The Serenity upgrade is set to change how Ethereum processes transactions. Currently, it runs a Proof-of-Work consensus algorithm which requires miners and at with the present design has limitations. Ethereum 2.0 is set to use a Proof-of-Stake consensus algorithm alongside sharding capabilities.
ETH2 Deposit AddressETH2 deposit contract released:https://t.co/bDrtf9vRpJ
— vitalik.eth (@VitalikButerin) November 4, 2020
Stakers can now start depositing ETH into the new contract address, once 525,288ETH have been deposited then the beacon chain will execute the genesis event: the birth of the Ethereum 2.0 chain. This is expected to be done within the next few weeks with the earliest date being December 1st.
As of now, there are over 4,600ETH in the contract.
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