Ethereum 2.0 Genesis Block Launch Date Known

Kataryna Habeliia November 5, 2020


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Ethereum 2.0 Genesis Block Launch Date Known

The Ethereum Foundation developers have officially confirmed the launch of the ETH2 deposit contract, and also named the date of the creation of the genesis block.

According to the v1.0.0 specifications of the second version of the protocol, the genesis block will be launched on December 1 at 12:00 UTC. This date was originally set for January 3, 2021.

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The deposit contract allows you to send ETH from the existing network to ETH2, confirming the powers of the stakers.

The minimum threshold for participating in Ethereum 2.0 staking is 32 ETH. The condition for the launch of the main Ethereum 2.0 network is the participation of 16 384 validators, who by the set date must have contributed a total of 524 288 ETH.

As the address of the contract shows, the first deposits have already begun to arrive.

Stakers will start receiving staking rewards after the launch (or genesis) of Ethereum 2.0 Block Zero. The expected staking reward is quite high compared to other investments and ranges from 8% to 15% per annum. There are good reasons for this: the risks of the software and the unilateral nature of the deposit contract. In the first phases of the launch, ether cannot be brought back to the PoW network.

«We have hardened Ethereum 2.0 as much as possible in testnets, formal reviews, and audits. We are incredibly excited to see community activity around Ethereum 2.0, now with real staking value, ”said Joe Lubin, CEO of ConsenSys.

Earlier today, a code was uploaded from the Ethereum Foundation developer Karl Beekhausen’s GitHub account that allegedly initiates the launch of the Ethereum protocol version 2 deposit contract. However, the community has doubts about its authenticity. Users noticed that the specified code only allows generating the keys required to deposit funds, but not the deposit contract itself.

Recall that at the end of October, Ethereum 2.0 lead developer Danny Ryan announced that the launch of the ETH2 deposit contract will take place in the first half of November.

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