A deposit contract for Ethereum 2.0 to be released in a few days

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Oct 20, 2020
  • Ethereum 2.0 deposit contract is about to arrive in the following week, according to one developer.
  • He noted that the genesis should then arrive in six to eight weeks after that.
  • The developer warns that this is not an official announcement, and it shouldn't be taken as such.

Ethereum 2.0 upgrade is long overdue, and it even saw several delays already, a few of which happened this very year. However, according to recent information, the developers might actually be closing in on its launch date, this time for real.

Developer reveals important news about ETH 2.0’s arrival

Ben Edgington, a developer from ConsenSys, recently published an update that is predicting that Ethereum 2.0 beacon chain genesis might arrive within the next month or two. More precisely, he expects that it should arrive in six to eight weeks.

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He announced the soon launch of V1.0.0 release candidate 0, revealing that ETH 2.0’s deposit contract should arrive in less than a week.

As some may know, the deposit contract will allow users to send ETH between Ethereum and Ethereum 2.0. In fact, it is one of the last updates that need to roll out before Ethereum 2.0 can commence the roll-out of its phase 0.

This prediction should not be taken as an official statement, however, as noted by a PegaSys developer. It is just his own, personal prediction.

What will happen next?

From what is known, phase 0 will only be able to complete its launch after 500,000 ETH is locked for staking. Edgington further added that the new release will strengthen the project against DDoS attacks, it will implement the genesis delay, and quadruple the project’s penalty fees, at least temporarily.

According to the developer, this fee hike is a temporary measure, which is being introduced to give stakers greater confidence, in case that there is some trouble along the way.

Of course, the testnet for ETH 2.0 has been out for a while, although it saw relatively low participation. Despite this, Edgington thinks that the project and its users are ready for a transition into Ethereum, 2.0 phase 0. He explained low testnet participation by saying that people are simply bored of testnets, and that it is time for the real thing to arrive.

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