The Ethereum 2.0 Genesis Launch is Good to Go – Trustnodes

The Ethereum 2.0 Genesis Launch is Good to Go


Ethereum Serenity Launch Ready to Go, Nov 2020

After five years of promising Proof of Stake and after more than two years of development, ethereum is ready to upgrade to a brand new blockchain that changes its crypto-economics and how it ensures its security.

Some 850,000 eth has now deposited, with ◊674,016 of them taking part in the genesis block itself. The rest are gradually initiated to staking through 64-epoch ranges, with new validators queued after 32 epochs.

The honor of proposing the genesis block goes to 0x38857Ed, to Ed, because Ed happens to be validator number 19,026.

Ed appears to be a normal guy, going to Uniswap all the time to buy and sell all sorts of tokens, and seems to have deposited only once to ethereum 2.0.

So he (she?) seems to be an ordinary etherean somewhere in the world with the power to decide what many will read in the genesis block to timestamp it so as to prove the genesis block was launched on that day and not before.

Our bet would be he puts no message whatever presumably because he wouldn’t know how to. Something easily solvable. Go to ethstaker discord Ed, sign the address to prove you are the real Ed and not some faketoshi, and then maybe even Vitalik Buterin gets to show you how to put easter eggs into the blockchain.

With Ed now all sorted, we get to watch him because there will be a livestream with all the devs and who knows who talking about what all this new stake means for eth.

Food for the hungry bulls presumably, who might be salivating over all that eth going off the market for some two years until new supply is reduced by 80% once eth goes full Proof of Stake.

Genesis Inscription?

It is believed Satoshi Nakamoto chose January the third for two reasons. First, a new year means a new beginning, and of course he thought his new invention was such new begining.

Then why not on January 1st? Presumably because there were no good headlines on that day. Or on the second. On the 3rd life returns to normal, and the big issue of the time was what became the headline.

Here, eth is not afforded the same luxury Nakamoto had in choosing the day and headline because it does not face the same problem that Nakamoto had.

We all know the genesis block will launch tomorrow at 12:00 PM because that’s what the code on the clients that are being run by stakers says will happen. So we don’t have to prove, like Nakamoto had to, the date of launch.

Thus the message on the ethereum genesis block is less necessary, and for that reason unlikely to be historic.

It does however offer the opportunity to state very succinctly just what is ethereum. Nakamoto did so and very skillfully. His message says bitcoin is an alternative to a centralized monetary system that is prone to fail due to debasement.

What is ethereum? The playground of new bankers or whatever Ed wants to say it is if he bothers at all with that sort of thing.

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