Ethereum 2.0 Phase 0 is now formalized for launch sometime around December 1st. The deposit contract is live and can collect the necessary money to trigger a strike.
An update by the Ethereum Foundation released on Wednesday explains how the genesis process is expected to take place.
Future strikers can now use their 32 Ether (ETH) make deposits into the contract through the dedicated launch pad and get ready for launch.
The contract must collect 16384 deposits of 32 ETH each, totaling 524,288 ETH or approximately $ 200 million, to proceed with the launch.
The required amount must be collected at least seven days before the expected December 1 launch date. If not, the launch will be delayed until seven days after the threshold is reached.
The announcement marks the first time that a clear launch date for Ethereum 2.0 has been set, after many years of anticipation and delays.
The community indicated it was ready, but there could still be potential problems with the customers. The reliability of the Medalla testnet is shaking in the past days, often not completed due to problems with participation. While many think this is due to the lack of incentives to stake out, there were some issues with the software reported also. Nevertheless, the team considers most software clients to be “mainnet launch-ready”.
The end of one journey also marks the beginning of another – the launch of Phase 0 will too have no direct impact on the existing Ethereum blockchain, which will continue to work as before with proof-of-work mining.
The phase 1 and phase 2 transitions, which are expected to take place in the coming years, will take place one day move the existing Ethereum infrastructure and state to the new stakeout-based consensus.