The wait is almost over.
According to a blog post made by Ethereum Foundation developer Danny Ryan, the genesis time for Ethereum 2.0, the proof-of-stake iteration of the second-largest blockchain, has been scheduled for Dec. 1.
The genesis, however, won’t be triggered if there’s less than 16,384 validator deposits a week prior to the aforementioned date.
On Nov. 4, Ethereum’s deposit contract finally was officially announced after tons of speculations over a GitHub commit.
Ethereum users are required to send at least 32 ETH in order to participate in staking and earn rewards.
However, software developer ConsenSys warned against depositing ETH to the contract since it will inevitably result in a failed transaction:
"REMEMBER: DO NOT SEND ETH TO THE DEPOSIT CONTRACT! Sending Eth to this contract address will result in a failed transaction, and does not mean you are staking on Eth2. "
The initial tentative date for the “genesis event” was Jan. 3 but the project has seen multiple postponements.
The launch of the genesis block will mark the start of the Beacon chain that will be responsible for validating blocks.
Ethereum (ETH) is up over four percent on the news.