CZ from Binance ready to support ETH 2.0
CZ from Binance ready to support ETH 2.0

CZ from Binance ready to support ETH 2.0

By Amelia Tomasicchio - 10 Nov 2020

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In a tweet a few hours ago, CZ Zhao, CEO of Binance, explained that he could buy 32 ETH to support the upcoming development of Ethereum 2.0.

A few days ago the ETH 2.0 deposit contract was unveiled.

However, at least 16,384 deposits of 32 ETH must be made at least 7 days in advance for the ETH 2 genesis block to be activated. 

This is why Vitalik Buterin, founder of the Ethereum blockchain, staked 3200 ETH himself in the following days and now CZ Zhao has decided to stake possibly 32.

On the first of December, therefore, the genesis block of Ethereum 2.0 should in theory be created. This is certainly a crucial step for implementing Proof of Stake on this blockchain.

But the whole process is much more lengthy and therefore on December 1st only a first part of the development necessary for the launch of the PoS will take place.

In fact, the roadmap for the launch of the ETH 2.0 mainnet foresees 3 distinct phases and also intermediate phases, so it will certainly not happen before 2021, if not after.

Ethereum 2.0 pros and cons

Many are euphoric about this big change that will involve the ETH blockchain, which is perhaps also why the price of the asset is rising in the last period.

On the other hand, many people are actually not very confident that ETH 2.0 will be a success.

For example, Ross Middleton, CEO of Diversify, spoke in an interview about the fact that even with ETH 2.0 there will always be “some sort of congestion during peak times”, so perhaps Proof of Stake won’t be a solution to all the problems, although Middleton himself also said that “ETH 2.0 could bring down gas costs”.

Furthermore, economist Alex Krüger also explained some time ago that this update will not be enough to handle an ever-increasing number of users.

Amelia Tomasicchio

As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist. She is also a marketing teacher at Digital Coach in Milan and she is writing a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector.

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