The launch of Ethereum 2.0 today will be followed by other significant events including the ushering in of the Shard Chains and subsequently the merger of the current PoW Ethereum and the PoS Ethereum.
The long-awaited launch of the Ethereum 2.0 upgrade has been initiated as Phase 0 of the Ethereum network has gone live. According to a report by Decrypt, the launch of Phase 0 of the beacon chain which is also called the Beacon Chain represents the first step in the full migration from the current Proof-of-Work (PoW) mechanism to the Proof-of-Stake (PoS) mechanism.
The push for a new model to secure the Ethereum Network has been on for a while as the network faces scalability issues. The Ethereum Network has been perpetually faced with pressure especially in relation to the blockchain-based decentralized finance (DeFi) applications that are being built on the network. This pressure has resulted in high gas fees, which has made a case for DeFi apps to switch to other networks.
With the much developmental work put in place to achieve the migration milestone, the Beacon Chain went live at 12:00 pm UTC today. “It’s a great testament to the Ethereum Community,” Vitalik Buterin, founder of Ethereum, said today, ahead of the launch. Afterward, he announced saying:
“Congrats on the launch all!”
Ethereum 2.0 came with assurances of network safety using the proof-of-stake mechanism with stakers securing transactions on the network. The success of the Ethereum 2.0 which went live today was marked with participation as shown by the number of the total Ethereum staked through the deposit contract dedicated to helping in the launch of the Beacon Chain. As Glassnode noted, the total number of Ethereum that has been staked in the new PoS is about 900,000, far surpassing the benchmark requirement of 524,288 Ether needed for the launch to go live. The network also currently boasts of over 21,000 active validators.
What to Expect Now when Ethereum 2.0 Is Live
The launch of Ethereum 2.0 today will be followed by other significant events including the ushering in of the Shard Chains and subsequently the merger of the current PoW Ethereum and the PoS Ethereum.
While the Beacon Chain seeks to introduce the PoS mechanism, the roll-up into the network’s Shard Chains feature will bring scalability into the network for improved transaction speed and volume beyond what is currently obtainable.
The world particularly the crypto space observers have been keen on the launch of Ethereum 2.0 and since the launch, blocks of transactions are already being completed without any hitches. The first block was marked by the graffiti “Mr F was here,” a mysterious tag which was clarified by Hudson Jameson, one of the players at the Ethereum Foundation.
For the record: Mr. F is a reference to Queen and Vitalik’s autograph to them. pic.twitter.com/06yR3wcL35
— Hudson Jameson (@hudsonjameson) December 1, 2020
One way, the very first block signed is linked to Vitalik Buterin, Ethereum founder. To participate as a validator in the new Ethereum 2.0, a total of 32 ETH is required for staking.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
