Sirlibz
Ethereum creator, Vitalik Buterin has contributed 3,200 ETH approximately worth $1.3 million to the recently released Deposit Contract Address for Ethereum 2.0, the next generation version of the Ethereum blockchain network.
The Ethereums deposited to this contract addresses are important as the launching of Ethereum 2.0 phase 0 depends on them to kick off. The deposit requires 524,288 ETH to be deposited in batches of 32 ETH, all tokens stated must be deposited 7 days prior to the date estimated to be the launch date for it to kick off which in this case is the 1st of December.
The ETH2 Deposit Contract currently has 50,332 Ethereum deposited, leaving it with 473,956 more ETH needed.
“As stakers get their coins out of cold storage, get comfortable with the tools and confident that the tools work and they’re not accidentally throwing their coins away, etc.” Vitalik said.
Vitalik said that he is also expecting investors to participate later on, probably even on the last day.
“If you look at the ether sale in 2015 for example, there was a significant (but disappointing) level of participation on day 1, then very little on days 2-12, and then on day 13 and especially 14 (the last day with a full discount) there was a huge spike that ended up being something like half of all ether that ended up going into the sale. So it’s very possible that here too we’ll see a quiet period and then lots of participation in the last week of November. But this is me just speculating, we’ll see!”
One of the factors that could be affecting the turn up of participants for depositing into the ETH2 Deposit contract address could also be the fact that the crypto market has been performing so well and people would rather trade or hold on their investments and watch them grow.
The ETH 2.0 phase 0 will not have a direct effect on the existing Ethereum blockchain network, a release of phase 1 and 2 will help switch Ethereum from a Proof-Of-Work (POW) mechanism to Proof- Of- State (POS) consensus with more security, scalability and of course use cases.
Developers had launched Medalla back in August. Mallela is a test net that served as a multi-clients dress rehearsal for the operation of ETH 2’s phase phase 0 launch.
