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  • Ethereum 2.0’s deposit contract is now live, heralding the imminent unveiling

     Brian updated 1 year ago 3 Members · 7 Posts
  • Brian

    Administrator
    November 4, 2020 at 8:52 pm

    Ethereum 2.0’s deposit contract is now live, heralding the imminent unveiling of the “world computer’s” second act.

    Released at 15:00 UTC, according to developer Afri Schoedon, the deposit contract is the first physical implementation of Eth 2.0 for everyday users. The deposit contract acts as a bridge between the forthcoming proof-of-stake (PoS) blockchain and the current proof-of-work (PoW) mainchain, valued at some $40 billion by market capitalization.

    The genesis time for Eth 2.0 was first set for Jan. 3, the 12th anniversary of the launch of the Bitcoin network. The date has been moved, the GitHub file shows, to Dec. 1. After publication of this article, the deposit contract file was confirmed by an Ethereum Foundation blog.

  • William

    Administrator
    November 4, 2020 at 11:06 pm

    Dec 1st 2020 for ETH 2.0?

    • Brian

      Administrator
      November 5, 2020 at 5:59 pm

      I will get the transaction time

  • William

    Administrator
    November 4, 2020 at 11:07 pm

    Today, we released v1.0 of the eth2 specs, including the mainnet deposit contract address – 0x00000000219ab540356cBB839Cbe05303d7705Fa. eth2 will have a MIN_GENESIS_TIME of 1606824000 (or for those of you who don’t think in unix time – December 1, 2020, 12pm UTC).

    • Kit Ngoc

      Member
      November 5, 2020 at 5:07 am

      Was this the release of Eth that you mentioned during Ask me anything webinar last week? Would you suggest to sign up for this contract? 🙏

    • Brian

      Administrator
      November 6, 2020 at 7:14 pm

      Ethereum founder Vitalik Buterin has sent his first ether for staking on the next iteration of the blockchain network.

      Buterin’s “VB2” address sent 100 transactions for 32 ether each, all in totaling 3,200 units of the cryptocurrency, as reported by TrustedNodes. The amount is worth around $1.4 million at press time.The transactions (visible here) were sent to Ethereum 2.0’s newly launched deposit contract, which went live Wednesday as a means for network participants to move funds from the current proof-of-work blockchain to the soon-to-launch proof-of-stake (PoS) blockchain.Since then, public Ethereum participants have been able to deposit the minimum 32 ether required to stake on Eth 2.0.The deposit contract now holds 38,693 ether, worth some $17 million.Staking is a way of supporting a PoS blockchain network by committing funds for a period of time in return for rewards. PoS networks do not rely on mining, as do the existing Ethereum network and Bitcoin.Ethereum 2.0 is expected to launch soon, possibly in early December, after the date was brought back from Bitcoin’s launch anniversary on Jan. 1.The “Genesis” launch requires 16,384 validators to deposited funds equivalent to 524,288 ether into the contract. At that point the Beacon chain, the core of Ethereum 2.0, will go live.

    • Brian

      Administrator
      November 6, 2020 at 7:15 pm

      • This reply was modified 1 year ago by  Brian.
      • This reply was modified 1 year ago by  Brian.
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