Phase 0 of Ethereum 2.0 will have its launch on December 1. The deposit agreement is active and you can collect the funds necessary to activate participation.
For this, it will be necessary that seven days before that date, at least 16,384 addresses have deposited 32 Ether (ETH) in the contract that will allow them to act as validators. If not, the launch is delayed seven days after the threshold is reached.
An Ethereum Foundation update released Wednesday explains how the Ethereum 2.0 phase 0 genesis process is expected to play out. The announcement marks the first time that a clear date has been set for the Ethereum 2.0 launch, after many years of anticipation and delays. The community indicated that it is ready, but there may still be potential customer problems.
The reliability of Medalla’s testing network has wavered in recent days. And, often it has not been possible to finish due to problems with participation. While many believe this is due to a lack of incentives for staking, some issues in the software were also reported. However, the team believes that most software customers are “mainnet launch ready.”
The launch of phase 0 will not affect the Ethereum blockchain
The end of one journey also marks the beginning of another: the launch of Phase 0 will not directly affect the existing Ethereum blockchain, which will continue to function as before with proof-of-work mining.
The Phase 1 and Phase 2 transitions, which are expected to occur in the next few years, will at some point move the existing Ethereum infrastructure and status to the new staking-based consensus.
The sudden rise in ETH
After hearing the news, the price of Ether had a sudden increase. It went from USD 380 to reach a maximum of USD 414. An increase of 4.7%. This is reflected in our online crypto tool.
Now, in order to be an Ethereum 2.0 validator, then, USD 12,832 is required at the current price. But that will not be the only requirement, they will also have to run a validator node non-stop.
If at any time the node goes offline, the user will lose part of their income. And if as a consequence the number of ETH deposited in the contract falls below 32, that node cannot be used again as a validator.
They also indicate that, to facilitate the deposit of 32 ETH and avoid scams with contracts that pretend to be the real one, Ethereum Name Service (ENS) has already registered the domain depositcontract.eth. Which will not require renewals until the year 2150.
The Ethereum 2.0 deposit contract was originally written in the Vyper language. Later rewritten in Solidity and finally verified by the Runtime Verification company. It is currently already implemented in the main Ethereum network.