One step closer, ethereum 2.0 "channels" have been proven

The development of ethereum 2.0 is breaking new ground, and one of the network's most important smart contracts has just been validated.

The technology startup Runtime Verification has successfully completed the formal Verification of the ethereum 2.0 deposit contract.

"Although we found several significant issues during the deposit contract formalized validation, some of which were caused by hidden Vyper compiler bugs, all deposit contract issues have been fixed appropriately in the latest release (v0.10.0)."

The deposit contract is a "gateway" to ethereum 2.0, according to a company announcement.
Verifiers on the new PoS Beacon Chain need to send transactions to the deposit contract through the ethereum 1.0 network to deposit into the ETH.

The deposit contract records the transaction history and locks the funds into the ethereum 1.0 chain for later redemption on the beacon chain.
These smart contracts use Merkle tree data structures to efficiently store deposit history.

Danny Ryan, ethereum 2.0 coordinator, confirmed that this formal validation was the last hurdle, adding:

"This is a major audit and verification.
This process of contract and form verification is now under public review."

There are no other audits planned for the deposit contract, but two for the beacon chain are expected in February.

Last week it was reported that 22,000 active verifiers were running the first ethereum 2.0 client on beta.