Ethereum 2.0 countdown is coming to the end as the long-waited proof-of-stake consensus is finally here in just a few hours. As scheduled, the Ethereum 2.0’s beacon chain will officially live on Tuesday at noon, UTC. The latest data also revealed an excess of over 867,000 ETH staked in the ETH 2.0 deposit contract.
The Ethereum Foundation stated in a service announcement that “you do not need to do anything with any ETH you’re already holding.” The Foundation further explained, “it won’t be like the Ethereum mainnet of today. It can’t handle accounts or smart contracts.” The coming launch of Ethereum 2.0, indeed, is the introduction of Phase 0, marking the transition from Proof-of-Work consensus to Proof-of-Stake, which enables ETH holders to earn block rewards through crypto lockout.
A complete roll-out is still a long way away. After the important step on December 1, the next phase of the plan will see the integration of shard chains in 2021, which targets scalability and improvement in transaction flows per second compared to the PoW Ethereum. Phase 1.5 is expected to launch in 2021 or 2022, as a merger upgrade between ETH 1.0 and ETH 2.0.
With the wide interest in the launch, many major exchanges have taken steps to support the ETH 2.0. Coinbase just announced the future implementation of ETH 2.0 staking and trading services. The new features are set to come in 2021. Huobi is another giant that jumped into the market with its release of an ETH 2.0 one click stake function.