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Ethereum has made considerable progress particularly with the success of the Zinkel Testnet launched last week.
As the anticipation for the launch of the Ethereum 2.0 Phase 0 mounts, one of the project’s developer Ben Edginton has given more inclination as to the project’s progress as well as the potential time of launch date. Per the update Edginton gave, the anticipated migration of the ethereum network from its current Proof-of-Work mechanism to the scalable Proof-of-Stake mechanism will be anywhere from 6-8 weeks from now.
He noted that the continuous use of the network’s Prysm Client is placing enormous pressure on the network and calls on users to utilize other clients. The developer also gave an extensive update with respect to the changes made to Ethereum 2.0 following the release of version v1.0.0 of candidate 0. The Ethereum 2.0 developer noted amongst other things that the network’s Genesis Delay will now be one week which implies that the state of the genesis will be known at least a week before the chain starts.
Other updates include the quadrupling of the inactivity quotient which means that the penalty during non-finalization has been reduced to give users more than the needed confidence should the network run into trouble due to an unenvisaged occurrence.
In addition, the minimum slashing penalty has been slashed to 0.25 ETH, a measure Edginton noted is temporary and the amount of slashing percentage one will suffer should others be slashed has been reduced to one third, another temporary measure Edginton highlighted. The last update revealed is the data voting period for Eth 1 which has been doubled and will last 6-8 hours after depositing and participating in the beacon chain.
Ethereum 2.0 Launch Date as Gleaned from the Developer
Ben Edginton the Ethereum 2.0 developer noted that the occasional rollout of testnets has gotten people bored and re-emphasizes the need for a prompt launch of the Ethereum 2.0 network.
According to him, there remain just two more configurations necessary to be perfected and one important one involves the deposit contract which he’s awaiting news of in the coming days. Nonetheless, he noted that the deposit contract will be perfected and ready in about two months’ time and would be succeeded immediately by the Beacon Chain. He stated:
“Basically, as I understand it, we are good to go: deposit contract in the next few days; beacon chain genesis 6-8 weeks later. (This is not an official statement!). Meanwhile, be careful out there. Many fake deposit contracts and Launchpad front-ends will erupt in the coming days. Look out for the official announcements: do not send Eth to random contracts; this is not DeFi.”
The project has made considerable progress particularly with the success of the Zinkel Testnet launched last week. With more progress anticipated, the crypto sphere awaits the launch of ETH2 as it represents the solution to the scalability issues as well as the high gas fees currently being faced.