Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Ethereum Forum => Topic started by: Cici Lee on August 28, 2020, 04:38:56 AM
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Source From BitOffer
On August 4, Medalla, the final version of the Ethereum 2.0 phase 0 Beacon Chain test went live. With multiple clients running tests simultaneously, with at least 16,384 verifier participants. During the test, although the nodes of Nimbus and Lodestar could not handle the load of the test network and got stuck, which leading Medalla could not settle the block within half an hour after going online, however, with the efforts of the whole team, this problem was finally solved and the test was completed.
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As of today, the Medalla has been running successfully for more than 20 days at testing the network, all the client-side are running normally. Recently, the Ethereum team announced that the Ethereum 2.0 Beacon Chain will be launched. As with Medalla, users will only need to pledge 32 Ethereum to be verifiers. This pledge mode is the beginning of an unprecedented super bull market.
The Ethereum 2.0 phase 0 Beacon Chain is the foundation of Ethereum 2.0, managing the reconciliation of verifiers and shards. Users participating in the pledge can get mining income from it, and the mining income depends on the number of users participating in the pledge of the Beacon Chain. The total amount of mining income is fixed, and if there are fewer people involved, everyone will get a higher mining income. The more people involved, the less profit each person gets from mining.
However, the pledge process is single-way, that is, if a user who participates in the pledge ends the pledge and redeem the ETH, the 32 ETH will remain in the Beacon Chain and cannot be transferred back to the current Ethereum (i.e. Ethereum 1.0), nor can he transfer or trade within the Beacon Chain. Only by the time Ethereum 2.0, phase 2 or so, the Beacon Chain had capable of transaction and transfer, then this 32 ETH could be transferred. At the current development schedule for Ethereum 2.0, this process may take two to three years or more.
However, from Medalla's testing, we could see, once the launch date of the Beacon Chain's main network is confirmed, there will be in a massive number of users participating in it. As many communities are quite enthusiastic about Ethereum 2.0, it will encourage many users to buy Ethereum, and a large number of buyers will accelerate the supply of Ethereum, which driving up the price of the currency. And as the Beacon Chain's launch date approaches, this positive news will also fuel a surge in Ethereum prices.
There are 16,384 users participate in the Medalla test network alone. Based on the current price of Ethereum, one ETH is about $386, and 32 Ethereum would be $12,352, with the total value of the pledge exceeding 200 million dollars. It is believed that more users will be involved when the 2.0 Beacon Chain is officially launched, which is expected to boost Ethereum tenfold. Now Ethereum is in a correction and at a pretty reasonable price lower, which is a good time to buy it.
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