By Tobi Loba
At the time of publication, the Ethereum 2.0 staking deposit contract has surpassed 65% of the required amount of ETH need for the launch of Phase 0.
As it stands now, the remaining 35% of the threshold must be realized on or before Tuesday 24th November 2020, 7:30 AM EST, for the launch of ETH 2.0 Phase 0 to come reality on 1st December 2020.
The staking contract has so far attracted 345,376 ETH in deposits, out of the required 524,288 ETH. Although the deposits had a slow start, it has experienced notable growth over the last three days.
The major concern within the Ethereum community is whether the whole target can be realized before the stipulated time or whether it will indeed be delayed until the required ETH required for the launch is achieved.
What to Expect Once the Required ETH Is Realized
Once the required ETH is achieved, the beacon chain, which will serve as a backbone for the Ethereum 2.0 blockchain network, will go live.
As soon as the beacon chain gets activated, the ETH 2.0 transition process will move on to the next stage of its multi-phase approach, to complete the full upgrade.
The development of Ethereum 2.0 has taken more than expected. Once the upgrade is fully completed, the blockchain will transition from the proof-of-work (PoW) consensus algorithm to the proof-of-stake (PoS) protocol.
Read Also: CZ Binance Hints at Sending 32 ETH to Deposit Contract Address to Support Ethereum 2.0 Launch
ETH Price Hits $600
For the first time in 2018, Etheruem (ETH), the second-largest cryptocurrency by market capitalization, surpassed $600 mark, as the launch of Ethereum 2.0 Phase 0 knocks.
Moments after ETH tested $600, the digital currency failed to turn the price mark support. At the time of filing this report, ETH is trading at $597.55, with a 12.55% price uptrend based on 24 hours estimation.