The price of Ethereum (ETH) is rising after a long-awaited announcement from the Ethereum Foundation.
In a new blog post, the Foundation offered insight on the launch of Ethereum 2.0, saying the initial roll out is set for December 1st. At time of publishing, ETH is up 6.02% to $404.
Ethereum 2.0 is the decentralized blockchain’s scaling solution that will shift the network over from a Proof of Work (PoW) to a Proof of Stake consensus mechanism and, according to Ethereum co-founder Vitalik Buterin, will eventually be capable of facilitating 100,000 transactions per second (TPS) via second-layer solutions.
The team is looking to launch the 2.0 genesis on December 1st of 2020, but an important benchmark must be met by the Ethereum community prior to the inauguration.
According to the post, the 2.0 genesis launch will be triggered when its mainnet deposit address receives 16,384 validator deposits. Each validator deposit must contain 32 ETH and must be deposited seven days prior to the December 1st deadline.
If the minimum number of validators is not reached seven days prior to December 1st, 2.0 genesis will be triggered seven days after the date at which that 16,384 threshold is met.
Once early validators send their ETH to the genesis deposit contract, those assets cannot be withdrawn. The reward for sending one’s ETH away for good is an annual percentage return on those assets.
Also in this latest update, the Ethereum team released the staking address at which validators can deposit their 32 ETH.
The team announced that it would not only provide a traditional wallet address, but also with the help of the decentralized wallet naming service ENS, has claimed the more concise depositcontract.eth domain where validators can visit to deposit their 32 ETH.