Ethereum 2.0 Beacon Chain Prepares for July 2020 Launch

News / 07.02.2020

Developers of Ethereum 2.0 remain optimistic about its deployment this year. Although initially scheduled to launch in the first quarter it had been postponed. 

The team undertaking the upgrade held a Reddit AMA event on Feb 5 to clarify certain things. They affirmed that the launch would proceed after three clients successfully run their testnets continuously for a minimum of two months. The protocol’s researchers Danny Ryan, Justin Drake, and Vitalik Buterin participated in the AMA.

Drake stated that he was 95 percent confident that this year will see the upgrade’s launch.

An Improvement on Ethereum

Serenity is an improvement of the smart contract blockchain. Reports indicate that it will enable higher transaction throughputs. Additionally, it will offer another security model based on the Proof-of-Stake (PoS) consensus.

The upgrade to Serenity (Ethereum 2.0) has been in the offing since Ethereum’s launch in 2015. However, technical complexities delayed its faster deployment.

Initially set to launch in January this year, it was however postponed to a later date in Q2 2020. The project’s launch is set to coincide with the network’s fifth anniversary on July 30.

Beacon Chain’s Deployment

Ryan confirmed that Phase 0 of the project would launch this year bolstered by the available audits and the weekly increasing strength of the testnets. He ruled out anything stopping the launch.

Buterin and Ryan asserted that the deployment of the Beacon Chain, Phase 0, will go in tandem with Ethereum 2.0’s launch. The Beacon Chain is crucial to the management of the Ethereum 2.0’s PoS System on only two stable clients. That said, other Ethereum 2.0 researchers approach the matter conservatively.

Notwithstanding the launch date, the project has registered percentage completion rates of 99 and 90 percent for Phases 0 and 1 respectively. The project will link Ethereum holders who’ve staked their assets to the Beacon chain.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.