The new Ethereum (ETH) 2.0 that will be enabling Proof of Stake (PoS) is expected to be launched on January 3, 2020. This is according to a recent report released by Trustnodes. Phase zero of Ethereum 2.0 is one of the most expected updates to the ETH network since it was created.
Ethereum 2.0 To Be Launched On January 2020
Justin Drake, a recognized Ethereum 2.0 researcher, explained that the date was chosen because over 10 years ago, on January 3rd, Bitcoin’s genesis block was launched. At the same time, he mentioned that they are going to freeze the specifications for phase zero on June 30th in just two weeks.
At the moment, there are two important milestones before the launch of phase zero. The first thing is related to the launch date of the deposit contract, which is going to be ahead of the genesis block and it would allow validators to make deposits.
The team behind Ethereum expects to have at least 2 million Ethereum deposited. There is expected to be a deposit contract ceremony at Devcon in Japan. This is expected to help investors have just one deposit address to avoid scam deposits contracts.
Furthermore, the second milestone is the genesis block launch, which is expected to happen on January 3, 2020. In this way, there are going to be three months of deposits to accumulate and 7 months from today for the project to reach production status. TrustNodes explains that there has been a testnet client that has been audited and verified in order to find bugs and solve them. However, Drake said that there have not been any major issues.
The Ethereum network wants to move towards a Proof of Stake consensus algorithm after being operating through a Proof of Work (PoW) algorithm. The goal is to make the network more scalable and to make it more efficient to use.
Until now, there is no clear idea about what is going to happen with ETH 1.0. Apparently, the intention was to fold it into a smart contact and turn it into a shard of sorts.
About it, Drake commented:
“The native integration should be compared to significantly cheaper medium-term alternatives. For example, a two-way bridge between Eth1 and Eth2 can be built using light clients.”
At the time of writing this article, Ethereum is the second largest virtual currency in the market and it has a market capitalization of $29.07 billion. Each ETH can be bought for $273.
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