Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto
Neosify - Buy, Stake & Earn Crypto

Ethereum 2.0 staking will be launched in the third quarter of 2020

The stake mechanism in the Ethereum 2.0 Beacon network with a probability of 80-90% will be activated in July this year, said Ben Edgington, developer of the ETH 2.0 Teku client.

"Beacon is the beginning of the path. This is a self-sustaining Proof-of-Stake chain. It can be activated in a few weeks or months. But I am 80-90% sure that it will be launched by the third quarter, " Edgington said during a panel discussion at the Ethereal Virtual Summit on Friday.

The new test version of the Ethereum 2.0 Beacon update, which is based on the Proof-of-Stake algorithm, was launched on April 18 and attracted almost 20 thousand validators in a few days. To date, according to Etherscan, their number is approaching 29 thousand.

Beacon Chain is the main element of the zero phase of Ethereum 2.0. in It, users will be able to stake their assets to ensure the security of the system and generate passive income.

Developer will Villanueva, meanwhile, spoke about the next stages of launching Ethereum 2.0. Phase 1 is the implementation of sharding technology and the creation of 64 shards, each of which will have a bandwidth of 500 KB. For comparison, in the existing Ethereum network, this figure is about 25 KB.

Phase 1.5 will consist of merging ETH 1.0 with ETH 2.0. the Current Ethereum chain will be one of the 64 shards in the new system. During Phase 2, various applications and ETH 2.0 chains will start communicating with each other. Villanueva noted that it can also be third-party blockchains, such as bitcoin or Libra.

Ben Edgington stressed that from this point on, the real difficulties in ensuring the performance of ETH 2.0 begin.

"Compatibility is much more complex than test networks based on a single client. Multiclient test networks detect all sorts of small inconsistencies that disrupt performance, " he said.

Recall, according to a survey by Ethereum-Studio ConsenSys, two-thirds of participants in the ecosystem of the second-largest cryptocurrency plan to take advantage of the staking opportunities after switching to ETH 2.0.

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