Bitcoin

Ethereum 2.0: will the long-awaited update go live in a few weeks?

Ethereum 2.0 developer Ben Edgington assumes that the update, long awaited by crypto investors, will be introduced in six to eight weeks. Staking with Ether should be possible this year.

The Ethereum 2.0 developers Bitcoin Rush review goes into a blog post assume that the „Deposit Contract“ for the minutes will be published in a few days.

As I understand it, we are ready for the release of the long-awaited Ethereum 2.0 update. The Beacon Chain should be published in six to eight weeks at the latest.

This should finally make it possible to stake Ether (ETH) . In addition, the “Deposit Contract” enables the smooth exchange of Ether between Ethereum and Ethereum 2.0. Thus, the update represents one of the biggest remaining puzzle pieces for the start of Ethereum 2.0.

Something is happening – ETH staking should be possible this year

The contribution by ConsenSys developer Edgington was published after a successful test run of the Zinken testnet. Anthony Sassano of Set Protocol saw the successful launch of the Zinken-Testnet as a dress rehearsalfor the start of phase zero for Ethereum 2.0.

In order to approve the stat of phase 0, a total of 500,000 ETH must be blocked in the staking contract of the beacon chain. Based on the current ETH rate, that’s just under 190 million US dollars. The start of the Genesis block takes place one week after this minimum is reached.

All this means that after years of development and many tests, the transition to phase 0 of ETH 2.0 can begin.

Despite little participation in various ETH 2.0 test networks, Edgington is firmly convinced that the network is finally ready for the initiation of phase zero:

I think people are a little bit bored with testnets. It is time to move on, we have to start phase 0 as soon as possible.

Caution is advised – Ethereum 2.0 is not live yet

Despite all the positive news, Ethereum developer Ben Edgington points out that his statements are not binding. Still, many assume that Ethereum 2.0 will start soon.

In the meantime, Edgington countered that investors should beware of scams:

Be careful out there. Many fake Ethereum 2.0 websites will be published in the next few days. Pay attention to the official announcement and do not act recklessly.

Although there have already been several test networks, such as the Medalla test network, no one currently knows whether ETH 2.0 can be launched without any problems. A smooth transition from Ethereum to Ethereum 2.0 is not guaranteed. In addition, it is possible that problems arise that could end with the total loss for Ethereum stakers.