An update has been issued by ConsenSys developer Ben Edgington that expects the genesis of the ETH 2.0 beacon chain could occur within the next six to eight weeks.
In a post announcing the ‘V1.0.0 release candidate 0’ launch, Edgington disclosed that the deposit contract address feature of the protocol should be released this week.
Ethereum Deposit Contract
The deposit contract makes it possible for ETH to be transmitted between Ethereum and ETH 2.0, and is one of the only remaining changes needed to facilitate step 0 of ETH 2.0.
500,000 Ether would need to be locked to stake after the beacon chain goes live to complete the start of phase 0, accompanied by a week-long genesis pause to allow the network time to plan.
The latest update further enhances Ethereum against denial-of-service attacks, enforces the genesis delay, and a temporary quadrupling of penalty fees, according to Edgington.
The current testnet, entitled Medella, is admittedly plagued by low participation. Higher user participation would lead to a more successful launch eventually.
Thanks to the ETH 2.0 bounty program, however, developers are incentivized with $50,000 to help identify critical issues, payable in ETH or DAI.
Basics of ETH 2.0
Ethereum 2.0 is a long-planned upgrade to the global ETH network that focuses on scalability and performance.
Phase 0 continues to be set for operation in 2020, the first phase of Eth2. With the rise of the DeFi movement and trading on DEXes, it is imperative that Ethereum is able to scale with growing demand.
Ethereum 2.0 decreases resource usage, allows the network to accommodate more transactions, and improves security.
Ethereum will become a proof of stake blockchain and will add network sharding. This shifts the way Ethereum operates tremendously.