The required 524 ETH came together almost at the last second to trigger the start of the next era – Ethereum 2.0 the second most important blockchain in the world.
With Ethereum 2.0, a long-awaited project can now be realized: the transition from "Proof of Work" to "Proof of Stake" and accelerating the blockchain using sharding. To do this, at least 16 validators had to agree to contribute at least 384 ETH each to the deposit agreement to create the basis for the new network. It didn't seem like they'd get together for 32 ETH for a long time, but on Tuesday night the amount (which is currently almost $ 524 million) came together just before the deadline.
524288 pic.twitter.com/N66EmtW0Ih
- vitalik.eth (@VitalikButerin) November 24, 2020
With Ethereum 2.0, Vitalik Buterin and his foundation are opening up new opportunities. With the update, they want to address two of the main problems of the blockchain: the high power consumption caused by mining ETH, and the low number of currently possible transactions per second. With Proof of Stake, the ETH paid serves as a base value for the network – whoever deposited 32 ETH will receive a share of the newly created ETH for their deposits in the future – as a reward for the computing power available at the same time.
The transition
With segmentation, that is, fragmentation of the blockchain, it should be possible in the future that there will be many other chains of segments around the main blockchain (called the beacon chain) that interact with the beacon chain. This should allow many more transactions to be calculated than today. In particular, for the fast-paced DeFi (decentralized financing) trend, observers are expecting entirely new opportunities. Until now, DeFi has created transaction bottlenecks because so many people wanted to be written to Ethereum blocks at the same time.
The launch of the beacon network can now be started on December 1st. What should not be expected are radical day-to-day changes. The transition to Ethereum 2.0 is expected to take many months, if not years. Anyone can do it - deposit contract is still open. Participation is difficult 32 ETHthe ones you need are currently nearly $ 20.
You can get all the necessary information about the transition, stages, how to become a validator at the official website