With less than a month left, Ethereum 2.0 Phase 0 will be launched, while the deposit contract starts today leading to the latest ETH price spike of $ 404.
The second version of Ethereum is scheduled for December 1.
Based on the Ethereum Foundation's explanation yesterday, the genesis process will take place if a total of 524,288 ETH ($ 200 million) is included as a deposit contract. This means, they need 16,384 validators with 32 Ether (ETH) deposits each.
The amount must be reached 7 days before the launch day. Otherwise, they have to postpone the launch for another 7 days after successfully collecting the desired value.
The deposit contract requirements mark the final step before launching Phase 0 which allows ETH transactions between Ethereum 1.0 and Ethereum 2.0 to take place.
Phase 0 is also known as the beacon chain, considered to be the main control center that will monitor the fraction of 32 in Ehtereum 2.0
However, this latest blockchain technology does not stop at Phase 0 as the platform will go through the next phase, Phase 1 and Phase 2 which is expected to happen in the next few years.
Indirectly these changes are taking Ethereum infrastructure in a stronger direction with the comprehensive application of proof-of stake (PoS).
