World-renowned audit firm Quantstamp has recently disclosed that the launch of the long-awaited ETH 2.0 update is near.
The audit firm released these details following an audit of Teku, the Ethereum 2.0 client that is being developed by ConsenSys.
With the extraordinary rise in DeFi protocols and ETH serving as a major blockchain for most of these protocols, the network has come under trying times. Gas fees are at an all-time high, the network is generally slow, and there is a host of other scalability issues. The proposed ETH 2.0 protocol is expected to put an end to these issues. According to the ETH community, there’s no better time to launch the protocol than now.
According to Adam Cochran, the protocol deposit contract has been postponed to November 6, 2020.
Ooof last minute delays on the ETH2.0 deposit contract. Not great.
We were expecting a launch today and late last night in an interview we find out it's been pushed back by two weeks, the primary reason being a newer less-tested cryptography library.
Pretty concerning. https://t.co/b72yOShQGG
— Adam Cochran (@AdamScochran) October 23, 2020
The ETH 2.0 protocol will be launched in stages, starting with the Beacon Chain launch. The entire protocol will also move from the proof-of-work (PoW) consensus to a proof-of-stake (PoS) consensus mechanism.
Ben Edgington, one of Ethereum’s developers, also confirmed the completed Teku audit. He also disclosed that judging from the results of the audit, ETH 2.0 was ready to go live. Popular developer Afri Schoedon also shared the same thoughts. He also pointed out that the Teku audit results were a clear indication of ETH launch readiness.
> Quantstamp made several findings, noting that the [Teku] codebase was “of the highest quality.”
— Ben Edgington ⟠ benjaminion.eth (@benjaminion_xyz) October 26, 2020
Quantstamp Teku audit
Several aspects of ETH client Teku was audited by Quantstamp. The audit majorly involved Teku’s consensus requirements, code maintenance, penalty and reward mechanism, etc. Though signs are pointing towards the imminent launch of the protocol, Eddington advises that users should be wary of sending ETH to random contracts. They should instead wait patiently for the official launch announcement.
Quantstamp is currently one of the prominent decentralized technology security firms available today. The firm boasts of having audited several top blockchain platforms, including Polkadot, Binance Chain, EOS, Ethereum, Hyperledger, etc.
Teku was specially built by ConsenSys using Java programming language. The ETH 2.0 client was expected to fulfill ConsenSys’ “institutional needs and security requirements.”
The deposit contract was supposed to go live on October 23, 2020. However, a few last-minute updates resulted in its postponement. Cochran’s publication disclosed that the launch has been moved forward by two weeks. The postponement was blamed on the need for a “newer less-tested cryptography library.”
At the time of writing, ETH price was down by 0.7% and was trading at $385.68. The token has a market cap of $43,663,651,117 and a 24-hour trading volume of $8,929,049,083.
Find out more about the proposed ETH 2.0 launch on the Altcoin Buzz YouTube channel.