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Yesterday exactly at 12:00 UTC the beacon chain was started, which initiated phase 0 of Ethereum 2.0. With the start, a new Ethereum system will be introduced, in which the functionality will be switched from the current proof-of-work system to a proof-of-stake system. Experts expect the proof-of-stake system to help improve Ethereum problems with scalability.

“It was a journey”

The launch of Ethereum 2.0 was long awaited. In fact, it was expected to go live last December, but a couple of setbacks have continued to postpone the launch date so far. Danny Ryan, a researcher who works with the Ethereum Foundation, said the development and final launch of Ethereum 2.0 had been quite a journey.

According to Ryan, the team expects a participation rate of two thirds in the network. That way, the network is in good health. Ryan noted that the network won’t see a block until slot 1 completes after the end of the third epoch. This will happen within the first 30 minutes after launch. During the Ethereum 2.0 livestream, Ryan expressed his confidence in the launch and stated that the engineers are on standby to resolve any issues immediately.

80% success rate

As expected, the first user to join the network created the first slot as the first validator and named it “Mr. F was here. “The validator of the fourth block signed it with” Welcome to the new beginning. “Currently, validators are still pouring into the network and have already reached over 21,000. As a result, epochs currently achieve a success rate of over 80%.

Basically, more validators than network triggers mean better network health. The network is still having issues with missing blocks, but that is expected to be fixed when more validators join the network. Each validator must use at least 32 ETH worth around $ 19,000. Around 900,000 ETH have already been used.

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