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Ethereum’s 2.0 (ETH2) upgrade is expected to begin to roll out in the near future. The upgrade has long been awaited by crypto investors across the industry, with it facing a number of delays.
There was a scare a number of weeks ago after a testnet for Ethereum 2.0 failed to launch properly due to some consensus issues related to some client bugs. Those have since been fixed, meaning that the actual launch is nearing.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Ethereum 2.0 Around the Corner
A blog post shared by Ben Edgington, an Ethereum 2.0-focused developer at development studio ConsenSys, believes that the rollout of the upgrade is right around the corner.
He wrote that a “v1.0.0 release candidate 0 has been published.” Should the candidate be accepted, it will be rolled out when developers think it is necessary.
This new candidate has a number of changes compared to the previous iteration, which should help to eliminate “pain points” that were present in “the previous genesis runs.”
Along with the publishing of a candidate for ETH2, the deposit contract for the upgrade’s staking mechanism is expected “any day now”:
Basically, as I understand it, we are good to go: deposit contract in the next few days; beacon chain genesis 6-8 weeks later. (This is not an official statement!)
“Meanwhile, be careful out there. Many fake deposit contracts and Launchpad front-ends will erupt in the coming days. Look out for the official anouncements: do not send Eth to random contracts; this is not DeFi.”
Regarding testnets for Ethereum 2.0, he wrote that testnets aren’t cutting it for users, referencing declining participation:
“Medalla, meanwhile, is suffering from very low participation. I think people are getting a bit bored of testnests. It’s time to move on. See this week’s Implementers’ call for some discussion about its future. I wrote a thing about why the testnets don’t really cut it any more, and we need to launch Phase 0 asap.”
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
To Trigger a Strong Rally
Analysts think that the ETH2 launch will trigger a strong rally for the Ethereum price.
The upgrade is a validation of Ethereum’s long-term potential, some say. This is especially pertinent as Ethereum faces competition from newly-launched platforms.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum 2.0 Is Primed to Launch, ConsenSys Programmer Says
