An Ethereum 2.0 developer indicated that the deposit contract will be in November. As a consequence, the staking for ETH 2.0 is also delayed.
It is true that the Ethereum 2.0 update has already experienced several delays. Some of which happened this year. However, the developers could be getting closer to its release date. Will this time be true?
In fact, it can be evidenced in a post published on October 18. Where Ben Edgington, the developer of ConsenSys, stated that the ETH2 deposit agreement, “It is essentially ready to go”.
He also added: “I am waiting for news about the contract at any moment. Probably about 10 minutes after I post this”.
As a curiosity, Ben edgington urged users to be vigilant. Since many fake depository contracts and launch pads will likely surface in the next few days.
The launch will now be in November
On the Bankless Podcast, Ethereum Foundation (ETH) researcher Danny Ryan indicated that the Ethereum 2.0 deposit contract is not quite ready. By the way, the contract must get the go-ahead from a crypto auditing company before going live.
Similarly, the developer also stated: “It is essential that the Ethereum 2.0 deposit agreement is secure. Since it could interrupt everything. From signals to wallet addresses and deposits. Therefore, the contract is more likely to be launched in mid-November ”.
Indeed, with the deposit contract delayed, the launch of Beacon Chain also appears to be postponed.
What is Ethereum 2.0?
Also known as ETH2, it is an upgrade from Ethereum. Which aims to improve the scalability, speed and efficiency of the Ethereum network, so that it can process more transactions.
- It will use a proof of stake (PoS) mechanism.
- Promises up to 100,000 transactions per second.
In this regard, Vitalik Buterin, stated that: “Ethereum will run with a more secure consensus mechanism than Bitcoin when it passes the proof of stake (PoS).”
For its part, the Ethereum Foundation created a security team dedicated to Ethereum 2.0. And so, investigate possible cybersecurity problems in the cryptocurrency.
In a tweet, Ethereum 2.0 developer Justin Drake stated that the investigation will include bounty hunting, paging service. Also, applied cryptanalysis and formal verification.
Phases of the upgrade
The full rollout of Ethereum 2.0 will take place in three phases:
- Phase 0 sees the implementation of the Beacon Chain; this stores and manages the validator registry, in addition to implementing the Proof-of-Stake (PoS) consensus mechanism for Ethereum 2.0.
- Phase 1, you will see the integration of the Stake Fragment test strings. The network is expected to launch with 64 shards.
- Phase 2, the fragments will become fully functional and compatible with Smart Contracts. Also, it will build runtime environments for scalable applications that are built on Ethereum 2.0.
In closing, Ben Edgington emphasized: “I think people are getting a little bored with testnets. Time to move on, we have to launch phase 0 asap”.
I say goodbye with this phrase from George Henry Borrow: “Every new idea inevitably goes through three phases. First it’s ridiculous, then it’s dangerous, and then… everyone knew it!”.