After years of delays, struggles and issues finally the genesis block of eth2.0 has been launched today successfully.
The second largest cryptocurrency by market cap, the most used and useful cryptocurrency in the existence took its first breadth as an upgraded Ethereum2.0 as planned, just after 12pm UTC on Dec 1. The good news is that the launch is very successful and it does not suffer any hiccups and also reached the required stake participation rate to finalize the blockchain.
Eth2.0 is expected to solve the long pending issues in Ethereum such as scalability issues, high gas fees, better security and better decentralization.
Vitalik Buterin joked about how the first block did not include any meaningful messages “about some giant leaps for mankind or whatever.”
The biggest change to eth2.o from eth1.0 is the change in its consensus mechanism from proof of work to proof of stake mechanism. It requires the validators to lock the Eth into a staking contract. To know more about the difference b/w proof of work and proof of stake u can visit here.
At start Eth2.0 staking doesn't gain much attention and many thought that within the required period it will not reach the minimum required eth. But lately it gain traction and reached the required value just hours before the deadline and the countdown of one week to launch eth2.0 had started.
The total Eth currently staked in the contract will be locked for 2 yrs if the phase moves forward without any delays. Eth will be staked up until Phase 1.5 of the eth2.0 rollout, currently planned for late 2021 or early 2022. After the successful launch of eth2.0 the existing eth1.0 will merge with eth2.0 with the new beacon chain and sharding sytem.
Due to the anticipation of possible eth2.0 launching this year from the start the Ethereum price rallied from all the way down at $130 at the start of the year to $600.
Eth2.0 will also massively help Defi community as it solves the sharding and scalability issues of Eth1.0. As since the defi boom from the start of the year the gas fees on the Ethereum network has skyrocketed.
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At last the ball has started rolling.