The highly anticipated launch of Ethereum 2.0, or Eth2, is set to take place next week. Specifically, it has been confirmed that the proof of ownership Eth2 blockchain, known as a “beacon”, will work with the Ethereum network from December 1.
While some members of the blockchain community remain skeptical about the December 1 beacons launch date, 524,288 ETHs (ETH) from 16,384 auditors have been contributed to the Eth2 contract. Hence, Ethereum is currently confirming that the Eth2 beacon will indeed function as expected.
Although impressive, it is important to note that many deposits were entered into the Eth2 guarantee contract even after the goal was achieved. To put this in perspective, Vitalik Buterin, co-founder of Ethereum, posted a recent tweet on November 24 that shows the astonishing number of transactions on the Ethereum network over time:
While it is not known where these transactions came from, Alex Mashinsky, CEO and founder of the Celsius Network, a cryptocurrency and lending platform, told Cointelegraph that Celsius gave 25,000 ETH to ensure there were enough funds in the Eth2 deposit contract to get started.
Mashinsky said that ETH Celsis deposits totaled $ 15,125,000 at the time of the transaction. Mashinsky also indicated that the money came from the Celsius Community Foundations Fund and explained that it will be used to generate higher returns for the community when Eth2 is officially launched. Currently, Celsius users can earn up to 7.21% annually on ETH stored in the Celsius wallet. Mashinsky said:
“We already have 230,000 users on the Celsius network and assets worth $ 3.3 billion. These users are deploying ETH so that the network can leverage a variety of ways. ETH 25,000 has demonstrated the effort that the Ethereum network will make to create another source of income for our community.”
Mashinsky went on to post that the growing Celsius community is being engineered by Ethereum, citing the importance of bringing back the Ethereum network:
“We built our CEL token on the Ethereum blockchain and used it to expand it into one of the fastest growing crypto companies. We are proud to introduce ETH 2.0 Genesis and bring in the latest 25,000 ETH building items from the Celsius community, and we are helping the company that helped us expand our own enterprise. ”
The hopes of Eth2 are high, but fears remain
Despite the launch of the Eth2 beacon network on December 1, concerns remain. For example, while scalability issues are expected to be solved as Ethereum adopts a consensus algorithm, the safety of some Ethereum smart contracts remains in question. This has been especially true with the rise of decentralized finance, or DeFi, projects.
Consequently, a new working group from the Enterprise Ethereum Alliance called the “EthTrust Security Levels Working Group” has focused on creating a set of specific standards to ensure the safe use of Ethereum smart contracts. The working group finally hopes to develop a digital registry for secure smart contracts that companies will use.
Additionally, some are still concerned that the benefits will not emerge once Eth2 is gradually launched. Thus, the need for solutions to scale from one level to the other became apparent.
Concerned Mashinsky expressed his excitement at the possibility of the faster expansion of the Eth2 network:
Ethereum 2.0 measures everything 100 times faster than it does now. The ability to move Ethereum from an operating directory to a proof of ownership network will open up a world of new ideas and opportunities that previously could not be realized due to scalability issues. “