Devs Set Ethereum 2.0 (ETH) Launch Date for January 3, 2020
This early-stage network will feature proof-of-stake for the first time, altering the way Ethereum works at its core.
Ethereum (ETH) will launch its 2.0 technological upgrade on January 3, 2020, coinciding with the 11th anniversary of the Bitcoin (BTC) genesis block. But this time, the network will move away from mining, by initiating the much talked about proof-of-stake protocol switch.
The date was set in a recent developers’ call:
Ethereum tried to wean miners off their activity over the years, gradually decreasing the block reward from 5 ETH to 2 ETH per block.
Justin Drake, Ethereum researcher and developer, stated that the code for the upcoming changes will be released on June 30. The Ethereum PoS protocol has been running in testnet mode since the beginning of May.
The Ethereum hashrate remains relatively stagnant in the past few months, at around 160 TH/s. At the same time, distributed apps are slowly gaining in popularity, adding thousands of users in the case of some games. In the past, dApps only saw a handful of users. Ethereum is still the best-used platform for tokenization and smart contracts.
The Ethereum platform set a series of stages and updates to turn itself into a PoS network, while other, brand-new networks launched with a new and faster protocol. Still, those networks are yet to out-compete Ethereum.
ETH trades at $267.49, with volumes slightly down to $5.7 billion’s equivalent in 24 hours. ETH is the altcoin with the biggest inflow of Tether (USDT), and ETH itself is instrumental to multiple assets. But so far, the ETH market price has failed to break above the $300 mark. ETH is also near the lower range of its price against Bitcoin (BTC), down to 0.02 BTC.
Currently, ETH has been trading relatively slowly and has abandoned the hopes of valuations above $1,000. Still, the asset is the most valuable utility token tied to a network.