1 August 2026
Ethereum 2.0 Launches on December 1: Here’s A Little Overview
2020 has been a rough journey due to the pandemic, however, here’s something for the cryptocurrency enthusiasts. The long wait has finally be answered and Ethereum is expected to go live at noon UTC on December 1st, 2020.
The beacon chain goes live at noon UTC as ETH holders crossed the threshold of 524,288 ETH to over 867,000 ETH to initiate the chain. And if you are wondering about what can you do to prep up?
Here’s what the Ethereum Foundation stated in a service announcement, “You do not need to do anything with any ETH you’re already holding.”
At present, it is pretty evident as Ethereum 2.0 until its further upgrades won’t do much for the users from the current standpoint. Also, Ethereum Foundation explained, “It won’t be like the Ethereum mainnet of today. It can’t handle accounts or smart contracts.”
The so-called Phase 0 introduced Proof-of-Stake wherein the ETH holders locked their crypto holdings as a could-be chance to earn a part from block rewards.
Also the coming year - 2021 is circling with the news about creating shard chains. Unlike Ethereum Proof-of-Work that timely causes congestion; it will theoretically enable the blockchain to handle more transactions per second. Phase 1.5 is expected to hit the market by 2021 or 2022; that would by then probably converge Eth1 and Eth2, also making the new blockchain broadly usable.
Meanwhile, the Ethereum community members can contribute to the network and also test upgrades before its launch and earn bug bounties. The users who have staked ETH for the launch need not do much but wait.
However, what if your ETH is in an exchange?
Well, here’s another news - Huobi and Coinbase have also announced its support for Ethereum 2.0. While Coinbase plans to feature in the early year of 2021
Surojit Chatterjee, a Chief Product Officer at Coinbase, stated, “Coinbase customers will be able to convert ETH in their Coinbase accounts to ETH2 and earn staking rewards.”.
Jamie Pitts, a member of the Fellowship of Ethereum Magicians said: “This is an IOU product generated by the exchange, not a natively tradable asset.”
Since ETH is yet few upgrades away to run on the blockchain of Ethereum 2.0, he thinks Coinbase is on its ‘A-game’ with the implementation of the details being discussed.
The future of Ethereum seems to be a set bullish bet by the exchange.
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