Ethereum 2.0 Genesis and the major upgrade for the network
By Rafał - 2020-12-01
For the past few years, the Ethereum project has always been a favorite in the community and has been the backbone of many ideas and projects over time. We can cite for example the ERC-20 tokens that we count today in the thousands around the world, or even other solutions such as collectibles NFTs mainly used for crypto games, art and other collections as well as more recently for DeFi systems. The Ethereum project, although having brought many opportunities for developers and investors, has always suffered slowdowns or even saturation of the transaction network during very busy days or during bull-run phases. After many months and even years of work, the Ethereum 2.0 project finally saw the light of day in early December and brings with it its share of progress to satisfy the community.
Normal people: we should really put something profound in the first block of the ethereum PoS chain, something about giant leaps for mankind or whatever.— vitalik.eth (@VitalikButerin) December 1, 2020
Ethereum community: pic.twitter.com/cOu94fUPE9
What changes with ETH 2.0
The launch officially occured earlier today after 12 pm UTC and went smoothly to reach the required stake participation rate to finalize the blockchain. With this new very important "start" for the project, investors will finally be able to enjoy the benefits of proof-of-stake by putting their Ethereum to the network. In this way, after all the technical hassles that the ETH network may have undergone, the new development will be able to guarantee the operation of an energy-efficient network by using a principle of validators to lock Ether (ETH) into a staking contract allowing 'offer and stable, scalable and decentralized network.
This announcement does not change much for investors wishing to staking their ETH. The only current condition which could be subject to change is a lockup period which should last until Phase 1.5 of the Ethereum 2.0 version which is set to arrive around late 2021, with a new beacon chain and sharding system.