ConsenSys Researcher : Ethereum 2.0 Testnet Witnessed Multiple Deposit Failures

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • Researcher Ben Edington from ConsenSys disclosed that the developers of Ethereum had observed many deposit failures on the test network.
  • The developers found that there were many deposit failures in the test network, and they suggested that EIP-2537 would provide the solution to the problem.

Researcher Ben Edington from ConsenSys disclosed that the developers of Ethereum had observed many deposit failures on the test network. These failures have resulted in a permanent loss of the deposit 32 ETH. The developers are in disfavor of redesigning the contract because the contracts have formally verified. The developers found that there were many deposit failures in the test network, and they suggested that EIP-2537 would provide the solution to the problem.

WHAT IS MEANT BY DEPOSIT CONTRACT?

Through the deposit contract, miners will be able to join Ethereum 2.0, once they have deposited sufficient ether as ‘stake.’ This enables you to become a validator who drives the Proof of Stake chain. This chain is also known as Beacon Chain. This transaction needs to take place over the Ethereum 1.x network.

The deposit contract documents the past transactions and latches them up in the Ethereum 1.x chain. This can be later claimed at the Beacon Chain of Ethereum 2.0. The transfer of funds is a one-way process, meaning the funds can be transferred from Ethereum 1.x to Ethereum 2.0 but not the vice versa.

Ethereum 2.0: Beacon Chain

Ethereum 2.0 set to launch in phases with phase 0 in 2020. With the introduction of phase 0, the beacon chain will also come into existence. A total of 524,288 ETH needs to be staked to launch the genesis block. They will be subdivided into a total of 16,384 validators. No rewards will be given for staking until it reaches the verge. This is the main reason why the early investors have to be unselfish and altruistic in making investments.

The developers think that EIP-2537 would provide the necessary encryption tools for the Ethereum 1.0 contract to verify the Ethereum 2.0 signature. The developers are working hard on checking and optimizing this contract.

Ethereum 2.0 anticipated for a very long time now. Hence, For Eth holders, Ethereum 2.0 would be a new opportunity to participate and receive rewards for maintaining the network.

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