Ethereum 2.0 Deposit Contract Almost Ready, Awaiting NCC Group Audit Approval

The Deposit Contract of Ethereum 2.0 is almost ready, according to Danny Ryan, a researcher from the Ethereum Foundation. He revealed this development when speaking on the Blankless podcast last week, noting that the deposit contract will be ready after an audited approval of its BLST crypto library. The audit currently ongoing and being undertaken by the NCC Group crypto audit firm. Ryan was keen to emphasize the criticality of this particular library,

“This library is critical to creating keys, signing messages. Critical, in early phases, [means] that if you use this library, they need to be secure; if you use it to generate your wallets, it needs to have good randomness; and if you are signing your deposits which have a signature associated, it needs to be correct.”

He speculated a release date between early and mid-Nov, slightly later than the anticipated October release. The Deposit Contract will play a fundamental role in the ETH 2.0 ecosystem; touted as the last ‘piece of the puzzle,’ it will facilitate ETH transfer between the current and expected blockchain iteration.

Almost Sunrise for ETH 2.0!

After a very long wait, it appears there is some ‘white smoke’ coming from the ETH 2.0 development team. Last week, BEG reported that the Beacon Chain launch might be a few weeks away, according to an update by Ben Edgington, a developer at ConsenSys. Going by his estimation, this launch is likely to take place in late November or December. Notably, the Beacon chain launch will mark phase 0 of the ETH 2.0 rollout in what will be followed by a series of phases 1 and 2.

The ETH 2.0 upgrade is a much-anticipated event by the whole crypto community as it will mark Ethereum’s shift from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) blockchain. This move is expected to improve Ethereum’s scalability and security to create a sustainable ecosystem. So far, a couple of testnets have been held in preparation for the Beacon chain launch, with the latest being Zinken testnet.

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Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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