That's it! The Ethereum Foundation has finally announced a launch date for Ethereum 2.0. It should take place on December 1st, 2020.
Launch on December 1st
It had been several weeks now that, in turn, several Ethereum 2.0 developers had announced a possible launch for the year 2020.
Finally, the Ethereum Foundation published yesterday, Wednesday, November 4, a blog post announcing the deployment of the Ethereum 2.0 deposit contract. As a reminder, this contract allows future validators to deposit their ETH in anticipation of the launch of the blockchain.
Although the contract has been deployed, the genesis block - the first block of the blockchain - is scheduled for December 1, 2020 at the earliest.
This is "at the earliest" because the network requires 524,288 ETHs to be deposited by 16,384 different validators in order for the genesis block to be generated.
Ethereum 2.0 far from being usable as is
Although Ethereum 2.0 is seen by many as the life-saving solution that will free Ethereum from its congestion problems, the blockchain will not be usable for several years.
"None of what you consider to be Ethereum's core functionality will be activated in Phase Zero. "Tim Ogilvie, CEO of Staked in Decrypt.
Indeed, phase 0, which should be initiated on December 1, only involves the launch of the beacon chain. This Proof of Stake beacon chain will be the backbone of Ethereum 2.0.
Thereafter, phase 1 will allow the transfer of "ETH2", introduce smart contracts and shards, a kind of independent subnetworks that are synchronized by the beacon chain. Finally, the second and last phase will reintroduce the functionalities of the smart contracts we know and the whole ecosystem that goes with them.
"The most optimistic estimates for the launch of phase 1 are 6 months, and 2 years for phase 2. The most conservative estimates are much longer than that. So you're talking about several years before you have a complete transition from ETH 1.0 to ETH 2.0. "Tim Ogilvie
In any case, the Ethereum ecosystem must not rest on this news. Considering the announced deadlines, the deployment of second layer solutions remains vital to keep the network competitive until the final launch of Ethereum 2.0.
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