Ethereum founder, Vitalik Buterin, kickstarts the staking service of the network’s upcoming major update – Ethereum 2.0 – by sending over $1.4 million worth of Ether (ETH). To be precise, Buterin committed 3,200 ETH within 100 different transactions on the platform’s newly introduced and established deposit contract, giving it a much needed considerable boost.
As reported by Coinmod last November 5, the deposit contract acts as the bridge that connects Ethereum’s present proof-of-work (PoW) Blockchain to the highly-anticipated proof-of-stake (PoS) model of Ethereum 2.0. Notably, the report also mentions that the network foresees the first version of Ethereum 2.0 to launch as early as December 1.
Considering that the minimum requirement to enlist yourself on the services of the upcoming ETH 2.0 staking is only 32 ETH, Buterin’s initial deposit is indeed quite staggering. That being said, it is worth noting that such a significant amount must be locked up within the network for a minimum of 2 years. This factor could also be the main reason why the total amount of deposited ETH is only around 39,000 for now – equivalent to $17 million as of press time.
As we may recall, the target figure is 524,000 ETH (approximately $200 million) in order to properly launch ETH 2.0 in the scheduled December 1. Failure to reach said figure in that period would result in the upgrade to be delayed for another seven days and so forth until the goal is reached.