The Ethereum 2.0 deposit agreement is now live, announcing the imminent unveiling of the second act of the “world computer”.
Posted at 3:00 p.m. UTC, according to developer Afri Schoedon, the deposit agreement is the first physical implementation of Eth 2.0 for everyday users. The deposit agreement serves as a bridge between the upcoming proof of stake (PoS) blockchain and the current proof of work (PoW) main chain, valued at some $ 40 billion by market cap.
The time for the genesis of Eth 2.0 was first set for January 3, the 12th anniversary of the launch of the Bitcoin network. The date has been moved, the GitHub file says, to December 1. After the publication of this article, the deposit contract dossier was confirmed by an Ethereum Foundation blog.
“We’re all thrilled,” Ethereum 2.0 researcher Danny Ryan told CoinDesk in an October email. “It took a long time and countless researchers, engineers and community members put blood, sweat and tears into this project. It feels good to finally be able to kick-start Ethereum’s long-awaited proof of stake consensus.
Read more: Everything you need to know about Ethereum 2.0
On a practical level, Ethereum bettors can now start depositing the 32 Ether (ETH) needed to bet on Eth 2.0. Once 16,384 validators have deposited funds equivalent to a total of 524,288 ETH into the contract, the Beacon chain – the backbone of Ethereum 2.0’s multi-blockchain design – will kick into action. calls the Ethereum 2.0 “genesis” event. This event is expected in the coming weeks.
Stakers will start earning Inflation Rewards after the Genesis Event by placing their Ether as collateral on Eth 2.0. Staking rewards are reasonably high compared to other investments ranging between 8% and 15% per annum. And that’s for good reason: not only is there software risk, but the deposit contract at Eth 2.0 is a one-way bridge – at least for now.
Launch of the Ethereum 2.0 deposit agreement: the next step
On a broader level, the Deposit Agreement and the soon to be launched Beacon Chain represent a critical step towards a future that Ethereum co-founder Vitalik Buterin envisioned about seven years ago: the creation and the need. of a generalized and complete Turing blockchain.
This vision unfolded in stages, not to mention crises and departures. Buterin and other developers ran a four-part version of Eth 2.0: Frontier, Homestead, Metropolis, and Serenity.
Each successive phase has added new functionality for the current mainchain and the future PoS blockchain through so-called hard forks, or incompatible code changes backwards.
For example, Istanbul’s last hard fork in January 2020 created a bridge for the Eth1.x blockchain to talk to Equihash-based blockchains such as Zcash.
Read more: It’s time to launch the Ethereum 2.0 tag chain
Serenity, Eth 2.0’s more formal name, is the most ambitious and controversial of the four hard forks. In fact, it is covered in several parts: Phase 0 with the Beacon chain, phase 1 with sharding, Phase 1.5 with scaling improvements; and, if necessary, a final phase 2 (although the last two phases have not yet been fully developed).
The developers have performed limited Phase 0 trials over the past year with single-client and multi-client test networks with the goal of nailing the final launch, said Joe Lubin, CEO of risk studio ConsenSys, in an email. The final test network, Medalla, launched in September and has remained relatively stable.
“We have strengthened Ethereum 2.0 as much as possible with simulated test environments, formal checks and audits. We are incredibly excited to see the community galvanize around the first phase of Eth2, with real value now at stake, ”said Lubin.
But now all eyes are on the Mainnet’s depository contract and the Beacon Chain, ConsenSys Eth 2.0 developer Ben Edgington told CoinDesk in a post.
“The deployment of the deposit contract is the point of no return for Eth2. We have no choice now but to see this thing through. After 2.5 years of working on this topic, I am extremely excited about where we are at and what is yet to come, ”said Edgington.
See also: Report: Ethereum 2.0: how it works and why it matters