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Beacon chain is live with over $5 billion in ETH deposited so far, and has been running flawlessly since its December 1 launch. There are minor tweaks coming th
by DennisP 6y ago
Beacon chain is live with over $5 billion in ETH deposited so far, and has been running flawlessly since its December 1 launch. There are minor tweaks coming this summer. A few months after that, if everything still looks good, they'll migrate the legacy chain to it and proof-of-work on Ethereum will end.
The migration is a decent amount of work but it's not the difficult research task that the beacon chain was. Someone did a proof-of-concept in about a day, though the exact plan has changed since then.
- viraptor 6y ago> they'll migrate the legacy chain to it and proof-of-work on Ethereum will end. Likely closer to: they'll create a mirror on the new chain and a group of unknown size will keep ETH 1 fork alive.
- DennisP 6y agoWhich is fine. Given the massive community support for ETH2, the legacy chain is likely to have even less impact than ETC.
- DSingularity 6y agoWhat will happen once the security guarantees of ETH2 eclipse ETH1?
- lostmsu 6y agoHow would that be possible?
- boring_twenties 6y agoIf no one wants to buy the old ETH, then it won't be profitable to mine, so no one will mine it. Without mining there is no security (as far as the old PoW chain is concerned.) Kind of like how Ethereum Classic (ETC) is subject to 51% attacks every other week and requires multiple days' worth of confirmations after deposit to any exchange.
- DennisP 6y agoMeanwhile, the higher the price of the new ETH and the more of it gets staked, the stronger its security.