Ethereum (ETH) 2.0 Potential Growth Explained by Vitalik Buterin

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Tue, 05/26/2020 - 13:51
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Vladislav Sopov
Ethereum (ETH) co-founder Vitalik Buterin explains whether the ongoing expansion of the Ethereum (ETH) 2.0 ecosystem can be attributed to self-isolation of devs
Ethereum (ETH) 2.0 Potential Growth Explained by Vitalik Buterin
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Software engineer and Ethereum (ETH) contributor Benjamin Di Francesco asked if anyone shares his belief that self-isolation has been a catalyst for ETH2's accelerated growth. Vitalik Buterin has cleared things up.

Unseen work

Vitalik highlighted that the recent boost in Ethereum (ETH) 2.0 progress towards the mainnet is a result of years of work outside of the public view.

For many months, this progress had only amounted to blog posts and specification releases.

The father of Ethereum (ETH) added that a significant portion of work will be forever hidden since 'for every big story already out there, there are five more lurking beneath the surface'.

Also, Vitalik emphasized the role of the decentralized Ethereum (ETH) community in ETH2 development:

Do not underestimate the Ethereum ecosystem.

ETH2 is gathering momentum

The first months of 2020 were extremely fruitful for the Ethereum (ETH) 2.0 development team in terms of vocal releases. Four blockchain engineering studios, including Prysmatic Labs, PegaSys, Sigma Prime and Nimbus, released their testnet environments for validators.

As a result, the first stable multi-client testnet Schlesi is open for validating. Despite its recent fork, it is considered a crucial milestone leading up to the mainnet.

Date of Ethereum (ETH) 2.0 roll-out still remains unclear. It appears that the idea of launching it on the fifth anniversary of the Ethereum (ETH) 1.0 mainnet on July 30, 2020, is now a pipedream.

However, major experts, including ConsenSys' former Head of Global Business Development, Andrew Keys, believe it will be rolled out by the end of 2020.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

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Fri, 01/15/2021 - 18:02
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Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
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While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)