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Ethereum 2.0 developers brace for the final launch with a rehearsal

Photo of: Sangeetha Golchha
by Sangeetha Golchha

A dress rehearsal of the genesis block launch with a temporary testnet is on the cards. Ethereum 2.0 developers are all set to conduct a dry run of the genesis block that is very soon to come out in the public eye. A bootnode has been launched by Teku, Prysm, and Nimbus to kickstart the network and run it up with a specific explorer so that the dry run can be successfully conducted. The practice session before the biggie launch will be done so in some time. 

As soon as the dry run for it is executed, the deposit contract prior to the final stage will be set off. When this will happen is still not known, but what is known is that the deposit contract will sire and initiate the genesis block. There is also a precondition to the trigger, which is that a minimum of circa 500,000 ETH has been deposited or otherwise. So, this means that once the deposit contract is launched, then the Ethereum 2.0 genesis block is immediately in the offing. 

The dry run is a good practice considering it will doubly ensure that everything goes on as planned in a streamlined manner. The network has been in a mainnet like testnet for months now and has been running without a hitch since August 20th. If this dry run is successful, then it will automatically launch the actual version which means that the phase zero of Ethereum 2.0 is good to go at any time now.

This is apparently the mongrel of Proof of Stake (PoS) and Proof of Work (PoW) and also will inculcate skeleton sharding exactly in the manner validation of PoW blocks is carried out with PoS stakers. From the outlook of investment, inflation will slightly increase and temporarily by 0.22% making it the total inflation once both the networks merge. Circulation will also decrease depending on how many stake. The staked ETH is locked, hence from the market point of view, information can be provided to the market depending on how the staked amount actually moves.

When the overall sentiments are weak, usually people would opt to come out of staking but in bullish trends, many users might avail a certain % in interest instead of holding ETH. This will meet stiff competition from DeFi. Staking per se has its own set of risks, especially in its early days. This is probably why users might have to utilize the common line in order to participate as the funds can pose high risks especially in circumstances that are trying. 

But early staking also will come with higher rewards which will bring in equilibrium between risk and reward. It will also tend to balance opportunity cost in DeFi or any other system for that matter. The initiation of all the above-mentioned trends can begin by next month but not later than November. The dry run will determine if the hard work has paid off or not.