The Ethereum Project Management announced that the deposit contract for the Ethereum 2.0 update has become effective as of yesterday at 15:00 UTC.
According to developer Avery Shodon, the deposit contract is a bridge between the old blockchain that works via the "PoW" protocol and the new blockchain that relies on the "PoS" mechanism.
The launch of the Deposit Contract is the first tangible application of Ethereum 2.0 that regular users can notice.
On a practical level, those wishing to collect some Ethereum via a quota or staking mechanism can start depositing the 32 Ethereum required to participate in the quota process.
Once 16,384 auditors have reached the equivalent of 524,288 Ethereum per contract, the Beacon phase, which is the backbone of the multi-blockchain design and schema within the Ethereum 2.0 upgrade, will begin.
Meaning, officially starting Ethereum 2.0 and creating the first block or what is known as "genesis" of Ethereum 2.0.
First release date of Ethereum 2.0:
The first release of Ethereum 2.0 is scheduled to be launched on December 1, 2020, according to the Ethereum Foundation Blog.
The deadline for December 1 will be the expected date, and Ethereum 2.0 will officially start if the necessary conditions and criteria are met.
The blockchain upgrade, which moves the network towards a proof of stakes mechanism, will allow Ethereum holders to share their cryptocurrencies to help operate the network, instead of relying on mining as is the case at present.
When the deposit contract was announced yesterday, Ethereum rose by about $ 15, from $ 383 to $ 398, equivalent to an increase of 3.9%.