Here's When Ethereum 2.0 Will Finally Launch

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Wed, 11/04/2020 - 16:51
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Alex Dovbnya
We finally know the date of Ethereum 2.0's "genesis event"
Here's When Ethereum 2.0 Will Finally Launch
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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.   

Ethereum
Image by @Crypto_McKenna

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. "    

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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.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.