[Ethereum 2.0 Explained] Part II | Phase 0 and the Beacon Chain

Contents

Phase Zero officially launched on Ethereum 2.0
CONTENT

  • Ethereum 2.0 Phase Zero Officially Launched

  • Validators of the network began to receive tokens for staking cryptocurrencies

  • Final Ethereum 2.0 Launch Date Remains Unknown

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Ethereum 2.0 validators are already starting to receive additional ETH cryptocurrency as a staking reward in the ETH2 deposit contract

Having collected the required number of coins on the Ethereum 2.0 deposit contract, on Tuesday, December 1, the ETH developers officially launched the Beacon Chain.

Phase Zero officially launched on Ethereum 2.0

According to Quantstamp, validators are already starting to receive Ether for staking cryptocurrencies in the Ethereum 2.0 smart contract..

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The Beacon Chain will be responsible for coordinating the verification of 64 shards after the full launch of ETH 2.0, according to Quantstamp experts. ETH / USDT price per moment of writing is $ 576.

First phase

After the launch of phase zero, Ethereum 2.0 developers will focus on the first phase, in which 64 shards will be deployed. Shards are autonomous blockchains that coordinate data and economic activity among themselves using the Beacon Chain.

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One of the tasks of shards in Ethereum 2.0 is to separate the work of processing and storing transactions and thus increase the throughput of ETH transactions. Now the throughput on the Ethereum network is ~ 15 transactions per second.

Phase Zero officially launched on Ethereum 2.0

After the full launch of Ethereum 2.0, the network will be able to process up to 100 thousand transactions per second. It is reported that initially all shards will check for empty blocks to ensure network stability under mainnet conditions..

Second phase

It is assumed that by the end of the second phase, all transactions in Ethereum 2.0 will already be carried out using shards. During the transition between the first and second phases, the Ethereum mainnet will abandon the Proof-of-Work (PoW) algorithm in favor of Proof-of-Stake (PoS).

“When this change occurs, digital assets worth more than $ 50 billion will already be verified using the Proof-of-Stake algorithm,” write the Quantstamp experts..

Once cross-chain transactions are finally available between all shards, lower fees will lead to migration of dApps to other shards.

When exactly the Ethereum 2.0 network will be ready for mass use is unknown. The transition to PoS is expected to be completed after 2021 as the second phase is still under discussion.

Previously BeInCrypto editors reported, that cryptocurrency exchange Huobi, together with Coinbase, will add support for the ETH2 token staking service next year.

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Phase Zero officially launched on Ethereum 2.0

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Phase Zero officially launched on Ethereum 2.0

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