Ethereum Price Keeps Growing due to ETH 2.0 Launch

by in Blockchain News

ETH 2.0 to launch

Ethereum 2.0 has released today, on December 1st. A huge amount of Ethereum has already been staked for its deposit contract as a component of the innovative proof-of-stake network. The latest data reveals that over $529 M of Ether has already been deposited.

The opening move of Ethereum 2.0—the massive upgrade meant to renew the Ethereum network—went live at 12:00 pm UTC today. The Ethereum 2.0 upgrade is assumed to bring major improvements to the Ethereum system. The applied proof-of-stake mechanism will solve some scalability issues Ethereum has met.

And today, the first vital part of the Ethereum 2.0 upgrade—known as Phase 0 or Beacon Chain —has been launched.

Trending: WWE Is Launching The UnderTaker NFTs

Here, proof of stake refers to the concept where a user can mine or validate transactions on the Ethereum network if he or she holds—or has staked—a certain amount of Ethereum. In order to verify operations, people should stake a total of at least 32 Ethereum ($19,000)