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On December 1st, Ethereum 2.0 Phase 0 was officially launched, with the Ethereum 2.0 Beacon Chain launch. This is the first major release in Ethereum’s transition towards a proof-of-stake blockchain through Ethereum 2.0. As such, Ethereum staking has become a hot topic in the past two weeks. This article looks at Ethereum 2.0, the Beacon Chain, and the practicalities of staking ETH.
The relatively recent launch of the Ethereum 2.0 Beacon Chain has once again put the spotlight on Ethereum’s upcoming roadmap. The Beacon Chain effectively brings staking to Ethereum, and paves the way for various future updates to the system. As anyone keeping an eye on Ethereum will know, Ethereum 2.0 is a gargantuan upgrade project which seeks to massively boost the scalability, security and speed of the Ethereum network.
On December 1st 2020, the Beacon Chain shipped and went live at midday (UTC). At this point, the Beacon Chain is more of a foundation for the future of...
Those keeping tabs on the crypto market will likely have heard the term “Ethereum 2.0” (or Eth2) being thrown around. As the name suggests, Ethereum 2.0 is an overhaul of the existing Ethereum network, intended to boost scalability and security on the network. A critical part of the path towards Ethereum 2.0 is the “Zinken testnet”, which went live on October 12th, at 12 PM UTC. However, what is the Zinken testnet exactly?
To put it simply, Zinken is an Ethereum 2.0 testnet intended to practice a mainnet launch. It can be seen as a “dry run” for an Ethereum 2.0 mainnet and is essential to complete before Ethereum 2.0 goes live and starts supporting substantial economic value.
Although the existing Ethereum network has served a real value, it is becoming increasingly apparent that Ethereum needs improvements to support higher volumes of users. This is becoming more pronounced than ever, as Ethereum adoption keeps increasing.
Ethereum is one of the most well-known blockchains, and it is about to receive a significant upgrade. The crypto community is now keeping an eye out for ETH 2.0, and for a good reason. The 2.0 upgrade will bring a host of changes to the network that will make Ethereum faster and more secure than ever before. The changes that this upgrade is going to bring in a host of changes like - proof-of-stake, Sharding, eWASM, Plasma, and the Raiden Network.
Ethereum 2.0 has been an open secret for quite some time now. When Ethereum was initially released, it was done so in five stages. This was done to give each step the proper development time it required: