Ethereum Surges As Whales Accomplish ETH 2.0 Phase 0 Mission

[Vovchik90]

Ethereum Surges As Whales Accomplish ETH 2.0 Phase 0 Mission



Just hours before the deadline, Ehtereum (ETH) whales alongside smaller stakers have managed to send all the required ether to the ETH 2.0 deposit contract, allowing to launch Phase 0 on December 1 and extending the ETH rally. (Updated at 05:31 UTC: the last paragraph has been added).

At the time of writing (04:50 UTC), there are ETH 574,880 (USD 356m) sent to the contract, or almost 10% more than initially was required to start the phase that will bring the Beacon Chain.

ETH price extended its gains too, and is now trading at USD 620. It's up by 7% in a day and 33% in a week

The deposit contract is one of the final steps towards the Phase 0 rollout, as it will enable ETH transactions between the original Ethereum and its second iteration. Phase 0, aka the beacon chain, is considered to be "the central control tower keeping track of the 32 shards on Ethereum 2.0."


This phase brings with it the long-awaited proof-of-stake (PoS) consensus mechanism, and will enable users to earn rewards through staking ETH on the network and by acting as an active or passive validator. To earn these rewards, validators will have to lock up their ETH in the deposit contract. The minimum that can be staked is ETH 32.

However, the final switch from the current proof-of-work consensus mechanism, which involves mining and is also used by Bitcoin (BTC), to (PoS), is not expected in at least a year, as Ethereum co-founder Vitalik Buterin said last week.

“Ethereum needs to scale to become a global substrate of the clearing and settlement layer," Andrew Keys, a managing member in Darma Capital and one of the first employees of the Ethereum application incubator ConsenSys, told Bloomberg. According to him, the current version of Ethereum proved that gold, currencies, music and other real-world items could successfully be digitized, but "now, it needs to be able to serve global volume."

source - https://cryptonews.com/

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[gwdf1]

If ether has such a prospect for the future, I think part of the investment should be kept in this cryptocurrency. But should we buy it now when it cost more that 500 USD?

[tabas]

If ether has such a prospect for the future, I think part of the investment should be kept in this cryptocurrency. But should we buy it now when it cost more that 500 USD?

You answer your question and that can be done easily. As you've said it can be kept as an investment which means it's a yes. If you are an investor and you see that there's a profit that you'll get on it in the future.
You'll buy at any price that you see right now. People will always look at the expansiveness of the price but when it's at the low price before, they don't ask this question.

[CuriousGeorge]

I wanna see the result of beacon chain and how much people will be starting to move their ethereum 1.0 to the ethereum 2.0

I heard that there will be two ethereum as the transition from the POW to POS and it looks like the beacon chain will be launched as soon as possible.
This is a very interesting event to be seen . I like that how vitalik was putting the scaling purpose as above of everything.

[Twinkledoe]

I wanna see the result of beacon chain and how much people will be starting to move their ethereum 1.0 to the ethereum 2.0

I heard that there will be two ethereum as the transition from the POW to POS and it looks like the beacon chain will be launched as soon as possible.
This is a very interesting event to be seen . I like that how vitalik was putting the scaling purpose as above of everything.

With the upcoming eth 2.0, what will happen to projects that were built with the older version? Are they going to move their chain to this new one? I wonder, what will be the benefits of this eth 2.0 to these projects? I hope this new version will address the rising gas fees and other problems. I have faith that Buterin will not fail his supporters. And in this regard, the price increase is really imminent.

[tvplus006]

After the launch of Ehtereum-2, more ETH coins will appear than before, since in addition to miners who mine coins through POW, new coins will appear in the network that are mined through POS. How will the market react to such a large number of newly created coins?

[SlimShadyMmp]

I think the issue why people dont even want to go all in on ETH is likely because they think past delays and some unknown info about 2.0 is going to affect price but am sure once it kicks before the year ends so many people will jump right back in so lets see how ETH is going to perform with upgrade for me I will say it will do very well

[Kemarit]

If ether has such a prospect for the future, I think part of the investment should be kept in this cryptocurrency. But should we buy it now when it cost more that 500 USD?

Well if you think that the previous all time high is $1,400 if I'm not mistaken, if it did have a bull run next year so that is a cool x3 if you invested today. So I would say that it is still a good investment, just like Bitcoin.

So let's be optimistic and see the future, it might bring some profits. Altcoin profits give better dividends in the future, specially if you have been a long term holder. Again, as far as my memory serves me right, the lowest low of ETH is around $80 so at the current price you already made alot of profits. But the best to liquidate it is when we reach a new all time high.

[yazher]

If ether has such a prospect for the future, I think part of the investment should be kept in this cryptocurrency. But should we buy it now when it cost more that 500 USD?

We should buy it when it cost less than the price now. I don't think people will still buy at this current rate because the price is quietly high. nevertheless, if those investors really think the price of ETH will continue to rise after the continuous phase has been done, they won't hesitate to contribute or let's say to invest in the current market of ETH because of that. The only problem is, the price is high and the only people who can afford to invest in this ETH trend are those who already bought some ETH in the past.

[adaseb]

After the launch of Ehtereum-2, more ETH coins will appear than before, since in addition to miners who mine coins through POW, new coins will appear in the network that are mined through POS. How will the market react to such a large number of newly created coins?

I am not exactly too technical on the details but won't the miner (or staking) rewards still be the same. I think its a hybrid type of system where say every 5th block out of 100 blocks is done on POS and the rest 95 blocks is done by mining. SO in the end the miner rewards are going to be the same just POS is going to lower the issuance a little since some blocks are solved by POS. However I might be wrong on this one.

If POS causes too much supply I am pretty sure the eth devs will release a new update which will reduce the miner reward per block to even a lower amount like 1 ETH per block which they did twice already. They dont like miners in my opinion and the fewer miners dumping coins the better for the ETH devs.

[yurez]

I think the issue why people dont even want to go all in on ETH is likely because they think past delays and some unknown info about 2.0 is going to affect price but am sure once it kicks before the year ends so many people will jump right back in so lets see how ETH is going to perform with upgrade for me I will say it will do very well

I think many Ethereum holders are still watching from the outside and do not transfer coins to the ETH 2.0 contract.  If the launch takes place without delay, then I think we will see a greater contract filling and an increase in Ethereum in value.

[btc_angela]

Click bait article though, Ethereum is still below it's higher high this year which is above $600.

Currently the price is just hovering above $500 and it was also a victim of the current flash dump like 2-3 days ago. Obviously though, ETH 2.0 Phase 0 Mission has accomplished but there are still a lot to be done based on their roadmap.

But it's good that we are seeing significant gains but there's a lot of things to be done behind to really push it again to 4 digits and new all time high.