The new (ETH) Ethereum 2.0, which will support the PoS algorithm, will be launched on January 3 in 2020 year. Ethereum Zero Phase 2.0 is one of the most awaited ETH network updates since its inception.
Justin DRAKE, a researcher at Ethereum 2.0, explained that the date was chosen because the genesis of a bitcoin block was launched on the same day. An important milestone in development is the launch of a deposit contract that will be ahead of the genesis block and will allow validators to make deposits (the Ethereum team expects at least 2 million ETH). A deposit ceremony should be held at Devcon in Japan, this will help investors get only one deposit address to avoid fraud.
The Ethereum network wants to switch to the Proof-of-Stake algorithm after working with the Proof-of-Work (PoW) algorithm. The goal is to make the network more scalable and efficient to use. There is still no clear idea of what will happen with ETH 1.0. Drake noted:
“Internal integration should be seen as a cheaper medium-term alternative. For example, a two-way bridge between Eth1 and Eth2 can be built using light clients.”
Ethereum is the second largest cryptocurrency capitalization in the market, its market capitalization is 29.07 billion dollars.