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Ethereum is ready to upgrade ETH 2.0 by only 18%

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Ethereum 2.0 – What happens to ETH 1.0 when ETH 2.0 comes out? Serenity Upgrade

Ethereum is ready to upgrade ETH 2.0 by only 18%

Ethereum is ready to upgrade ETH 2.0 by only 18%
CONTENT

  • The fate of the long-awaited Ethereum 2.0 protocol is now in the hands of users.

  • At the moment, only 18% of the amount required to launch it has been contributed to the deposit contract in ETH 2.0.

  • If the protocol does not collect the required amount of deposits, its launch will be postponed again.

International consortium of news organizations developing transparency standards.

By November 24, the Ethereum 2.0 update needs to collect over 524,000 ETH on the deposit contract, otherwise the launch scheduled for December 1 will not take place.

In early November, the Ethereum developers laid an important foundation for a quick transition to the updated Ethereum protocol by officially launching the ETH 2.0 smart deposit contract. At the same time, they also announced the expected launch date for the Beacon Chain, the zero phase of the key component of the new Ethereum 2.0 protocol. It was supposed to happen on December 1st. However, it seems that this timeline is becoming unrealistic..

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Ethereum is ready to upgrade ETH 2.0 by only 18%

A week earlier, the editorial staff of BeInCrypto already said that as of November 9, the amount of collected deposits was approaching only 10% of the amount of 524,288 ETH required to launch the update on December 1. In addition, Danny Ryan, a developer at the Ethereum Foundation, warned that all the required amount of funds must be transferred to the contract no later than a week before that date..

Now, according to the statistics of the Dune Analytics resource, only 95 648 ETH is blocked on the deposit contract in ETH 2.0. This is only 18% of the required amount.

95,547 ETH has been staked in the Eth2 deposit contract.

428,741 more ETH is needed to launch Eth2.

███░░░░░░░░░░░░░░░░░ 18.2%

– Eth 2.0 Deposit Contract – Progress Meter Bot (@DepositEth) November 16, 2020

Since there is only a week left until the “hour of H”, many begin to have doubts about the realism of the date announced by the developers.

It is possible that the inflow of ETH to the address open for accepting deposits may even weaken, since before that the bulk of investments came to the contract in impressive amounts. So, the co-founder of Ethereum Vitalik Buterin himself transferred 3200 ETH (about $ 1.4 million) to ETH 2.0, and a certain owner of the address bb84d966c09264ce9a2104a4a20bb378369986db blocked 17 088 ETH (about $ 8 million) in the contract.

Ethereum is ready to upgrade ETH 2.0 by only 18%

The promised three years are waiting

The launch of the first phase of the Ethereum 2.0 update has been delayed for almost a year. All this time, the crypto community continues to wait for the promised transition of the Ethereum blockchain from the PoW consensus mechanism (on which the Bitcoin blockchain is currently running) to the PoS algorithm. This innovation is expected to address pressing network scalability issues..

The new algorithm will use the staking mechanism as an alternative mining method. However, in order for the new network to become operational, it needs to collect a certain number of validators and tokens injected into it..

That is why in order to launch the Beacon Chain genesis block, it is necessary to collect 524,000 ETH in a timely manner. As Danny Ryan emphasized, in any case, the starting point for the subsequent launch will be overcoming this threshold. The 7-day countdown will begin as soon as the required amount is locked in ETH 2.0.

In addition, especially ardent enthusiasts should remember that this launch will only mark the start of the first phase of the Ethereum 2.0 update. It will not mean the automatic transition of the entire Ethereum blockchain to the PoS algorithm, but will only lay the foundation for this. In the meantime, the PoW model will remain in force. Therefore, everyone interested in approaching a bright future for Ethereum should take a more active part in this process..

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