Friday, March 5, 2021

Ethereum Long-Awaited Upgrade Gets Closer With Minor Code Release

Ethereum is gradually advancing towards its long-awaited upgrade.

During one of the most decisive United States elections in history, the tool designed to create the deposit contract of Ethereum 2.0 was quietly released on Github.

The announcement of the release on Github reads, “We have a go for Main engine start.”

While the majority of the crypto community members on Twitter shifted all their attention on the ongoing election process in the U.S., a few noticed the report of the release.

Read Also: Vitalik Buterin Pushes For Clients to Start Working On Phase 1 of Ethereum 2.0

Adam Barlamm, the founder of blockchain gaming firm, Chain Games, tweeted, “Quietly releasing ETH 2.0 deposit contract on Election Night… sneaky, veryyyyy sneaky!”

What Does The Newly Released Code Represent?

The newly released code represents a huge step towards Phase 0 of the much-anticipated Ethereum 2.0.

Phase 0 is the first stage of about 6-phase rollout of ETH 2.0. This phase introduces a proof-of-stake (PoS) consensus mechanism, which is an efficient means to validate transactions on the Ethereum network.

There has to be a migration of funds from the current Ethereum blockchain to Ethereum 2.0. This migration of funds will get users staking and the PoS chain in working order. The newly released code will function in this regard.

Read Also: Vitalik Buterin: ETH 2.0 Is Taking a Long Time, but I’m Happy with the Progress of Launched Testnets

The tool released will be used to generate the keys required to initiate deposits on ETH 2.0, rather than using the official deposits.

So, as soon as the deposit contract becomes functional, Phase 0 is expected to go live.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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