY! 🚀🚀🚀

A new age of #Blockchain has just begun! 😇

Vitalik Buterin and his team decided in 2014 to change from energy-consuming Proof of Work to a more efficient Proof of Stake consensus mechanism.

In the “eth2 quick update no. 19” the launch of Ethereum 2 has been announced!

It´s like introducing a new currency or shift from horse carriages to automobiles. It´s a tremendous leap forward for decentralized systems!

In the first 4 hours over 230 times 32 Ether (totaling 2.9 Mio USD) have been transferred to the new system.

To trigger genesis at this time, there must be at least 16384 times 32-ETH validator deposits 7 days prior to December 1 2020. 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.

Ethereum 2.0 Phase 0 has now been formalized for launch at some time around Dec. 1. The deposit contract is live and can collect the necessary funds to trigger staking.

An update by the Ethereum Foundation released on Wednesday explains how the genesis process is expected to happen.

Prospective stakers will now be able to deposit their 32 Ether (ETH) deposits to the contract via the dedicated launchpad and get ready for the launch.

The contract must collect 16384 deposits of 32 ETH each, a total of 524,288 ETH or about $200 million, to proceed with the launch.

The required sum must be collected at least seven days before the expected launch date of Dec. 1. If it is not, the launch is delayed to seven days after the threshold is reached.

The announcement marks the first time that a clear date for Ethereum 2.0 launch is set, after many years of anticipation and delays.

The community signaled its readiness, but there may still be potential issues in the clients. The Medalla testnet’s reliability has wavered in the past days, often failing to finalize due to issues with participation. While many believe this is due to the lack of incentives to staking, some issues in the software were reported as well. Nonetheless, the team considers most software clients to be “mainnet launch-ready.”

The end of one journey also marks the beginning of another — the launch of Phase 0 will not directly affect the existing Ethereum blockchain, which will continue operating as before with proof-of-work mining.

The Phase 1 and Phase 2 transitions, expected to occur in the next few years, will at some point move the existing Ethereum infrastructure and state to the new staking-based consensus.

#Ethereum is the second largest blockchain after #Bitcoin. However, in terms of adaptation and innovation it has a brighter future than #Bitcoin as more than 4,5 million different token have been issued on this truly decentralised blockchain. Moreover, #Ethereum will also use almost no energy in the future. And more than 46000 startups and industry enterprises are actively using this blockchain for their applications.

Twitter: CryptoRobby

Insta: CryptoRobby

Author: CryptoRobby

Robby Schwertner [CryptoRobby] CEO INNOMAGIC GmbH

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