Ethereum 2.0 goes live next month – here’s why that’s a huge deal
The next generation of the Ethereum blockchain has been in the works for years, but is finally about to come to fruition.
As per an Ethereum Foundation blog post, Ethereum 2.0 will now go live on December 1, instead of January 3 2021 as originally planned.
The upgrade will see the blockchain transition from a Proof-of-Work (PoW) model to Proof-of-Stake (PoS), whereby participants tie their cryptocurrency to the network as collateral.
For the launch of Ethereum 2.0 to take effect, 16,384 validators will need to stake a minimum of 32 ether (the cryptocurrency underpinning the network), which is worth circa $12,800 at current market rates.
Meeting this figure will trigger the launch of the Beacon Chain – infrastructure that will facilitate the switch – in what is being described as the Ethereum 2.0 genesis event.
“We’ve hardened Ethereum 2.0 as much as we can with simulated test environments, formal verifications and audits,” said Joe Lubin, Ethereum co-founder and CEO at ConsenSys.
“We are incredibly excited to see the community galvanize around the first phase of Eth2, now with real value at stake.”
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