news Coming Soon: Ethereum 2.0 is scheduled for a Dec. 1, 2020 release

[kyoukage01 3181]

There are some news on the internet surfacing about the impeding release of Ethereum 2.0. One such article is written on this link:

https://cointelegraph.com/news/eth-2-0-confirmed-for-dec-1-launch-just-hours-before-deadline

Spoiler

Ethereum 2.0 confirmed for Dec. 1 launch just hours before deadline

Samuel Haig

 

With just nine hours remaining, the Ethereum’s deposit contract met its threshold of 524,288 Ether — locking Eth2’s beacon chain genesis for Dec. 1.

 

Eth2’s beacon chain genesis has been confirmed for Dec. 1 following the transfer of 524,288 Ether (ETH) from 16,384 validators into the Eth2 deposit contract since it went live on Nov. 4.

 

Despite early concerns stemming from low staking participation, transfers to the deposit contract rapidly increased over the past day, with more than 200,000 ETH sent to the contract in the past 14 hours.

 

Ethereum 2.0’s beacon chain genesis is now set to take place on the earliest possible launch date of Dec. 1, with genesis taking place seven days after the required deposit contract’s threshold was met.

 

While genesis participants will not be able to withdraw their coins until ETH 2.0 reaches Phase 1.5 — which will merge the Ethereum mainnet with Eth2’s beacon chain and sharded environment — many hodlers are waiting for third parties to launch withdrawal-enabled staking services, despite the potential risk of exit scams.

 

The deposit contract’s threshold was met with roughly nine hours to go until its deadline.

 

As quoted in the article,

Quote

"Eth2’s beacon chain genesis has been confirmed for Dec. 1 following the transfer of 524,288 Ether (ETH) from 16,384 validators into the Eth2 deposit contract since it went live on Nov. 4."

- source on this link

one of the requirements for its early release has already been fulfilled. If other conditions are fulfilled, then other things might be able to proceed smoothly and ETH's release on that date may indeed prove to be the case.

 

So after the slump during the first quarter of this year, we have a ongoing (as of this writing) Bitcoin bullrun, and now this new version from Ethereum. Will ETH 2.0 be able to live up to the hype? And will there be an ETH bullrun this December right alongside the ongoing BTC bullrun?

 

EDIT: Ethereum 2.0 (the Beacon Chain) has been released as of this writing.

 

Edited December 2, 2020 by kyoukage01
update added

[entrepreneur 634]

Nice! I am really looking forward to ethereum 2.0 and I must add that I do think that it will increase ethereum's current value. What's your take on this?

[Amiami 1362]

One day before this event, we can notice a certain increase in the price of the cryptocurrency but it has not reached the maximum of 1 week ago, do you think everything will work out with a new version of ETH? I really believe that it will not be enough to be able to surpass its historical maximum or at leasts to reach it.

 

 

[Mubiflow 1771]

I think this new etherium will be good addition to the one in the market already but I doubt the hype as it will still tail the likes of bitcoin, ETH, xrp and some other valuable currencies which is already in circulation what do you think @Gomez12 

[Braulio Eurea 720]

Ethereum 2.0 as of December 1st, is a new aspect of the traditional ethereum platform that brings new features. The truth is that the ethereum platform, its blockchain needs an adaptation in its transaction costs, for no one is a secret the high transaction costs that must be borne to carry out transactions and it is not as fast as said, hopefully this new platform behaves better with the users of the crypto world.

[Yoanny 232]

I think that the eth could go up considerably, I mean right now it is on the rise along with the BTC, besides the news of the ETH 2.0 launch will impact positively on the price. Let's wait and see what happens or rather let's buy and win.

[kyoukage01 3181]

4 hours ago, Amiami said:

One day before this event, we can notice a certain increase in the price of the cryptocurrency but it has not reached the maximum of 1 week ago, do you think everything will work out with a new version of ETH? I really believe that it will not be enough to be able to surpass its historical maximum or at leasts to reach it.

Everybody is hoping for it, especially for the DeFi users. According to the developers, ETH 2.0 is working fine so far, so it will be up to ETH users to confirm that it is in working order. Maybe it would be a nice idea for them to offer rewards for anyone who can point out some flaws (bug exploits) in their new version once it is out.

 

And whether or not ETH gets to have its price increase, we'll find out in the following hours and/or days. ETH 2.0 should be coming up just right about this time now.

 

Edited December 1, 2020 by kyoukage01

[Guru2050 8284]

A significant developmental project that has long been waiting for to be activated in order to boost the wide adoption and circulation of ethereum coin amongst so many DeFi or crypto users. We hope it should be launch today possibly all the predictions level should start manifesting 

[Nicole018 4548]

Thank you so much for sharing this information with us. I hope ethereum 2.0 would have great success just like its previous version. Yes it is predicted that along with Bitcoin Bull run there is going to be ethereum Bull run as.  So if ethereum 2.0 can also continue its winning strategy then it would definitely be a good trading option for the users.

[SuperCrypto 7193]

It seems to me that upgrading Ethereum to version 2.0 will be a lifesaver that can solve the problem of Ethereum expansion. There is a lot of hope associated with this promotion, and delaying it may lead to a loss of interest on the part of the community, as fees rise higher, making the transaction cost prohibitive.

[kyoukage01 3181]

15 hours ago, Gamma said:

The question is will they announce the 2.0 version before the due date if they managed to complete all the transactions in time?

ETH 2.0 is now live. And according to a newly published article, the only hurdles left has something to do with 'shards' and 'dapps'. As 2.0 is not yet running at full capacity, we'll still be using the older version parallel to the new one for the time being.

https://www.coindesk.com/ethereum-2-0-beacon-chain-goes-live-as-world-computer-begins-long-awaited-overhaul

Spoiler

Ethereum 2.0 Beacon Chain Goes Live as ‘World Computer’ Begins Long-Awaited Overhaul

William Foxley

Serenity is knocking.

 

The first stage of the next-generation proof-of-stake (PoS) Ethereum 2.0 is now live as of 12:00 UTC Tuesday, according to Beaconcha.in.

 

A generalized blockchain for decentralizing computer-based applications – from iPhone games to government bonds – Eth 2.0 has been under construction since the genesis of the current proof-of-work (PoW) network in 2015.

 

Tuesday’s launch concludes the opening act, or “phase 0,” of Ethereum’s consensus mechanism transition, which will see the network – whose native cryptocurrency, ether, is worth $70 billion by market cap – fundamentally change how it settles payments while in motion.

 

“The launch of the Beacon Chain is a huge accomplishment and lays the foundation for Ethereum’s more scalable, secure, and sustainable home,” Ethereum Foundation researcher Danny Ryan told CoinDesk in an email. “There is still much work to do, but today we celebrate.”

 

The Beacon Chain will be the backbone of a new Ethereum blockchain, a network intended to keep pace with PayPal (PYPL) and Visa (V) in terms of processing speed, while rivaling them in terms of transparency and payment finality.

 

Eth 2.0 has at least two more technical hurdles to hit its ever-moving timeline: Dynamically breaking the PoS Ethereum blockchain into multiple datasets called “shards” and adopting Rollups, a throughput solution for decentralized applications (dapps). 

 

The Beacon Chain’s near-term functionality is quite limited. 

 

Like the handful of testnets before it, participants in Eth 2.0 now help “store and manage the registry of validators,” according to Ethereum infrastructure provider ConsenSys. Yet, accounts and transfers remain locked until at least Phase 2 while the Eth 1.x blockchain continues in parallel. In other words, Eth 2.0 won’t be usable for paying your electric bill until 2022 at the earliest.

Before Eth 2.0: Ethereum history 101

Ethereum is the creation of Russo-Canadian developer Vitalik Buterin, also the founder of Bitcoin Magazine and member of multiple early alternative currency projects such as Mastercoin. First announced in 2013 at a Bitcoin conference in Miami, Fla., Buterin envisioned a network capable of leveraging Bitcoin’s blockchain architecture for purposes larger than just a digital currency – well outside the bounds of pseudonymous bitcoin developer Satoshi Nakamoto’s original intent.

 

As demonstrated in his early writings on the subject, Buterin argued a PoS consensus mechanism would be central to this new type of blockchain. Buterin has long held that PoS offers higher security guarantees in the long term than Bitcoin’s mining-based PoW blockchain. Many Ethereum developers also favor PoS over Bitcoin’s PoW due to environmental concerns.

 

Under the auspices of the Ethereum Foundation, Eth 2.0’s central specification written by Buterin and other developers was coded into multiple programming languages in what are called clients.

 

The decision to program Eth 2.0 into multiple languages remains a chief reason for its patient advance towards launch. Indeed, Ethereum developers have shifted timelines throughout the last five years to many investors’ frustration. 

Launching the Beacon Chain

Tuesday’s launch, however, is the culmination of not only years of sustained blockchain research, but a more recent push goaded by investor anxiety. A perceived lack of development reached a fevered pitch this past summer as further delays put the Beacon Chain’s 2020 launch in question.

 

The Ethereum community’s expectations were “loud and clear,” Ethereum Foundation researcher Justin Drake said in a July tweet, setting “phase 0 genesis in 2020” as the goal. As of Tuesday, that goal has been met.

 

A flurry of client activity followed Drake’s tweet in preparation for a mainnet launch: the Medalla testnet on July 22, followed by Spadina and Zinken in late September and early October, concluding with Pyrmont’s deployment on Nov. 18.

 

The long-awaited deposit contract for Eth 2.0 was released Nov. 4 by the Ethereum Foundation after one further October delay, with a targeted genesis date of Dec. 1. For once, Ethereum was on time.

 

In order to launch, the deposit contract needed 524,288 ETH seven days before the genesis date. Although large quantities of ETH were put into the contract, including some $1.4 million by Buterin himself, it took the better part of two weeks to fill the contract.

 

However, the contract’s conditions were satisfied Nov. 23 – nearly six years to the day of Ethereum’s first Devcon conference in Berlin, developer Lefteris Karapetsas pointed out on Twitter.

 

A final week gave clients an additional buffer to adjust any last-minute specifications. As of publication, 880,992 ETH worth some $542.7 million is currently locked in the deposit contract, according to CoinDesk price data.

 

For more information about the new version (the Beacon Chain), you may visit Ethereum's official website in the link below.

https://ethereum.org/en/eth2/beacon-chain/

 

Edited December 2, 2020 by kyoukage01

[khan22 3478]

ETH 2.0 is now released last day and its transactions are so much fast almost 1000 transaction in just a single second and its future is very bright and good. Crypto market is the world future.

[Syedbesharat 5423]

After the lautnh of ETH 2.0 rhe price of eerh doesn't boom. As expected also rhe fee isn't low may be it will start sooner showing the result in upcoming days and we can see Bull run of ETH before BTC. Eth make small bull run last month by suddenly jumping but stop the price increase after that. Now Etherum is at $500 and not breaking any more even the price of BTC at $19K above  price. 

[kyoukage01 3181]

On 12/3/2020 at 4:13 AM, Syedbesharat said:

After the lautnh of ETH 2.0 rhe price of eerh doesn't boom. As expected also rhe fee isn't low may be it will start sooner showing the result in upcoming days and we can see Bull run of ETH before BTC. Eth make small bull run last month by suddenly jumping but stop the price increase after that. Now Etherum is at $500 and not breaking any more even the price of BTC at $19K above  price. 

If ETH price didn't explode, then maybe investors are still wary of the update and are waiting for feedback from other users. As the other members commented above, it would probably take a few days or months or so for the price to pick up, just like with BTC halving. By how much? We still don't know. Most probably, the BTC bullrun would have ended by then.

 

... ... ...

 

There is already another topic created that is earlier than this one.

I suggest that further discussions on this topic should be made there. I will have to ask the moderators to lock this topic of mine shortly.