In early November, low adherence to Ethereum 2.0 (ETH 2.0) risked delaying the launch. However, the situation seems to have reversed in recent days.
At this point, the smart contract necessary to activate the first phase of ETH 2.0 has 687,776 ETH, about R $ 2.2 billion.
With that, he has enough funds to start activating the most ambitious update to Ethereum to date.
On Monday (23) alone, 540 thousand ETH were accumulated, about R $ 1.7 billion. This guarantees the necessary funds for the first phase to be launched next week.
Last minute release
The Ethereum Foundation had defined that if the contract reached 524,288 ETH by November 24, the launch would take place on December 1.
Until the deadline, the goal seemed quite difficult. The contract had just 385,440 ETH at 7:45 pm on Monday.
However, the 150 thousand ETH deposited in a 24-hour period ensured that the deadline was met.
The last 25% of ETH needed to activate the contract was deposited in 4 hours.
The first phase of ETH 2.0 formally initiates the biggest change in Ethereum. Among the main novelties brought by the network are:
- Gradual abandonment of the proof of work mechanism;
- Addition of the proof of participation mechanism (PoS);
- Improvement of a series of problems, including scalability.
Launch will be gradual
Despite much anticipated, ETH 2.0 will not be fully launched. The December launch will activate a parallel betting proof blockchain called “Beacon Chain”.
This network will operate in parallel with the current Ethereum network. The early stages of its development will not affect existing users and decentralized applications on Ethereum.
The main stakeholders in the Ethereum 2.0 Beacon Chain will be the validators. In a PoS network, they are equivalent to miners.
Like miners, validators earn rewards on the network in exchange for creating new blocks.
To become an Ethereum 2.0 validator, the user must wager a minimum of 32 ETH through the deposit agreement. The value is equivalent to approximately R $ 104 thousand at the current price.
In the beginning, validators must earn an annual reward of approximately 20% on invested ETHs. More than 16,300 validators will be protecting the network at launch.
Read also: Bitcoin may triple in price with investment of 3 billionaires
Also read: XRP surprises and can reach R $ 4.00, say experts
Also read: Peter Schiff strikes again: Bitcoin is not money, gold is