As the deployment of Ethereum 2.0 continues to develop, its deposit contract now holds over 3M ETH which will contribute to the security of the ecosystem.
These deposits are worth over $5.4 billion for a contract that was launched just 4 months ago and secured the amount required by the Beacon Chain for its launch in just 3 weeks, allowing it to be released in December.
Ethereum 2.0’s beacon chain will be an integral part of the new platform by allowing it to remain connected to the current mainnet, ensuring migration between the two versions is possible as well as allowing ETH holders to stake their funds.
This staking feature will also allow the blockchain network to transition to a Proof of Stake (PoS) model, which will allow nodes with a minimum of 32 staked ETH to earn the rights to validate transactions and earn rewards, a more efficient way than the current Proof of Work (PoW) algorithm.
Ethereum 2.0 Development is Powered By its Community
The development of Ethereum’s upgrade continues as the team successfully completed an R&D workshop around the future beacon chain upgrades and selected new grantees for the latest staking community grants round.
The R&D Worksop was ghosted by the Ethereum Foundation’s research team to allow devs and researchers to discuss the eth1+eth2 merge and share in the upgrade, which also shared some of the plans with presentations by Vitalik Buterin, Dankrad Feist, Mikhail Terekhov, and Guillaume Ballet.
The foundation also allocated over $1M to 25 grantees over 4 different categories. A total of $391.8 k was granted to community/education programs, $200k to new tooling, $180k for data analysis/visualization efforts, and $268.6k invested in research.
These grants will allow the community to actively take part in the development of Ethereum 2.0, as well as easing the transition and adoption by users by providing information to interested parties.
While the release of the ETH 2.0 complete release is still unknown, the development of…