The first Ethereum 2.0 related coverage was in mid-November 2020, during which time the ETH 2.0 deposit contract managed to reach the required amount, 524,288 Ether.
Many are still wondering - what is ETH 2.0?
In short, Ethereum 2.0, also known as Serenity is the latest version of Ethereum which has improved in terms of speed, efficiency and scalability of its network without sacrificing security and decentralization features.
It takes quite a while to fully operate as the project has several stages, starting with:
Phase 0: Specific for beacon chain launch. Through this launch, a new token, ETH2, was created. Users can convert to ETH2 (1: 1) through a registration contract which will burn the ETH that the user once had. The community also has the option to place 32 ETH2 on validator nodes.
Has officially taken place on 1 December 2020.
Phase 1: This phase will introduce shard chains, which will allow the validator to generate blocks on the blockchain through proof of stake (PoS). Later, mainnet Ethereum will introduce shard chains before starting the transition from proof of work (PoW) to PoS.
Expected to occur in 2021.
Phase 2: Ethereum 2.0 will be finalized before it becomes the official Ethereum network. Shard chains are also capable of operating with smart contracts, allowing developers of Dapps and other technologies to integrate with Ethereum 2.0.
Expected full launch either this year or next.
Ethereum 2.0 plays a very important role in the effort to become a scalable network. Without the latest features of PoS, shard chains and beacon chains, Ethereum has the potential to collapse as a superior smart contract platform in the crypto sector.
It took quite a while. And, it may take longer than current expectations.
