Ethereum 2.0 Contract Reached the Threshold Limit, Genesis Block on 1 December
As EtherScan has shown, the ETH2 contract has reached the threshold limit. The contract must hold 524,000 ETH for the update to occur on the planned launch date. The ETH2 genesis block goes live on 1 December 2020.
Large whales and various such small investors have started investing large sums of money in ETH, thus supporting the upgrade and locking their funds into the contract.
The concerns as of now are what happens if the deadline does not reach the required level. Simultaneously, the developer suggested that the deal be adjusted to ensure that ETH is never locked. One developer recently commented on this and said that.
” He personally believes that for the initial launch, the 100k+ ETH mark is enough and also added that adjusting the threshold level down won’t affect ETH in any way.”
Now the question arises what ETH2 is?
According to Danny Ryan, a researcher under the Ethereum foundation, concluded on the various Paradigms.
If you have not had the opportunity to read my recent blog post, The State of Eth2, I highly recommend it. I will try to give context to the project, discuss trade-offs, timelines, and benefits over time. Specifically, see the section “Benefits of eth2 to society over time”.
In a nutshell, Phase 0 bootstrap the system, Phase 1 provides a highly scalable data layer that can be leveraged through the Layer 2 structures for scalability through the use of eth2 Lite clients in Ethereum, Phase 1.5 is a shard to us under the integrated eth2 consensus of the Ethereum chain Know and love. Phase 2+ is expanding the functionality of the pieces over time.”
The new Ethereum 2.0 will bring and integrate a new technology called sharding that will subsequently split up the processing of the ongoing transactions. Amongst the various nodes to increase the final transaction throughput.
The new mechanisms are designed to improve the system while retaining the strong features of decentralization. You can easily scale the blockchain through simpler mechanisms than sharding. Still, these mechanisms reduce the ability of users to engage and participate in consensus with the hardware. Proof of share and sharding, however, allows a large number of participants to contribute to the construction of a highly scalable protocol, even with standard consumer hardware.”
