- The Ethereum 2.0 beacon chain is slated to go online on December 1st at 12:00 noon UTC.
- ETH holders don’t have to do anything with their cryptocurrency.
- The Eth2 network will not be fully functional until further upgrades are started.
If 2020 feels like it’s taking too long, then prepare for Ethereum 2.0 was a lifetime. But on December 1st, the long-awaited proof-of-stake chain starts in earnest.
Ethereum 2.0’s beacon chain will go live on Tuesday at 12 noon UTC after ETH holders have contributed enough ETH.over 867,000 ETH so far, well over the required 524,288 – to start the chain.
This is a big deal, but if you are wondering what to do to prepare, don’t worry.
“You don’t have to do anything with any ETH that you already hold,” says the Ethereum Foundation said in a service announcement.
This is true for a number of reasons. The most important thing is that Ethereum 2.0 doesn’t do much from a user perspective, at least until further upgrades. As the foundation’s handy explainer says, “It won’t be like today’s Ethereum mainnet. It cannot manage accounts or smart contracts. “
Instead, so-called phase 0 introduces a record of operations where ETH holders lock up their crypto in order to earn part of the block rewards.
The next step is the creation of shard chains, ideally in 2021, which theoretically allow the blockchain to process many more transactions per second as proof-of-work etherwho often has to deal with overload. Phase 1.5 should occur in 2021 or 2022, at which point Eth1 and Eth2 converge and the new blockchain should become generally usable.
Ethereum community members who want to contribute In the meantime, in addition to being tied to the nascent network, ETH can run a client and earn bug bounties by testing every upgrade before it goes live.
The extended rollout means that everyone who has used ETH to get started just has to wait. This ether will be there for a while.
But what if you have your ETH in exchange?
“Coinbase customers can convert ETH into ETH2 in their Coinbase accounts and earn stake bonuses,” wrote Surojit Chatterjee of the San Francisco-based exchange on November 30th. Coinbase plans to roll out the feature in 2021.
However, Jamie Pitts, a member of the Fellowship of Ethereum Magicians who facilitated discussions between Eth2 developers and the wider Ethereum community, said, “This is an IOU product generated by the exchange and not a natively tradable asset.”
With we’re still a few upgrades away from ETH, which runs on the Ethereum 2.0 blockchain, he believes Coinbase could outperform itself. At least the implementation details are still being discussed.
Still, it’s a bullish swap bet on Ethereum’s future.