Ethereum 2.0 Receives 20K ETH From IBC Group Chairman
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Ethereum 2.0 Receives 20K ETH From IBC Group Chairman

November 19, 2020      Vandana Malik

Ethereum 2.0 is expected to be launched on December 1, 2020, but it is struggling to meet its target. In response to this, Khurram Shroff, IBC Group Chairman, has agreed to send 20,000 ETH, which is worth around $9.6 million into the ETH 2.0 deposit contract. It is stated that the amount of ETH that Shroff has contributed is 4% of the total ETH 2.0 deposit contract. To launch the first phase of 2.0, there is a need for ETH 524,288 which is worth around $251 million. 

Ethereum 2.0 Deposit Contract Gains Slight Push from Shroff

At the present moment, ETH 100,288 has been sent to the deposit contract, which is around 19% of the total amount. It is reported that to launch Ethereum 2.0, there is a need to have sufficient balance in the deposit contract. Ethereum camp is hoping to reach the desired target by November 25 so that it can be launched on December 1. 

Shroff stated:

“We are very excited by the ‘Proof of Stake’ concept proposed for the Ethereum 2.0 smart contracts and are locking up ETH 20,000 which is a one way trip till Phase 2, this lockup shows our confidence in ETH 2.0 and dedication to the Beacon chain.”

Can Phase Zero Will be Launched Without Minimum Deposit Amount

Eric Conner, one of the product researchers at a blockchain startup, has suggested that Ethereum 2.0 could be launched even without the minimum deposit amount. He stated that there is a need to extend the date for the Genesis event, which should be December 15, 2020. He also claimed that the analysis of this minimum amount was done when ETH was priced at $80. However, the price has now increased to $479 and continues to increase daily making the target difficult on December 1, 2020. 

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Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.