Ethereum 2.0 will be released soon.
When enough ETH is locked in its smart contract, the process will begin.
People familiar with the matter said it is unlikely that there will be major delays. However, there is still a long way to go to use ETH 2.0 as it is now.
Smart contract
Ethereum 2.0 is scheduled to be released in December. Experts say, but it will take many years to fully transition from ETH 1.0 to ETH 2.0.
Ethereum 2.0 is the long-awaited upgrade to the Ethereum mainnet, and it promises to bring scalability to the struggling network. The premise of the launch of Ethereum 2.0 reached 16,384 validators pledged a total of 524,288 ETH (as early as December 1st).
When the validator pledges approximately $200 million worth of Ethereum into the ETH 2.0 smart contract, “Phase 0” will start. But this is only the first step in a long process. Only a few years later, ETH 2.0 will be able to function like today’s ETH 1.0 mainnet.
However, if all goes well, it is worth the wait. Today, Ethereum 1.0 processes about 14 transactions per second, which is complained by many Ethereum-based projects. Compared with Ethereum 2.0, it is indeed much slower. Ethereum 2.0 may one day reach 100,000 transactions per second. Transaction speed.
Ethereum 2.0 transfers the Ethereum blockchain from Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanism, through which anyone with a large amount of ETH can verify transactions. This is different from the existing proof-of-work consensus mechanism.
When it goes live around December, what the Phase 0 ETH 2.0 blockchain can do is verify blocks. “As part of Phase 0, none of the core features of Ethereum you can think of will be enabled,” Tim Ogilvie, CEO of Staked, a company that handles servers and infrastructure on behalf of mortgagers, told Decrypt. “You cannot transfer [ETH], nor can you participate in DeFi or other smart contract activities.”
If you want to become a validator on Ethereum 2.0, participants need to ensure that they have the necessary hardware requirements, technical expertise, and use the official Ethereum Launchpad to follow the steps.
Remember: Do not send ETH to the deposit contract! Sending Eth to the contract address will cause the transaction to fail, and it does not mean that you are mortgaged on Eth2.0. -Consensys
He said that everything done in Phase 0 is to establish a consensus mechanism to ensure network security, and there are enough funds to protect all ETH assets. Later, Phase 1 will allow you to move ETH in and out of the smart contract and introduce sharding technology, which is a technology that makes the blockchain faster. Phase 2 will reintroduce all the smart contract features we are used to with ETH1,” Scott Burke, CEO of Groundhog, an ETH-based subscription company, told Decrypt.
Ogilvie said that according to the most radical estimates, Phase 1 will take 6 months and Phase 2 will take 2 years. Therefore, the full transition from ETH 1.0 to ETH 2.0 is still several years away. “
What might go wrong with the launch of Phase 0?
“At this point, there is not much that can go wrong.” Richard Ma, CEO of Quantstamp, told Decrypt that there are many community testnets, two of which were created specifically to test the launch of the beacon chain and to discover clients Individuals in question paid many bounties. Quantstamp has reviewed multiple ETH 2.0 clients.
Ogilvie said that “hundreds” of errors have been resolved. “In the past year, there may have been thousands of errors in the testnet.” But even if testers resolve these errors, “there may be many Other errors.” Ogilvie said, most of them are minor, but “only when you stop using fake money (test currency) and start using real money, the more important information will be displayed.” However, he Not worried.
Will it be delayed again? Ma said: “It depends on the individual’s willingness to run the validator.” If people don’t provide about $200 million in ETH, the launch of ETH 2.0 will not begin. Ogilvie said that one problem may be the low revenue provided by the ETH 2.0 client compared to the generous revenue provided by the new DeFi protocol based on ETH 1.0. And it will be a long time until the mortgagor can withdraw the deposited ETH from the ETH 2.0 client.
Ogilvie said: “The smartest money may wait a while on the sidelines, and they will know exactly what it looks like.” He believes that if funds are short, ETH superfans and the Ethereum Foundation will provide funding for the launch funds.
So far, about 1% of the funds required to start the network have been mortgaged. You can check the distance from stage 0 to launch on depositcontract.eth on the user-friendly Ethereum address created by Ethereum Domain Name Service (ENS).
Brantly Millegan, Director of Operations for Ethereum Domain Name Services (ENS), told Decrypt that he is happy to play a small part in the launch of ETH 2.0, but it will wait until his company (currently relies on ETH 1.0) to benefit from the expansion potential brought by ETH 2.0. It will take many years.
Millegan added that ETH 2.0 was only “part of the puzzle” when it came to finding a solution to the Ethereum bottleneck. Other extension solutions (such as layer 2 protocols, side chains, etc.) can all play a role. He said that everyone is doing this work “at the same time.”
