The Ethereum community finally witnessed the launch of the Ethereum 2.0 Beacon Chain. The ETH community staked nearly 900,000 ETH which surpassed the required 524,288 ETH.
The new upgrade is live
The new upgrade of the Ethereum network is now live. During the event, the community staked 370,000 more coins than originally required for the upgrade. The project now aims to work on a proof-of-stake network with a newly implemented solution for its scalability issues. Vitalik Buterin the Canadian-Russian co-founder of Ethereum thanked the Ethereum community for their support.
Danny Ryan, the core researcher at the Ethereum Foundation, was available during a Livestream in which he commented,
“Key to the health of this thing is we see participation over two thirds, I’m like hyped, it’s four in the morning and I’m hyped. We got all the metrics up and I’m very excited. I’m very confident in the launch but if something goes wrong, I’m very confident in the engineer’s ability to fix it. We thought we were going to launch in December last year. It’s been a journey.”
PoS migration begins
Ethereum 2.0 is the most highly anticipated upgrade to the network and has been in the works since 2015. The network originally started with the proof-of-work (PoW) mechanism that is used in Bitcoin. With the new Beacon Chain, Ethereum aims to improve the structure of its network. The launch will mark Phase 0 of the network’s migration from PoW to the Proof of Stake (PoS) network.
The Beacon Chain will help Ethereum in taking popular payment systems like PayPal and Visa head-on. The network is yet to meet two major challenges. It has to break up the PoS Ethereum blockchain into multiple shards effectively and then adopt Rollups for providing dApps support. The Ethereum community is showing great confidence in the upgrade. Dubai-based IBC Group alone reportedly staked 22,000 Ethereum, showing support for the upgraded network.