The clear date was finally announced for Ethereum 2.0, which has been developed for years and will be published before 2020. Ethereum co-founder Vitalik Buterin stated that the Proof-of-Stake-based Ethereum 2.0 network will launch on December 1, 2020.
ETH2 deposit contract released:https://t.co/bDrtf9vRpJ
— vitalik.eth (@VitalikButerin) November 4, 2020
The blog post published by Vitalik Buteirn states that as of November 4, the v1.0 of the ETH 2.0 network, including the main network deposit contract address (0x00000000219ab540356cBB839Cbe05303d7705Fa), has been released.
Ethereum 2.0 is due: December 1
Ethereum Foundation developers stated that Genesis will become active on December 1 for the first block of the network. Of course, it is stated that in order for the network to be activated on time, there must be at least 16,384 network validators 7 days before December 1. In order to become a validator in the Ethereum 2.0 network, at least 32 ETH staking is required. This corresponds to approximately $ 200 million ETH, or approximately 524,288 ETH, according to press time.
Ethereum Foundation has already shared the relevant smart contract address, stating that the deposit and staking option has been opened. However, at the end of the article, it is emphasized that it should be checked two or even three times before sending any funds.
In fact, although there were several problems with the Medalla test network, Bed Edgington, one of the Ethereum developers who made a statement last week, signaled that the date will be announced soon. Edgington excited investors by stating that the ETH deposit contract is almost ready in his statement on the subject. ETH is trading at $ 396 according to press time and has suddenly jumped 4%.
What Will Ethereum 2.0 Do?
So what exactly will Ethereum 2.0 do? It is known that the biggest benefit of this development will be for the scalability problem. Vitalik Buterin previously stated in a statement that Ethereum 2.0 will help reach the capacity of 1,000 to 5,000 transactions per second. The Ethereum network is currently capable of 15 transactions per second, which definitely limits the network’s possibilities. However, a positive movement is expected in ETH price.