Phase 0 of Ethereum 2.0 has already been formalized for launch sometime around December 1. The deposit contract is active and can collect the necessary funds to activate participation.
The launch of the Ethereum Medal testing network is suffering from a block completion problem
An update from the Ethereum Foundation published on Wednesday explains how the genesis process is expected to happen.
Potential stakers will now be able to deposit their 32 Ether (ETH) deposits into the contract via the dedicated launch pad and prepare for launch.
The contract must collect 16384 deposits of 32 ETHs each, a total of 524,288 ETHs or about $200 million, to continue with the launch.
The required amount must be collected at least seven days before the planned launch date of December 1st. If not, the launch is delayed seven days after the threshold is reached.
MEW founder: „The full reality of ETH 2.0 is still years away“
The announcement marks the first time that a clear date has been set for the launch of Ethereum 2.0, after many years of anticipation and delays.
The community indicated that it is ready, but there may still be potential problems with customers. The reliability of the Medal testing network has faltered in recent days, and often could not be completed due to problems with participation. While many believe this is due to a lack of incentives for staking, some problems with the software were also reported. Nevertheless, the team believes that most software customers are „ready for the mainnet launch“.
The developers of Ethereum 1.x are focusing on „stateless clients“ to curb the bloat of the chain
The end of one journey also marks the beginning of another: the launch of Phase 0 will not directly affect the existing Ethereum block chain, which will continue to operate as before with trial mining work.
The transitions from Phase 1 and Phase 2, which are expected to occur over the next few years, will at some point move the existing Ethereum infrastructure and status to the new staking-based consensus.