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RESEARCH: The One-Way ETH 'Burn' That Will Kick-Start Ethereum 2.0

CoinDesk Podcast Network

CoinDesk

Business News, News, Daily News, Tech News

4.7698 Ratings

🗓️ 26 September 2020

⏱️ 35 minutes

🧾️ Download transcript

Summary

With the final preparations for the launch of Ethereum 2.0 soon to be underway, CoinDesk's Christine Kim spoke with Developers Raul Jordan and Eduardo Antuña Díez about what's left to do. This episode is sponsored by Crypto.com, Bitstamp and Nexo.io. Lead developer at Prysmatic Labs Raul Jordan, who has been building Ethereum 2.0 software for over two years, explained his team would be wrapping up all feature development by October 15.  “At that time, it’s all hands on deck to just have good documentation, good user experience, fix-up security holes [and] basically prepare for launch. That’s where we are today if all remains on track,” said Jordan.  The final features currently in development by Prysmatic Labs and other software development teams include making sure different code implementations of Ethereum 2.0, also called “clients”, are interoperable and can be used interchangeably by a user without running the risk of losing validator rewards.  See also: A Day in the Life of an Ethereum 2.0 Validator It’s not only client developers who are beginning final preparations for this network upgrade. Ethereum startups building hardware and tooling for users to participate in the Ethereum 2.0 launch are also working on adding last-minute features to their products.  Eduardo Antuña Díez, project lead at DAppNode, said, “The most important thing that we realized after the first [Ethereum 2.0] testnet is that people need to know the status of their validators. Having a good monitoring system to be able to know when your validator is down … we are working in that direction.”  Before Ethereum 2.0 goes live, Jordan and Díez both noted that a new contract will be created on the current Ethereum blockchain to receive deposits of 32 ETH. Only once this contract accumulates a minimum of 524,288 ETH, which is worth roughly $181 million at time of writing, will the new Ethereum blockchain officially kick-start at midnight UTC the following day.  See also: Ethereum 2.0: How It Works and Why It Matters About the security of the deposit contract, Jordan said, “There’s no way to retrieve [funds]. … It’s considered a burn in the short term. It’s not like there’s any sort of admin key or any sort of way to take those funds out. There’s no way somebody can take all the ETH that is locked in there.” See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0

Ethereum 2.0, for those that are not too familiar, since it's such a big overhaul, the way it's going to work is a blockchain that runs in parallel, and people can migrate over by sending a certain amount of ether to become a validator on Ethereum 2.0 to this other blockchain.

0:19.0

It's a fairly large roadmap and staking in phase zero is not for the faint of heart.

0:24.6

I think it's for people that really understand the risks, the roadmap, and just want to really be there at the forefront.

0:31.6

This episode is brought to you by crypto.com, bitstamp, and nexo.io.

0:39.0

Hello, everyone. You're listening to Developer Perspectives, Ethereum 2.0 from CoinDesk podcasts.

0:46.3

I'm Christine Kim, a CoinDesk research analyst, and in this series, we'll be discussing the hotly anticipated Ethereum 2.0 upgrade.

0:55.0

We'll chat with the folks inside the Ethereum developer community to take a look behind

0:59.6

the scenes at what comes next.

1:02.0

For this episode, we're going to be talking about the steps leading up to Ethereum 2.0

1:07.2

launch.

1:08.2

There's been quite a bit of testing, auditing, and contract creating, as we'll

1:12.2

find, that is needed before we see this highly anticipated proof-of-stake blockchain go live on

1:18.8

Mainnet. So to discuss all this, I'm joined on today's show by Ethereum 2.0 developer

1:24.9

at Prismatic Labs, Raul Jordan. Hi, Jordan. Hey, Christine. Great to be here. Thank you.

1:31.1

I'm also joined by Eduardo Antunia Diaz, the project lead at Dapnode. Dapnode is a startup that builds

1:38.5

hardware and software for individuals and businesses to easily connect to decentralized blockchain

1:43.6

networks like Ethereum

1:45.1

and Ethereum 2.0. Great to have you on the show, Eduardo.

1:49.1

Hi, good seeing. Thank you.

1:50.5

So last week's episode was mainly about the future of Ethereum 2.0 and thinking forward

1:55.6

to when all DAPs and users on Ethereum today migrate to the new chain.

2:05.8

Seeing as the reality of Ethereum 2.0 going live might be sooner than we anticipate,

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