Thursday, January 21, 2021

Ethereum 2.0 Phase 0 Is Finally Launched Successfully As PoW Difficulty Hit All-Time High

One of the most anticipated developments in the cryptocurrency ecosystem in recent times is finally here.

According to a report, Ethereum 2.0, the major upgrade of the Ethereum network is beginning to roll out with the launch of Phase 0 known as Beacon Chain.

The launch of the Beacon Chain, which is Phase 0 in the ETH 2.0 development roadmap, played out successfully at 12:00 UTC on Tuesday 1st December 2020.

Read Also: I Purchased 500,000 ETH from Vitalik Buterin and 30,000 BTC in First Crypto Investment – Mike Novogratz

The co-founder at Prysmatic Labs, Raul Jordan, shared this new development a few hours ago, via his official Twitter handle.

Jordan tweeted, “ETH2 phase 0 launched successfully, and the chain reached finality perfectly. This is the culmination of years of work, and it is by all means, a great launch #Ethereum. Thanks to all people running our software at Prysmatic Labs.”

Vitalik Buterin, the co-creator of Ethereum (ETH) also shared his excitement with the community in a viral tweet.

What Is Beacon Chain?

The Beacon Chain is a proof-of-stake (PoS) blockchain, which indicates the first step in the plan to transition the consensus algorithm of Ethereum from proof-of-work (PoW) to proof-of-stake. Beacon Chain is expected to run alongside the original Ethereum PoW chain. This will make the chains to continue without interruption.

In a blog post published on 16th May 2019, ConsenSys gave the functions of the Beacon Chain a better explanation as follows:

  1. Managing the proof of stake mechanism
  2. Processing Crosslinks
  3. Direct consensus and finality.

Ethereum 2.0 Phase 1 that will likely launch in this coming year will address finality and consensus on shard chains and will be more of a test run for shard chains than the release of an immediately-scalable solution.

Read Also: Ethereum (ETH) Poised To Hit $10,000 in the Next Market Cycle –Quantitative Analyst Posits

Update On the Level of Decentralization of Ethereum 2.0 Validators

A few hours ago, the co-founder of Ethereum (ETH), Vitalik Buterin, shared an update in relation to the current level of decentralization of ETH 2.0 validators.

Vitalik tweeted, Some updates on decentralization stats since a week ago: * Participant count over 3k * Nakamoto coefficient up from 25 to 34 * Herfindahl score down from 0.0164 to 0.0126 (down is good); ~30% more decentralized based on this metric More participation = more decentralization!”

Read Also: This Dubai-based Company to Support Ethereum 2.0 Launch with $10 Million in ETH Deposit

Proof-of-Work (PoW) Difficulty Hits An All-Time High

In another tweet earlier today, as the Ethereum 2.0 Phase 0 was preparing to go live, Vitalik Buterin hinted at the community that the proof-of-work (PoW) difficulty just attained an all-time high:

“So, right at the time that the beacon chain is launching, the PoW difficulty just hit an all-time high!”

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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