Important facts:
Ethereum 2.0 is expected to be released at the end of 2022.
The Beacon Chain network, on which Ethereum 2.0 will run, celebrates its 1st anniversary.
The Beacon Chain is the chain on which Ethereum 2.0 will run, commemorating the one-year anniversary of its launch on December 1, 2020. To celebrate this, Vitalik has released a roadmap showing some of the progress made so far in this update. However, the post states that Ethereum 2.0 is still behind schedule and has been postponed to 2023.
In a tweet, Ethereum co-founder Vitalik Buterin summarized some progress in the transition from proof-of-work (PoW) mining to proof-of-stake (PoS) in Ethereum 2.0.
In the photo, Vitalik points out the “ready” things currently running on Ethereum 1.0, such as the beacon chain activated in December last year, the Altair fork, commission destruction, and EIP-1559 used to cut fees. And Ethereum’s PoS thin client.
The graph progresses step by step from function (merger) to the final stage, at which point Ethereum with Proof of Work basically does not exist. Source: Twitter.
However, what is very attractive is the number of steps and modules that must be completed for the final activation of Ethereum 2.0. In the first phase, the parallel coexistence (merge) phase of Ethereum 1.0 and 2.0, most modules are not yet ready to start this phase. This does not determine the final date of the start of the “merger”.
In this regard, it is worth noting that Ethereum 2.0 was affected by delays. Initially, Vitalik Buterin announced that BeaconChain would launch in mid-2020, but the complexity of the development process forced the date to be pushed back to the end of the same year.
The remaining steps, such as mergers, showed significant delays. Justin Drake, another major Ethereum developer, estimates that the merger of the two protocols (PoW and PoS) will happen in 2021. But that doesn’t seem to be happening.
Although some significant developments have been made, such as the merged technical specification, which is a fact reported by CriptoNoticias, many other developments are still underway.
Programmers seem to be avoiding talking about the final arrival date of Ethereum 2.0.
Why Use Ethereum 2.0 and Proof of Stake Mining?
Ethereum is a cryptocurrency network that was created in 2015. It’s one of those bitcoins that offers a novelty like smart contracts. This particularity has led to high demand for Ethereum on the network due to the growth of the DeFi ecosystem NFT and Play to Earn games over the past two years.
The lawsuit has become a headache for the Commission. Currently, Ethereum’s network fee is around $30 for a specific transfer from one wallet to another. The cost of executing smart contracts is usually much higher. At this rate level, normal use of the network becomes unsustainable.
Currently, Ethereum can only process 12-20 transactions per second (TPS), and blocks are mined every 12 seconds. With the migration to PoS, the network can theoretically handle more than 100,000 TPS. It grows exponentially. While this can reduce network costs, the arrival date of Ethereum 2.0 remains to be seen due to the technical challenges developers face along the way.
Information source: Compiled by CRIPTONOTICIAS by 0x information. The copyright belongs to the author Miguel Arroyo, any reprinting is prohibited.
