The Ethereum founder Vitalik Buterin sent $1.4 million of ETH in preparation for the ETH 2.0 blockchain network as we are reading further in our Ethereum news.
The VB2 address of Vitalik Buterin sent 100 transactions for 32 ether each that total 3200 units of the cryptocurrency. The amount is worth around $1.4 million at press time. the transactions visible were sent to Ethereum 2.0 which is the newly launched deposit contract that went live on Wednesday as a means for network participants to move funds from the current proof-of-work blockchain to the launch of proof of stake blockchain.
Since then, the public Ethereum participants were able to deposit the minimum of 32 ether required to stake on ETH 2.0. The deposit contract now has about 38,693 eth worth $17 million. Staking is a way of supporting the PoS blockchain network by committing the funds for a period of time in return for the rewards. The PoS networks do not rely on mining like the existing network and BTC. Ethereum 2.0 is now expected to launch soon in early December after the date was brought back from Bitcoin’s launch anniversary on January 1. The “Genesis” launch required 16,384 validators to deposited funds that are equivalent to 524,288 ether into the contract. At that point, the Beacon Chain which is the core of ETH 2.0 will go live.
As Buterin previously commented and we reported, One of the most asked questions in the crypto space was when will ETH. 20 happen exactly. After being delayed a few times, the exact date for the launch of ETH 2.0 is still up in the air. The co-founder Vitalik Buterin isn’t sure when it will happen but he says that it is coming with many supporters urging others for patience.
Buterin suggested that even if the project founders don’t give an official green light for Phase 0 of ETH 2.o0 to go live, the clients can launch it anyway. According to Ethereum.org, a client is “an implementation of Ethereum that verifies all transactions in each block, keeping the network secure and the data accurate.” Buterin’s response from above seems to have been a response to the reports that smart contract auditing company Quantstamp completed their audit of Teku which is an ETH 2.0 client for institutional staking that is developed by ETH-focused blockchain company ConsenSys.
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