The launch of the long-awaited Ethereum 2.0 finally nears. The Ethereum Foundation has revealed today the launch date of Ethereum 2.0 in a blog post. According to the blog post, ETH 2.0’s first version is set to go live on the 1st of December this year. The deposit contract of Ethereum 2.0 has already been released and deployed successfully.
For Ethereum 2.0, the Ethereum Foundation has unveiled version 1.0 specifications today in the official blog post. A Launch Pad was introduced by the Foundation through which users can become a member of ETH 2.0 and stake on the network by signing up on it. Moreover, they will have access to the deposit contract address of Ethereum where they will be depositing their funds.
In order for users to take a part in the staking process on the network and earn rewards, they will need to send an amount of at least 32 ETH tokens. However, a developer at the blockchain software firm ConsenSys has said that users should avoid making a direct transfer of ETH tokens to the deposit contract address. ConsenSys warned in a tweet:
“REMEMBER: DO NOT SEND ETH TO THE DEPOSIT CONTRACT! Sending Eth to this contract address will result in a failed transaction, and does not mean you are staking on Eth2.”
Instead of this, users can use the staking mechanism through the newly-introduced Launch Pad and stake their funds.
The deposit contract of ETH 2.0 has been released following the rumors that spread recently in the Ethereum community regarding its launch over GitHub. The post was made from the account of an Ethereum Foundation researcher named Carl Beekhuizen.
After the successful deployment of the deposit contract, developers are now gearing up for launching the genesis block which is scheduled to occur on December 1. Ethereum 2.0 genesis will go live once the network has a total of 16,384 validators. If validators are less than this, the genesis may not be rolled out on the specified release date.
Ethereum 2.0 is a network upgrade in which the Ethereum network is shifting from the Proof-of-Work (POW) consensus algorithm to Proof-of-Stake (POS) algorithm in a bid to increase scalability and security on it.