Eth 2.0 deposit contract goes live as Ethereum price surges

With Eth 2.0 going live, Ethereum stakers are already depositing to the contract address. The goal is to have collective deposit of 524,288 ETH into the contract.

By · Nov 5, 2020 . 5min read

Eth 2.0 deposit contract latest news

Vitalik Buterin shared a link indicating that Eth 2.0 deposit contract has gone live with more than 20,800 ETH currently deposited.

This represents a huge milestone towards realizing the migration from Proof-of-Work to Proof-of-Stake consensus algorithm. Since heavy work began towards migrating to PoS, this is the first time ordinary users can interact with a contract deposit address.

Consequently, Ethereum stakers are already depositing to the contract address. The goal is to have 16,384 validators who must have deposited a collective 524,288 ETH into the contract. And as soon as the contract hits the threshold, it should trigger the Beacon Chain which automatically kicks off the “genesis” event for Eth 2.0.

Eth 2.0: a longtime coming with deposit contract release as the first phase for Serenity

Beacon Chain should be happening in a few weeks depending on how fast the deposit contract expected to trigger as it gets 524,288 ETH. However, it is just a first step in the ambitious goal of migrating Ethereum to proof of stake.

Since Vitalik conceived and launched Ethereum together with his co-founders like Gavin Wood, Joseph Lubin, Charles Hoskinson (all of these have now split to create their own separate networks with the exception of Lubin), migrating it to PoS while ensuring it still possesses its Turing-complete feature has been the goal.

Ethereum roadmap has four phases: Frontier, Homestead, Metropolis and Serenity. Ethereum foundation developers will add new features into the mainchain through a hardfork. This is a process of introducing backwards-incompatible code alterations into the mainchain at any of the phases.

Eth 2.0 deposit contract goes live as Ethereum breaks multiple price records
Source: Coinmetrics Research

Several independent developer firms working on Ethereum Client has been hard at work. We’ve seen Prysm Project by Prysmatic Labs and Teku from Consensys.

ETH price surges as on news of contract release

ETH price reacted positively on the news. Price jumped from $384 to over $407 per ETH as the race to stake in the deposit contract is on. This represents the second epoch time Ethereum price will meet and break the $400 price target. Nonetheless, as at press time, ETH currently trades at $400.

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