The new Ethereum (ETH) 2.0, which will support the PoS algorithm, will be launched on January 3, 2020, according to Trustnodes. Ethereum 2.0 phase zero is one of the most awaited ETH network updates since its start.
Justin DRAKE, a researcher of Ethereum 2.0, explained that the date was chosen because the of a bitcoin genesis block was launched on the same day. An important milestone in the development is the launch of a deposit contract, which is going to be ahead of the genesis block and it would allow validators to make deposits: the Ethereum team expects at least 2 mln ETH to be deposited. A deposit ceremony should take place at Devcon in Japan, this will help investors get only one deposit address to avoid scam deposits contracts.
The Ethereum network wants to switch to a Proof of Stake consensus algorithm after being operating through a Proof of Work (PoW) algorithm. The goal is to make the network more scalable and to make it more efficient to use. However, there is no clear idea about what is going to happen with ETH 1.0. About it, Drake commented:
“The native integration should be compared to significantly cheaper medium-term alternatives. For example, a two-way bridge between Eth1 and Eth2 can be built using light clients.”