ETH 2.0’s genesis block is in sight as the total ETH submitted on ETH 2.0 deposit contract address has surpassed 100K. The biggest contribution came from a Dubai investment firm, IBC Group, that reportedly has invested $10 million worth of ether (ETH) to support the ETH 2.0 launch.
According to Ethereum 2.0 Beacon Chain Explorer, Beaconcha, there are now 105,120 ETH on the deposit address. This means that 20% of the required ETHs have been deposited at the address. 3170 depositors have staked that 20%.
As Wealth Growth Insights reported, Phase 0 of ETH 2.0 is scheduled to launch in December. Phase 0 will launch the beacon chain which establishes the proof-of-stake (PoS) consensus mechanism, stores and manages the registry of validators. The Ethereum Beacon Chain is currently undergoing genesis. Genesis will occur once 524,288 ETH are there in the deposit contract address.
The genesis is estimated to happen between December 1st, 2020, and February 1st, 2021. Phase 0 launch can only happen when a minimum of 16,384 validators have deposited 524,288 ETH. There are still 12 more days to go for the launch and investors are investing. The biggest contribution has come from a Dubai-based boutique investment firm, IBC Group.
According to a local news outlet, IBC Group has announced a $10 million or 20,000 ETH to support the incoming launch of ETH 2.0. The investment is to be made in partnership with Canada based CanETH, an institutional-grade Ethereum staking service. According to the details of the deal, CanETH will stake IBC Group’s investment in three trenches totaling 21,984 units for a total of 687 validators.
Khurram Shroff, a Dubai-based entrepreneur and Chairman of IBC, commented:
“We are very excited by the ‘Proof of Stake’ concept proposed for the Ethereum 2.0 smart contracts and are locking up 20,000 eth which is a one way trip till phase 2, this lockup shows our confidence in ETH2 and dedication to the beacon chain. The greener and more efficient version being introduced in the second iteration addresses the unsustainably high energy consumption required by the ‘proof of work’ model, making it even more attractive.”
Ethereum 2.0 is an upgrade to the current Ethereum 1.0 blockchain that will replace the current PoW mechanism with the PoS consensus mechanism.
Dwain Pereira, a Canadian crypto miner and co-founder of CanETH, said:
“The Proof of work Blockchain model uses more electricity than some countries. These exorbitant energy costs are eventually paid using fiat currencies, which creates downward pressure on the value of the cryptocurrency. So the Proof of Stake model will be both energy efficient and more lucrative for stakers.”
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