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Ethereum: Quantstamp says Eth 2.0 ready for launch – will the price explode?

  • Quantstamp audit firm completes an audit of the Teku client for Ethereum 2.0 and approves its release.
  • ETH price will benefit from the launch of phase 0. Whales show signs of FOMO, according to expert Adam Cochran.

Ethereum 2.0 is imminent. The launch of the deposit contract has been announced for November 6, according to a post by analyst Adam Cochran. This first phase will initiate the deployment of the Beacon Chain, the blockchain on which Ethereum will operate when it migrates its Proof-of-Work consensus protocol to Proof-of-Stake.

Ethereum 2.0 client audit

Ethereum developer Ben Edgington has shared through his Twitter account that the firm Quantstamp has completed its audit of the Ethereum 2.0 client Teku. According to the results, Ethereum 2.0 is ready to be launched. In addition, the auditing firm indicated that the client’s codebase is “of the highest quality”. Developer Afri Schoedon agreed with the Quantstamp results and also believes the update is ready to be released.

Quantstamp audited the consensus rules, the reward and penalty mechanism, and the maintenance of the code. Previously, Edgington had indicated that everything was ready for the launch of the Beacon Chain. The developer advised users to wait for an official announcement and not to send ETH to random contracts.

According to its website, Quantstamp is one of the leading blockchain security companies. They are the creators of the first security guide book for smart contracts. They have audited clients on Ethereum, Hyperledger, Binance Chain, EOS, Polkadot, among others.

On the other hand, Teku is an Ethereum 2.0 full client designed by ConsenSys to “meet institutional needs and security requirements”. It has been built with the Java programming language by the team that has also developed the client Besu. Teku’s goal: to bring staking services to the enterprise sector.

However, in Cochran’s publication, the deposit contract was due to be released on October 23. The analyst indicated that the delay in the launch was “last minute”. Apparently, one of the components of the upgrade required more testing. Cochran said:

(…) 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.

Cochran is one of the experts who has expressed the most enthusiasm for the potential positive impact Eth 2.0 will have on ETH’s price. After the introduction of the deposit contract, Cochran expects a supply shock to drive the price of Ethereum. In that sense, ETH could be going through a build-up phase that has pushed its price back above $400:

While I think all signals are pointing to an announcement in the next day or two, it is possible that we won’t see the formal announcement for another week or two max. But so far, everyone close to the project says things seem on track. Not to mention early this morning we saw some whales YOLO buying ETH at market prices which is usually a sign something is coming.

About Author

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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