Today marks a significant achievement for the Ethereum Foundation as the long-awaited Ethereum 2.0 upgrade has finally been rolled out successfully today on the 1st of December on the day it was scheduled to occur. The world’s second-largest blockchain network Ethereum has launched the beacon chain (also referred to as phase 0 of Ethereum 2.0). Ethereum community must be excited over the launch of the beacon chain as traders were anxiously waiting for it.
Ethereum 2.0 (ETH 2.0) Finally Goes Live
Reportedly, the genesis block of the Ethereum 2.0 upgrade was produced at 12:00 UTC today. With the launch of the beacon chain, the much-awaited Ethereum 2.0 upgrade has successfully gone live now.
The launch of Beacon Chain or Phase 0 is the first step or the first stage of the launch of Ethereum 2.0. ETH 2.0 will transform the Ethereum network as the upgrade will shift the network from the Proof-of-Work (PoW) consensus algorithm to the Proof-of-Stake (PoS) algorithm. The new upgrade will enhance the efficiency, speed, and scalability of the Ethereum network. Ethereum 2.0’s Beacon Chain is now set to introduce a proof-of-stake consensus algorithm to the network.
While commenting on this significant achievement, the Founder of ConsenSys Joseph Lubin said that this launch will attract so many people to Ethereum. He also claimed in a tweet on December 1 that there are now over 27,000 validators from across the entire world taking part in Ethereum 2.0. As he said:
“The launch of the #Eth2 Beacon Chain is characteristic of the emergent, open-source ethos that attracts so many to Ethereum in the first place. More than 27,000 validators from around the globe are now participating in the new #Eth2 consensus model.”
The creator of Ethereum Vitalik Buterin congratulated the Ethereum Community on the launch of the beacon chain.
Congrats on the launch all!
— vitalik.eth (@VitalikButerin) December 1, 2020
This launch has become possible after the completion of the threshold of 524,288 Ether (ETH) a week ago. When the Ethereum Foundation deployed the smart contract, it said that they will not launch Ethereum 2.0’s beacon chain until this threshold is met. In the beginning, only a few validators participated in the staking. However, the participation by validators got accelerated after the 20th of November. Now, there is more than 700,000 ETH locked up on the deposit contract address of Ethereum 2.0.
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