Ethereum’s 2.0 (ETH2) upgrade is expected to begin to roll out in the near future. The upgrade has long been awaited by crypto investors across the industry, with it facing a number of delays.
There was a scare a number of weeks ago after a testnet for Ethereum 2.0 failed to launch properly due to some consensus issues related to some client bugs. Those have since been fixed, meaning that the actual launch is nearing.
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Ethereum 2.0 Around the Corner
A blog post shared by Ben Edgington, an Ethereum 2.0-focused developer at development studio ConsenSys, believes that the rollout of the upgrade is right around the corner.
He wrote that a “v1.0.0 release candidate 0 has been published.” Should the candidate be accepted, it will be rolled out when developers think it is necessary.
This new candidate has a number of changes compared to the previous iteration, which should help to eliminate “pain points” that were present in “the previous genesis runs.”
Along with the publishing of a candidate for ETH2, the deposit contract for the upgrade’s staking mechanism is expected “any day now”:
Basically, as I understand it, we are good to go: deposit contract in the next few days; beacon chain genesis 6-8 weeks later. (This is not an official statement!)
“Meanwhile, be careful out there. Many fake deposit contracts and Launchpad front-ends will erupt in the coming days. Look out for the official anouncements: do not send Eth to random contracts; this is not DeFi.”
Regarding testnets for Ethereum 2.0, he wrote that testnets aren’t cutting it for users, referencing declining participation:
“Medalla, meanwhile, is suffering from very low participation. I think people are getting a bit bored of testnests. It’s time to move on. See this week’s Implementers’ call for some discussion about its future. I wrote a thing about why the testnets don’t really cut it any more, and we need to launch Phase 0 asap.”
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To Trigger a Strong Rally
Analysts think that the ETH2 launch will trigger a strong rally for the Ethereum price.
The upgrade is a validation of Ethereum’s long-term potential, some say. This is especially pertinent as Ethereum faces competition from newly-launched platforms.
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Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum 2.0 Is Primed to Launch, ConsenSys Programmer Says