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Ethereum 2.0 Phase Zero Likely to Launch on December 1

Ethereum 2.0 Phase Zero Likely to Launch on December 1

The Ethereum 2.0 phase zero launch is scheduled to occur on Dec 1, according to the Ethereum Foundation blog. Addedly, Ethereum 2.0 deposit contract is now live and collecting funds for staking.

Ethereum stakers can now begin their 32 Ether (ETH) deposits to the contract via the dedicated launchpad.

The Ethereum Foundation blog notes that:

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

Apparently, for the launch to proceed, the contract must collect 16,384 deposits of 32 ETH each.  This means a total of 524,288 ETH worth about $200 million. If not, the launch is delayed to seven days after the threshold is reached.

On another note, the Ethereum Foundation also released version 1.0 of the specifications for Ethereum 2.0. It unveiled a LaunchPad, where users can sign up to become an Ethereum 2.0 validator. In addition, it also disclosed the main Ethereum contract address, where funds can be deposited.

However, funds must not be sent directly to the deposit contract. Rather, funds should be staked using the staking mechanism via the LaunchPad.

Phase zero is the name of the first transition stage of the Ethereum network. This is a move from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus algorithm.

Furthermore, the transition means moving to a less-congested blockchain with lower gas fees. Adding on, in Ethereum 2.0, validators and not miners will confirm block transactions and therefore receive block rewards.

Prior to this, developers ran some dress rehearsals in preparation for Ethereum 2.0 launch. Zinken is the recent dress rehearsal conducted on October 12. The dress rehearsal comes after testnet Spadina faced challenges during its launch.

Phase 1 and Phase 2 transitions will occur in the next few years.

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