Ethereum 2.0 Developers Are Ready To “Pull Trigger On Everything”

The Ethereum 2.0 developers are ready to pull the trigger on everything as they announced they are getting closer to the long-awaited genesis of the Beacon Chain so let’s read more in the latest ethereum news.

The latest blog post from Consensys developer Ben Edgington suggested that things are getting close to the highly anticipated launch of Phase 0 of Ethereum 2.0. This is the first piece of a milestone event of the development of the deposit contract which was slightly delayed as developers wanted to wait for the audit for a security-focused signature library named blst. Edgington stated that the results of this are to be expected earlier this week but there are still a few things and small improvements to be made. What’s important is that the audit is going well and the results are expected next week so then they can “pull the trigger on everything.”

“No tricks, but plenty of treats: your latest bumper edition of What’s New in #Eth2 is out!

Get all the #Ethereum 2.0 news at the usual place, https://t.co/97X85jdCzM

Find out if I’m foolish enough to predict the date of the deposit contract deployment 😆

— Ben Edgington ⟠ benjaminion.eth (@benjaminion_xyz) October 31, 2020”

He also advised waiting for the ones that are not confident in staking at the outset so it could be the case for most of the ETH holders initially. The Medalla Beacon Chain testnet will be reinitialized after a three-week ordeal due to the validator inactivity. The network needs two-thirds of the validators to be online and to participate and reach finality but this figure dropped by 50%. In order to get things done, inactive validators are not being booted from the pool in order to make way for the ones that want to participate and join. According to Beaconcha.in there are now more than 3980 validators in the exit queue while about 9,426 are still waiting to join.

Edgington blamed the lack of validator participation general testnet fatigue by adding that there was a huge drop once the Zinken network was launched:

 “This is the problem with unincentivised testnets: there’s no cost to abandoning.”

He mentioned that this period has given the ethereum 2.0 developers time to smooth out the technical issues with their software but there’s still a diversity issue with one Ethereum client that dominates the tests. There’s little doubt still that the official deployment of the deposit contract followed by the announcement of Beacon Chain genesis will drive the momentum for the ETH prices. Right now, ETH managed to come back to $400 a few hours ago but it is being pulled up by Bitcoin which topped $14,000 over the weekend.