Danny Ryan Submits the Proposal for the Launch of Ethereum 2.0 Phase 0

• Ethereum 2.0 developer team has submitted the proposals for phase 0 of Serenity
• Ethereum had launched the validator launchpad which allowed users to be a part of the network owing to the Proof of Stake consensus
• Phase 0 will signify the first step towards the launch of Ethereum 2.0 which is subdivided into a handful of different other phases which are expected to launch over the next year

The much-awaited launch of Ethereum 2.0 mainnet seems to be nearer and nearer. Recently, the Ethereum 2.0 developer team has submitted the proposals for phase 0 of Serenity. The core developer at the Ethereum Foundation, Danny Ryan has drafted the proposal which mainly involves the procedures to shift the consensus mechanism of the mainnet from Proof of Work(PoW) to the brand new Proof of Stake (PoS) mechanism. 

Last Month the Medalla Testnet Went Live

In the last week of July, Ethereum had launched the validator launchpad which allowed users to be a part of the network owing to the Proof of Stake consensus. The Medalla developers had set certain criteria for the launch of the test network. This meant the threshold number of validators ( 16,385) must be reached. On 4th August, the Medalla test network for Ethereum 2.0 was launched successfully and managed to get the sufficient number of blocks at the supposed genesis time. Hudson Jameson, a developer in Ethereum Foundation announced that the testnet has been finally justified and finalised which means that the required number of validators are online.

Development Works for PoS Mechanism to Start After the Approval 

However, the most recent proposal from Danny which once approved would mark the development of the Proof of Stake (PoS) mechanism. Serenity Phase 0 or the Beacon Chain is anticipated to rollout by the end of this year or by early 2020. What’s new in the Beacon Chain? The new upgrade is expected to solve the prevailing issue of scalability and will not compromise with the network safety and will not affect other decentralised features of the mainnet. 

Second Testnet Spadina Will be Launched Soon

However, phase 0 will signify the first step towards the launch of Ethereum 2.0 which is subdivided into a handful of different other phases which are expected to launch over the next year. Phase 1 of Ethereum 2.0 will launch by mid-2021 and the next two phases by 2021 or by 2022 at most. Moreover, the team has announced the launch of the Spadina testnet which will run parallel to the Medalla testnet. Spadina will go live for a total time period of only 3 days after it goes live later this month. The second Testnet has been widely called the rehearsal testnet as it gives everyone one more chance to go through everything. 

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.