SOTS #10: Looking past the Ethereum beacon chain deposit contract

Transcript

Hey, Superbiz here. Very exciting day today. It is It's going to be November 23rd. I only know that because tomorrow must be November 24th. It is the first day that the beacon chain deposit contract could meet the minimum number of validators to launch. And so right now I think we're at about 80% of the contract being filled with deposits streaming in very quickly. This is a great sign. We need 16,384 validators to be ready to stake to begin initialization of the network. And while we weren't sure how it was going to turn

out, I felt confident from the beginning that deposits would begin very slow, but then pick up today. And surprise, it's really happening this way. It looks like we're going to um be on track for a quick network launch, which is funny. Oh, yeah. So let me tell you a little bit about what to expect. Uh So right now we're still collecting deposits. There's no guarantee that we're going to hit the minimum deposits before Genesis. I'm just optimistic and I think it will happen.

We have until 12:00 p.m. on November 24th, which for me is 6:00 a.m. Central Time the morning of the 24th to have that minimum number of deposits um to trigger the earliest possible Genesis time. Now if we get those deposits later, the Genesis will be a couple days later, but for the earliest possible Genesis time the contract will be open until November 24th at 6:00 a.m. Central Time. So anyone who deposits between now and that time will be in the Genesis block. The minimum is 16,384, but if 20,000 people deposit before 6:00 a.m. Central Time tomorrow morning, all of those

all of those deposits will be part of Genesis. And so, let's assume that we're going to trigger that. I think it's going to happen. I can't guarantee it. Um from that point, we will wait uh about 8 hours for the um ETH 1 follow distance. And basically, that means that uh we need to let I guess 2,048 blocks of ETH 1 to pass to very carefully validate those deposits. Um and then the Ethereum beacon chain genesis block state can be known. And so, basically, that means uh the network has the most valuable piece of information that it needs to launch

uh the network. So, what's going to happen after that is that the clients will take that state information and hardcode it into their clients. And we'll have 7 days Well, really 6 and 1/2 days for people to um update to the latest client and um be ready for Genesis. I saw a an announcement from Lighthouse just a few minutes ago that said that um their 1.0 release was pending. Um And so, that is dependent on the genesis state information that they will then hardcode and then uh distribute.

So, this is really exciting. It's really big news. Um if it doesn't happen, if we don't get those deposits in time, which I think right now, I'd say it's 5% likely, uh then essentially, what what will happen is we'll just wait a day, um and the entire thing will be delayed a day or even a 1% chance it'll be delayed 2 days. But, I really feel like we're on on regardless of what happens, uh, Eth Staker will be streaming on Zoom the morning of November 24th at 6:00 a.m. Central Time. That is 12:00 p.m.

UTC. So, wherever you are, you're welcome to join us and, um, we'll at least talk about what the potential scenarios are because this is very confusing. Um, I've been been involved with this for a couple of years now and I just had a a conversation, um, where I I wasn't sure that my understanding was correct. And I'll tell you the best resource for this understanding. Maybe there are two. Um, one of them is going to be, um, if you look up Benjamminion Genesis, uh, it's there's a Hack MD article, uh, that Ben Edgington created that describes the genesis scenarios. It's

extremely succinct. Um, and uh, there's another, um, it's so it's by JC. Uh, it is an article that is titled, um, the Eth 2 explainer you should read first. Um, both of those resources are very easy to read and they will help you make great sense of this genesis launch. Um, so I really encourage you to check those out. I'm probably going to make videos every day for the next week up until launch just to address the common community issues and concerns so that we're all on the same page. Um, if you have any ideas or things that you think that I should talk about, um, please don't hesitate to let me know because I really want to, um, help us all be on the same page and be a strong Eth Staker

community. So, I appreciate your time. Best wishes and, uh, good luck. I think this is going to be a lot of fun.