Ethereum ETH 2.0 will finally launch in December 2020
Delayed as in any large-scale IT development, Ethereum ETH 2.0 should therefore see the light of day in December 2020, as announced by the official blog of the benchmark blockchain for smart contracts.
A launch which should therefore take place on December 1, 2020 if all goes well and there are enough validators available.
Otherwise it could take another 7 days, says Team Ethereum’s announcement, released by Danny Ryan.
“Today, we released v1.0 of the eth2 specs, including the mainnet deposit contract address –
0x00000000219ab540356cBB839Cbe05303d7705Fa. eth2 will have a
1606824000 (or for those of you who don’t think in unix time – December 1, 2020, 12pm UTC).
To trigger genesis at this time, there must be at least
16384 32-ETH validator deposits
7 days prior to December 1. If not, genesis will be triggered
7 days after this threshold has been met (whenever that may be). For a more detailed discussion of how genesis is kicked off, see Ben Edgington’s genesis writeup.”
It was Vitalik Buterin, co-founder of the Ethereum blockchain, who spread the news on Twitter.
ETH2 deposit contract released:https://t.co/bDrtf9vRpJ
— vitalik.eth (@VitalikButerin) November 4, 2020
The Ethereum blockchain, which currently operates in proof of work POW mode must therefore gradually switch to proof of stake POS mode where validator nodes of 32 ETH tokens will validate the transactions of the main network.
This evolution of the Ethereum blockchain must therefore allow the network to considerably increase its capacities and the speed of processing transactions on its network, which is currently saturated by a growing number of DApps applications.
The arrival of DeFi decentralized finance has further clogged the Ethereum blockchain, which must evolve in order to support the ramp-up of new applications arriving on the crypto market.
As a reminder, the Ethereum blockchain represents 80% of smart contracts and decentralized Dapps applications on the market!
A relief therefore for the Ethereum community which was impatiently awaiting this news.
An Ethereum ETH 2.0 launch that has been postponed numerous times and was announced for November 2020 according to the latest statements from Ethereum developers.
It is therefore December 2020 that should see the birth of ETH 2.0.
Ethereum price on the rise
Following this positive news for the Ethereum blockchain, the ETH price reacted positively and went back above $400 on Kraken.
The price of the Ethereum token which is still far from its highest, around 1500 dollars, during the last Bitcoin bull run.
A Bitcoin BTC price that is also rising above $14,000, against the backdrop of the battle between Donald Trump and Joe Biden for the 2020 US presidential election.
A clearly bullish crypto market, between the positive news about investments in BTC from institutional investors or Paypal which will integrate Bitcoin, and the arrival of Ethereum ETH 2.0 in December 2020.
All the elements are in place to see a crypto market pick up again, at a time when altcoins are still at their lowest for many of them, awaiting a BTC price that would return to its highest level of $20,000.
Ethereum ETH 2.0 staking
The arrival of ETH 2.0 will also allow Ethereum staking for holders of ETH tokens.
It will take 32 ETH tokens to have a validator node on the Ethereum blockchain, an ETH staking which will therefore make it possible to earn money with its ETH tokens and generate passive income.