(Rejected Double up) Ethereum 2.0 Phase 0 is on Track to Launch By December 1

All appears to be on track for the launch of the much anticipated Ethereum 2.0 from the Ethereum Foundation. According to a recent update, the foundation revealed that it has released the Ethereum 2.0 mainnet deposit contract and calls on the community to make deposits to trigger the launch of the Genesis of the new network by December 1.

The Ethereum Foundation has sought to migrate from its current Proof of Work (PoW) mechanism involving the activities of miners to confirm and validate transactions, to the Proof of State (PoS) otherwise known as Ethereum 2.0 which would employ network validators. The migration is poised to reduce the pressure on the Ethereum Network particularly as new Decentralized Finance (DeFi) applications are built on the network. Ethereum 2.0 will offer the needed scalability the ethereum network currently lacks.

As the update noted, the migration to the Ethereum 2.0 will require at least 16384 32-ETH validator deposits 7 days prior to December 1. In case this target is not met, the launch of the Genesis for the Ethereum 2.0 will take place exactly seven (7) days after the number of Ethereum deposits have been achieved. 

Medalla Testnet Released Ahead of the Coming Genesis

The build-up to the launch of Ethereum 2.0 has witnessed the release of various Testnets, which are copies of the mainnet but with no real expendable Ether.

One of the key Testnets released by the Ethereum developers in the past months is the Medalla Testnet. Medalla is a public testnet which seeks to show that the network validators are not centrally coordinated by developers and that the stability and health of the multiclient blockchain will mostly depend on the Ethereum community validators’ participation.

While the launch of the Ethereum 2.0 Genesis had previously been in doubt for this year, the latest update from the Ethereum Foundation is a confirmation that the developers particularly Vitalik Buterin did not give up on the proposed 2020 launch.