Eth2 Beacon Chain Can Still Launch on Nov 24, Says Ethereum Developer

By November 20, 2020Ethereum
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Danny Ryan opines that Phase 0 of Eth2 can still launch even with the over 105k ETH staked. In an AMA session on Nov 18, the Ethereum developer said it makes no sense to leave the over $49 million worth of coins in “limbo for too long” and adjusting the threshold down from 524,288 ETH is reasonable.

Why Eth2?

Considering the increasing demands on the main chain, developers plan to transit to a new consensus algorithm regime away from the current Proof-of-Work.

In a three-year, multi-stage phase-out culminating in Serenity, the network will rely on validators—not miners, to support the running of demanding applications.

Beacon Chain Mainnet Launch Conditions

Before then, observers say the success of the Beacon Chain will be the foundation of Eth2 and Proof-of-Stake. Announced in early November, the official Eth2 deposit contract for the Beacon Chain has over 105k ETH, short of the 524,288 ETH coins required for activation.

There are concerns that this threshold may not be hit in the next four days. As such, a postponement of the Beacon Chain mainnet launch is highly likely.

For this reason, commentators are suggesting the tweaking of the min_genesis_active_validator_count in a way that regardless of the number of ETH staked by Nov 24, Phase 0 of Eth2 will go on as scheduled.

Already, validator distribution is satisfactory.

To Activate or Postpone?

Advising this reasoning is the way the “524,288 ETH” amount was reached during the planning of Eth2.

At that time, the price of ETH was trading at around $80. Since then, prices have risen tremendously. ETH is currently trading at over $470. Also, a lot has changed within the Ethereum economy.

For instance, there will be possible opportunity cost losses despite penalty reduction because of the rise of DeFi protocols promising high yields. The launch of automated Robo-advisors like yETH by Yearn Finance acts as “ETH” black holes with better incentives.

Other developers including Eric Conner propose the postponement of the launch date to Dec 15 or even next year to fend off gatekeeper attacks. It will also give time for people who are still figuring out how to stake and to give more time for the original design to pan out.

At the moment, the Eth2 Beacon Chain mainnet bounty bug program is live as BTCManager reports.

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