By Solomon Odunayo
Over the past two days, there has been a remarkable increase in the commitment of the Ethereum community towards the launch of ETH 2.0 phase 0 as scheduled for 1st December 2020.
According to the record on Etherscan, over 700,000 ETH has been sent to the Ethereum 2.0 deposits contract address, which implies that the much-anticipated upgrade is set to go live as slated.
For the beacon chain to go live on the chosen date, the sum of 524,288 ETH is required to be locked in the Eth2 deposits contract.
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Holders that deposit their digital token ETH before the launch will be the first to participate in Ethereum’s new proof-of-stake (PoS) model. The deposits are meant to serve as investors’ contribution to the growth of the network and they will be duly rewarded for it.
As ETH 2.0 is gradually implemented, a number of different upgrades are expected to be rolled out.
Ethereum Network to Handle 100,000 Transactions per Second (TPS)
According to the co-creator of Ethereum, Vitalik Buterin, the improvement will allow the Ethereum network to be capable of handling relatively 100,000 transactions per second (TPS) through second-layer solutions.
Vitalik said:
“ETH2 scaling for data will be available *before* ETH2 scaling for general computation. This implies that rollups will be the dominant scaling paradigm for at least a couple of years: first ~2-3k TPS with eth1 as data layer, then ~100k TPS with eth2 (phase 1).”
The notable increase in the amount of ETH sent to Ethereum 2.0 deposits contract address has been having a positive impact on the market value of the second-largest cryptocurrency.
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At press time, ETH is trading at $610.33, with a relatively 3% price upsurge in the last 24 hours. Also, the digital currency has managed a 28% price increase in the last week.
Conclusively, Ethereum developers have stated that the current mainnet will officially merge with Eth2’s new beacon chain in 2021 or 2022.