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Is the Ethereum 2.0 Deposit Contract Set to Launch This Week?

The deposit contract of the much-awaited Ethereum 2.0 is set to launch this week, says Ben Edgington, a developer at ConsenSys, in a post that announced the launch of ‘V1.0.0 release candidate 0’. Edgington believes that news about the deposit contract could be expected any day now, while the ETH 2.0 beacon chain genesis could occur within the following six to eight weeks. However, Edgington also mentioned that this is not an official statement.

Coin Crunch had previously reported news of Ethereum 2.0 development completing by October 15.

Recently, Ethereum had also successfully launched another dress-rehearsal testnet for its Ethereum 2.0 Phase 0, with no major bugs. This testnet, named Zinken, is Ethereum’s most successful launch so far, bringing Ethereum closer to its Ethereum 2.0 launch. Set Protocol’s Anthony Sassano believes that this could be the second last dress rehearsal before the ETH2 phase 0 mainnet launch date is finally set. Before that, the Spadina testnet had only been partially successful owing to the low participation rates.

What’s New?

While phase 0 will not have an immediate impact on Ethereum’s ecosystem and the blockchain will continue to work the same. There will, however, be the presence of Ethereum 2.0 deposit smart contract. The beacon chain will have real rewards and real penalties, something that could not really be simulated by previous testnets.

Participation in testnets is free, which means that proof-of-stake could not be truly replicated. Before the beacon chain goes live, 500,000 Ether will require to be locked for staking to complete the launch of phase 0.

This will be followed by a genesis delay of about a week to allow the network some time to prepare. The release is also expected to strengthen Ethereum against denial-of-service attacks and temporarily quadruple penalty fees.

The Full Realisation of the Ethereum 2.0 Upgrade

Phase 0, which is the beacon chain, will be followed by phase 1 (shard chains) and finally phase 2 (shard chain execution). The full reality of the Ethereum 2.0 upgrade, however, is still years away. Once fully realised, it is expected to redefine blockchain yet again and create a secure, sustainable system capable of competing with centralized scaling solutions.

Disclaimer: CoinCrunch.in content is informational in nature and is not meant to be investment advice. Buying, trading or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their due diligence before making any decisions. © 2020 CoinCrunch
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