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    Ethereum ETH 2.0 Contract Fully Funded

    November 23, 2020

    Ethereum ETH 2.0 Contract Fully Funded

    ETH 2.0 Contract Fully Funded

    Posted: 23 Nov 2020 06:27 PM PST

    ETH2 deposit threshold reached on the eve of deadline! Congrats team! ��

    Posted: 23 Nov 2020 06:27 PM PST

    Only 22% away from having enough ETH stakes to begin phase 0 for ETH 2.0!!!!

    Posted: 23 Nov 2020 12:32 PM PST

    Clients of Bitcoin Suisse commit ETH worth USD 51m or 17% of all ETH needed for the launch of Ethereum 2

    Posted: 23 Nov 2020 09:49 AM PST

    We did it!!!

    Posted: 23 Nov 2020 06:27 PM PST

    The deposit contract is over 100%

    Posted: 23 Nov 2020 06:28 PM PST

    And we’re there!! Let’s do this!

    Posted: 23 Nov 2020 06:27 PM PST

    The deposit contract has hit 80%!!

    Posted: 23 Nov 2020 12:41 PM PST

    We did it!!!!!

    Posted: 23 Nov 2020 06:46 PM PST

    Add the amount of pending txs - We are already above 524,288.

    Posted: 23 Nov 2020 06:15 PM PST

    ETH2 beacon chain locked for launch at Dec 1 ��

    Posted: 23 Nov 2020 06:32 PM PST

    eth2 deposit contract is fully funded

    Posted: 23 Nov 2020 06:40 PM PST

    It's about to happen.

    Posted: 23 Nov 2020 06:09 PM PST

    Rotki, the portfolio tracker that protects your privacy, releases v1.9.0 with Eth2 staking and Uniswap support

    Posted: 23 Nov 2020 06:44 AM PST

    The IRS is Sending Inaccurate Letters to Thousands of Crypto Investors Claiming Taxes Owed

    Posted: 23 Nov 2020 01:20 PM PST

    An Easy to Understand Introduction to ETH 2.0 and its Different Phases.

    Posted: 23 Nov 2020 01:56 AM PST

    In this post I will outline the upgrade coming called ETH 2.0 and its different phases. I will try my best to explain it all in simple terms which even a beginner can understand (at least that's the plan!).

    What's Changing With ETH 2.0?

    1. Sharding: Sharding will upgrade the existing Ethereum blockchain (which you can imagine as a one lane road) to a blockchain made of 64 parallel parts, known as shards. Think of these 64 shards as a 64 lane highway, each lane has the same capacity as the original single lane road which is Ethereum 1.0.

    2. Proof of Stake: Ethereum 2.0 will move Ethereum from proof of work to proof of stake. In a nutshell, proof of work is a system where people have to essentially waste electricity, proving they have done work and put effort/money into securing the blockchain. This makes it hard for one person to overtake the network because it would be extremely expensive to burn all that power. Proof of stake requires people who secure the network or "validators" to put up ETH as collateral as a "stake" in the network. If they help secure the network, they will earn ETH but if they act maliciously they can be penalised in the form of losing some of their staked ETH (known as slashing). Much like proof of work, proof of stake makes it hard for one person to overtake the network because they would need to buy a very large number of ETH, making the attack unrealistically expensive.

    There are many pros and cons to proof of stake vs proof of work but Ethereum's implementation of proof of stake will make Ethereum more secure, more efficient and environmentally friendly (by using less power) and it will result in less inflation since the people securing the network don't need to be compensated monetarily for the electricity they used to secure the network.

    ETH 2.0 Phases

    ETH 2.0 is rolling out in multiple phases. These are:

    • Phase 0: This is the introduction of Proof of Stake and the creation of the ETH 2.0 blockchain. This is the backbone of the ETH 2.0 system. Imagine it like the foundation upon which the 64 lane road is being built. It is a wide flat foundation of rock and it is not connected to the existing Ethereum 1 road. While there are no cars driving on this chain yet (there are no transactions on this chain), people are able to move from the Ethereum 1 road and onto this new road. The people moving over are security guards making sure that the foundation of the road remains secure and ready for upgrading once the developers are ready to build out the rest of the road.

    • This is what the deposit contract and staking talk right now is about, you can move your 32 ETH in the deposit contract which will move your 32 ETH to the foundation of the ETH 2.0 road (known as the beacon chain) where you can stake your ETH and keep the road secure and ready for a future upgrade. In return these people get paid out a variable % interest on their 32 ETH for their service.

    • Phase 1: This is construction of 63 of the lanes on the new road. However, these lanes aren't open to the public yet. They are only to be used by public transport so most people are still using the Ethereum 1 road, but if people decide to use public transport (a certain layer 2 solution known as a roll-ups), we can decrease the congestion on the Ethereum 1 road.

    • In technical terms, this is where 63 new shards which are connected to the beacon chain are created. These shards aren't available for transactions yet but they do hold data on the state of the Ethereum blockchain. This data can be used by transactions which use the layer 2 scaling solution known as roll-ups, reducing load on ETH 1.

    • Phase 1.5: This is when we say goodbye to having two separate roads. The Ethereum 1 lane is merged with the ETH 2.0 road, creating a 64 lane highway. However, the other 63 lanes are still closed to certain traffic (specifically which traffic is still to be determined). Now that cars are moving on the new road, the security guards (ETH 2.0 validators) are now free to get back in their cars if they want to (or they can keep staking) and new ETH is no longer created to pay for the security of the old road.

    • This phase sees the Ethereum 1 chain become a shard on ETH 2, moving it over to proof of stake and connecting it to the other 63 shards. The other shards are not yet able to take all types of transactions yet such as complex transactions which interact with smart contracts (these are the type of transactions you send when using DeFi apps like creating a Maker Vault). Now that the Ethereum 1 chain has moved into its own ETH 2 shard, it is secured by proof of stake and we no longer need to mint new ETH to pay miners to secure the network which happens under proof of work. As a result, the inflation rate of ETH will drop from around 5% annually to around 1% annually (or possibly even going negative thanks to the proposed fee burn and fee market upgrade EIP-1559).

    • Phase 2: This is the grand opening of all 64 lanes of the highway. All or almost all traffic will be able to use any lane (the specifics have not yet been determined, certain transactions may have to use certain lanes). The maximum capacity of the Ethereum highway will increase approximately 64x over its current capacity - and that's not including the effect of public transport (layer 2 scaling solutions) in increasing the number of people who can use this highway in their daily lives! Also, there is no theoretical limit to the number of lanes the highway has. If certain parameters are tweaked and as technology advances, we may be able to add more lanes to the highway if it is deemed necessary.

    • This phase is the last phase for a feature complete ETH 2.0. All or many of the 64 shards will allow for smart contract execution and transactions (it is possible that not all shard will be used for all types of transactions. This is yet to be determined). Another big feature which will ship with this phase is the introduction of eWASM which will replace the Ethereum Virtual Machine (EVM). This will allow developers to code smart contracts in languages other than Solidity, thus greatly increasing the number of people who can build on Ethereum. Finally, phase 2 will also introduce execution environments. Unfortunately this goes beyond my level of knowledge and expertise but basically it allows for more customisations and possibilities for developers.

    The All Important Question: When?

    I realise that I haven't put in any timelines above as there aren't any official ones. However, it is important to keep in mind that development of the different phases is happening in parallel, meaning that just because phase 1 hasn't shipped yet doesn't mean that phase 2 isn't already under development. Each phase is currently being worked on. This also means that a delay in phase 0 or phase 1 may not delay the release of phase 2. I have also heard it said that phase 0 is the most complex and it has almost launched as I type this! If I had to guess, I would expect 1-1.5 years per upgrade, putting the full phase 2 launch release between late 2022 and 2024. But like literally everyone in the ETH community, I truly have no idea what the real timeline will look like and it is important to emphasise that Ethereum is not entirely reliant on ETH 2.0 for scaling as we have many other scaling solutions live now or releasing soon, some of which will benefit from the early phases of ETH 2.0 as I mentioned above.

    ———————————————————————————————————————

    If this doesn't go in depth enough for you, I recommend checking out some of the resources on ETHHub. They covered ETH 2.0 here: https://docs.ethhub.io/ethereum-roadmap/ethereum-2.0/eth-2.0-phases/

    Also, please let me know if I got anything wrong! I am not an expert, just an Ethereum enthusiast and my expertise is more in the financial side of Ethereum than the technical side. I will gladly make any corrections if I got anything wrong.

    submitted by /u/Tricky_Troll
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    Can someone please explain to me like I'm 3 years old what it means to stake ETH for ETH 2.0 & should I do it?

    Posted: 23 Nov 2020 07:07 PM PST

    Less than 800 more validators needed for genesis!

    Posted: 23 Nov 2020 05:30 PM PST

    We're going to make Dec 1 launch.

    submitted by /u/iamsunbird
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    Insurance claim success. 282,035 DAI will be redeemable for Cover protocol's first claim on Pickle hack

    Posted: 23 Nov 2020 07:55 PM PST

    Read a full summary about HEGIC, the new DeFI protocol bringing Options onto Ethereum

    Posted: 23 Nov 2020 09:54 AM PST

    A 5-Minute Complete Guide to ETHEREUM 2.0

    Posted: 23 Nov 2020 07:24 AM PST
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