After all, Ethereum 2.0 is scheduled to launch on December 1, due to concerns that the participation threshold required to set up the Beacon Chain, an interim blockchain that will run alongside the current network, will not be met. . Just over a week ago, the threshold seemed unlikely to be reached as the Ethereum 2.0 staking deadline approached. The threshold meant that 16,384 validators had to stake a minimum of 32 Ether (the network's underlying cryptocurrency), which is roughly equivalent to €14,800 at current market rates. However, on November 24, Ethereum 2.0 researcher Justin Drake tweeted that the genesis time for the Beacon Chain launch was set for December 1 at 12:00 UTC, confirming that the necessary ether had been deposited.
The second coming
All major Ethereum 2.0 implementations have agreed to the same precise code sources for the new blockchain. While having a genesis date set in stone is only the first step on the road to launching Ethereum 2.0, it is a major hurdle to overcome. “I would say we are comfortably halfway through the overall effort to make full functionality,” Drake told CoinDesk via direct message. “The research (which has been going on for years!) is largely complete and the genesis of phase 0 is definitely an important step in implementation. Phase 0 lays the solid foundation (signatures, merkleization, networks, Eth 1 repositories, danger, PoS, etc.). Many upcoming hard forks will overlay relatively thin infrastructure on top of these foundations. "The implementation process for Ethereum 2.0 is long, and Drake doesn't expect the new cryptocurrency to officially launch until mid-2023. However, it might be worth the wait, as it brings a number of improvements, especially in terms of the amount of transactions it can handle Via CoinDesk