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The smart contract required for triggering the first phase of Ethereum 2.0 has enough funds to begin activation of Ethereum’s most ambitious upgrade yet, which will radically shift Ethereum’s economic model, resource usage and governance.
The Ethereum 2.0 deposit contract has accrued more than 530,000 ETH ($300 million) late Monday night, ensuring that the beacon chain for Ethereum 2.0 will launch next week, formally beginning the second-largest cryptocurrency’s shift from a proof-of-work consensus mechanism to a proof-of-stake one, in hopes of solving a number of issues, including scalability.
The Ethereum Foundation had previously set a soft launch date for Dec. 1, assuming the deposit contract saw 524,288 ETH staked by Nov. 24. It hit the target with hours to spare, after more than 150,000 ETH were deposited in a 24-hour period.
Ethereum saw its price rise nearly 10% over a 24-hour period Monday, surpassing $600 for the first time in two years.
To be clear, the network itself isn’t launching just yet. The launch of Ethereum 2.0 will activate a parallel proof-of-stake blockchain dubbed “the beacon chain” to run in parallel alongside the existing Ethereum network. The initial phases of its development will not impact existing users and decentralized applications on Ethereum.
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