ETH 2.0 Countdown Starts with Dispatch of Deposit Contract

November 5, 2020


The deposit contract is the initial physical implementation for ETH 2.0 for everyday clients. The deposit contracts behave like a link or bridge between the current proof-of-work (PoW) and future proof-of-stake (PoS) mainchain valued at nearly $40B by market capitalization, as per the developer Afri Schoedon, released at 15:00 UTC.


However, Ethereum 2.0 countdown has begun with the dispatch of the deposit contract, indicating the forthcoming announcement of the world computer’s second act.


On a pragmatic level, Ethereum stakes would now be able to start storing the 32 ETH needed to stake on ETH 2.0. When 16,384 validators have saved finances comparable to a sum of 524,288 ETH into the agreement, the Beacon chain, the spine of Ethereum 2.0’s different blockchain configuration will kick energetically in what is known as the genesis function of Ethereum 2.0., that event is anticipated to happen in coming few weeks.


On a major level, the soon to launch Beacon chain and the deposit contract represent a critical step toward a future that Ethereum co-founder, Vitalik Buterin predicted exactly seven years ago. That vision has turned out in stages, also fits and starts. Buterin and different designers executed a four-section arrival of Eth 2.0, Homestead, Serenity, Frontier, and Metropolis.  


Serenity, the more proper name for Eth 2.0, is the most goal-oriented and argumentative of the four hard forks. Truth be told, it’s being handled in various parts, Phase 0 with the Beacon chain, stage 1 with sharding, Phase 1.5 with scaling upgrades, and, if vital, a last stage 2.


Each consecutive phase presents the latest features for the future PoS blockchain and current mainchain through backward-incompatible code alternations or hard forks such as the newest Istanbul hard fork launched in January 2020 developed a link for the ETH1.x blockchain to speak with blockchains based on equihash like Zcash.


Image Courtesy : Pixabay

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