Beacon Chain Ethereum 2.0 Genesis Block Launched

After years of work, the genesis block of the Beacon Chain Ethereum 2.0 network finally saw the light of day.

The often-delayed update for scalability and increased security for the second-largest cryptocurrency by market capitalization took its first breath. The launch went smoothly, with which the co-founder of the project Vitalik Buterin congratulated everyone.

Congrats on the launch all!

— vitalik.eth (@VitalikButerin) December 1, 2020

At the same time, Vitalik Buterin joked that in the first block there are no significant messages “about giant steps for humanity”, referring to the words of Neil Armstrong, said at the first step on the lunar surface.

Normal people: we should really put something profound in the first block of the ethereum PoS chain, something about giant leaps for mankind or whatever.

Ethereum community: pic.twitter.com/cOu94fUPE9

— vitalik.eth (@VitalikButerin) December 1, 2020

Proof-of-Stake Consensus Implementation

The biggest change was the implementation of the Proof-of-Stake consensus. Previously, the blockchain was based on a Proof-of-Work consensus, just like Bitcoin.

PoS will introduce a more energy-efficient method of securing the network by requiring validators to block Ether (ETH) in the staking contract, rather than solving cryptographic puzzles using processing power. The move to PoS paves the way for future planned upgrades such as sharding to improve scalability.

Most likely, ETH will be blocked until the deployment of Ethereum 2.0 phase 1.5, which is currently slated for late 2021 or early 2022. This will lead to the merger of the current Ethereum mainnet with the new Beacon Chain and sharding system.

The anticipation for Eth 2.0’s launch has been building up throughout 2020. It also affected the price of ether, which at the beginning of the year was $ 130, and currently exceeds $ 600.

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