The Ethereum 2.0 era is approaching, the Genesis PoS block is scheduled to be born on January 3, 2020.

According to foreign media TrustNodes on June 15th, the 0 phase of Ethereum 2.0 will be launched on January 3, 2020 (after 7 months), which will enable the Proof of Entitlement (PoS) consensus mechanism, according to Ethereum 2.0 researcher Justin Drake revealed that January 3, 2020 was chosen to commemorate the 11th anniversary of the birth of Bitcoin.

Justin said that developers will complete the Ethereum 2.0 Phase 0 specification around June 30, about two weeks later.

It is reported that there will be two milestones for the launch of the new phase 0 phase. First, the deposit contract will be launched before the Ethereum 2.0 creation block to allow the verifier to deposit.

Developers hope that at least 2 million Ethereum will be deposited into the contract at that time. "So, with regard to the address of the deposit contract, we can agree to avoid fraudulent deposit contracts," Drake said.

The second milestone was the launch of the Ethereum 2.0 creation block on the 11th anniversary of the birth of Bitcoin.


(Photo from: CryptoNewsZ)

This will be shortly after Christmas, which will also symbolize the new beginning of Ethereum.

Drake said that from today, at least two clients will be in production within seven months.

When asked what the production status means, Drake explained that this means that there is already a long-running cross-client test network that has passed security audits on the market, some of which have been formally verified and over time. No major problems have been encountered within.

Jonny Rhea, developer of Ethereum 2.0 client PegaSys, said that ConsenSys founder Joseph Lubin has provided a bonus to the multi-client test network to test consensus.

Therefore, such a test network may be released in a few weeks.

All these signs indicate that Ethereum 2.0 is about to enter the sprint stage before going online, and this process is expected to begin at Devcon from October 8th to October 10th.

According to the information already published, Ethereum 2.0 will be a one-way deposit after going online, and some people say it will be a two-way anchor, but this may be achieved in the second phase (phase 2).

Phase 1 of Ethereum 2.0 is an intermediate phase, which will implement data or storage sharding, while full sharding will be implemented in the second phase, which takes about 2 years. Time will be completed.

As for the situation of Ethereum 1.0, the developers are still discussing it. Drake said that the initial proposal is to fold it into a smart contract and convert it into a certain piece, but this will obviously be a A major project, which requires a lot of governance work, he said:

“Local integration should be compared to a significantly lower-cost mid-term alternative. For example, a light client can be used to establish a two-way bridge between Ethereum 1.0 and Ethereum 2.0.”

Another issue of great concern is that if there is no two-way bridge, will 1 ETH1.0 be equivalent to 1 ETH2.0?

When there is a two-way bridge, there is obviously an opportunity for arbitrage, but if you can't turn ETH 2.0 into ETH 1.0, then you can't achieve arbitrage. In this case, for whatever reason, the market may give different values ​​to the two currencies.

Another unclear question is whether there will be changes in the Proof of Work (PoW) block reward. The current speculation is that the difficulty bomb should be restarted before and after the planned Ethereum 2.0 creation block, so some changes to the Ethereum 1.0 client are required.

It has been suggested previously that the PoW block reward will drop to 0.6 eth, while the PoS verifier's block reward should be set to 0.22 eth, which makes the network reward halved more effectively than currently. Whether this proposal will be adopted or not is still unknown.

But it is very clear that Ethereum will soon usher in its biggest upgrade in history, and it will bring a lot of controversy. Let's wait and see on January 3, 2020!