Ethereum 2.0 is all set to launch on Dec.1 with the deposit contracts live, It can go ahead and collect funds to trigger staking.
Ethereum foundation released an update this Wednesday explaining how the genesis is supposed to initiate.
Prospective stakers will be able to deposit their 32 ether (ETH)to the contract through the respective launchpad.
Almost 16384 deposit of 32 ETH each totaling 524,288 ETH or about $200 million must be collected for the contract. This amount must be collected seven days before the launch date of Dec.1, and if not collected, the launch will be delayed to seven days after the threshold is reached.
There still seem to be some potential issues Even though the community has shown its green signals. As earlier Spadina’s testnet suffered from low participation rates, which also seems to be the problem with Medalla testnet. Many believe this is due to the lack of incentives for staking. Although softawre had also encountered some issues rendering it ineffective.
Maintaining a high participation rate for the blockchain is crucial as more than 66% blocks of the stakes must confirm the blocks for the blockchain to be verified. Although the team considers the framework and software clients to be mainnet launch-ready.
The launch of Phase 0 will not current Ethereum blockchain as it will continue working with proof-of-work mining. The life of Ethereum 1.0 will continue as before since the two blockchains will have no interaction in any way.