It's Time to Launch the Ethereum 2.0 Beacon Chain

Oct 12, 2020 at 12:16 UTCUpdated Oct 12, 2020 at 12:31 UTC.It's time for the Ethereum 2.0 beacon chain to launch.

If we want the beacon chain to be resilient, no single client implementation can dominate.

Four high-quality, audited and battle-tested clients are currently available to run at beacon chain launch: Teku, Lighthouse, Nimbus and Prysm.

This is why it is now time to go live with the beacon chain.

We have tested everything else in every way we can: the deposit contract has been formally verified; the deposit tools have been audited; the specification has been audited; the beacon chain has been formally modeled; the node discovery protocol has been audited; the networking protocol has been audited; the crypto-economics have been simulated; we are running incentivized attack nets; we've been doing fuzz testing; every client has undergone at least one third-party security audit.

The real beacon chain will have real rewards and real penalties, and we simply can't simulate these with testnets.

On the reward side, with the minimum necessary number of 16,384 individual 32 ETH stakes, gross yield for validating on the beacon chain is over 20% per year.

Within ConsenSys, we are offering Codefi Staking, a white-label, turnkey solution for businesses that want to stake on Ethereum 2.0.Another thing to be aware of is that, once in, you are committed for the long haul.

Phase 1.5 is the point at which the current Ethereum chain gets on-boarded into the Ethereum 2.0 system, along with all its accounts and contracts.

I am confident enough in the integrity and security of what we have built, and the teams that have built it, that my household plans to be staking on the beacon chain from day one.