First, of Ethereum (ETH) 2.0 phases – Phase 0 – just got a more definite date as the protocol’s deposit contract went live today, fuelling ETH price.
The second version of ETH is now registered to launch its beacon chain’s genesis block on December 1, developers announced today.
“To trigger genesis at this time, there must be at least 16,384 32-ETH validator deposits 7 days prior to December 1. If not, genesis will be triggered 7 days after this threshold has been met (whenever that may be),” they continued.
The deposit contract is one of the concluding steps towards the Phase 0 formal launch, as it will allow ETH transactions within the original Ethereum and its second iteration. Additionally, people have been warned to be cautious of fake deposit contracts and launchpad front-ends.
Phase 0, aka the beacon chain, is deemed “the central control tower keeping track of the 32 shards on Ethereum 2.0.”
This phase begins the long-awaited Proof of Stake consensus mechanism. It will let users earn rewards by staking ETH on the network and operating as an active or passive authenticator. To acquire these rewards, validators will have to lock up their ETH in the deposit contract.
Following the news, ETH erased its losses today and rallied from USD 383 to USD 392 in minutes. At pixel time (16:21 UTC), ETH is up by 2.8% in a day and 1% in a week.