Ethereum 2.0 set for launch on January 3, 2020

The initial phase of Ethereum 2.0 which will see the second largest cryptocurrency project on the market move to a proof-of-stake (PoS) consensus algorithm is slated for launch on January 3, 2020. This data is significant as it marks exactly 11 years since the first Bitcoin block was launched on January 3, 2009. Justin Drake, a researcher associated with Ethereum 2.0 said that this was precisely the reason why the date was picked.

Drake added that the developers are getting ready for the phase zero spec freeze, which is to take place on June 30. However, before the genesis block is launched, the network must achieve a couple of key milestones, first the deposit contract is to launch in order to give the validators the ability to make deposits.

The developers are targeting a deposit amount of 2 million ether. Devcon in Japan has been awarded the deposit contract ceremony. Drake said that is “so that we can all agree on the address of the deposit contract and avoid scam deposit contracts.”

The second major milestone is to ensure that Ethereum 2.0 block launch takes place on the very day Satoshi Nakamoto launched Bitcoin genesis block to mark the largest crypto’s 11-year anniversary. This will also mark a new beginning for Ethereum as it will take place just after Christmas and the new year celebrations.