- The genesis block of the Ethereum 2.0 beacon chain launched.
- Ethereum 2.0 is generally divided into phases.
- ETH up about 380% since the start of the year.
- Recently, Coinbase announced its plan to launch Ethereum 2.0 staking.
Despite the genesis block of the Ethereum 2.0 beacon chain launch, the fully realized transition to ETH2 could still have a long road away from completion.
However, the development of Ethereum 2.0 is generally divided into phases. Phase 0 is the Beacon Chain that will bring up proof-of-stake to Ethereum. This is a new way for people to keep Ethereum secure.
Furthermore, Phase 1 introduces the sharding of data, increasing storage facilities without directly influencing the performance of the application. Finally, Phase 2 fully introduces transaction sharding and enables thousands of transactions per second of throughput.
Ethereum, the world’s second-biggest cryptocurrency by market cap. According to CoinGecko, ETH price is at $595, at the time of writing. And it is up about 380% since the start of the year. Moreover, last week for the first time ETH increased above $600 since June 2018.
[image lightbox=”1″ caption=”ETH Price Chart 1-Month (Source: TradingView) “]https://thenewscrypto.com/wp-content/uploads/2020/12/ETH-Price-Chart.jpg[/image]
The launch will be especially welcomed by the decentralized finance community. The explosion of DeFi during 2020 saw a huge increase in traffic and gas fees on the Ethereum network. Further, Coinbase recently announced its plan to launch Ethereum 2.0 staking by next year.