Eth2 is surprisingly taking longer than expected, and many are trying to connect the dots, including Ethereum co-founder Vitalik Buterin. According to him, the issue may be with people’s problems. He aired his sentiments at a conference in Hong Kong when he talked about the road map to Ethereum 2.0. At a virtual fintech conference in Mandarin, he confirmed that technology is not a stumbling block to technology.
Ethereum 2.0 is taking longer than its predecessor. It was initially anticipated it would take one year but is now clocking 18 months and might take longer. The proof of stake alone may take six years as opposed to the planned one year.
As for Ethereum has also faced issues the five years it has existed, which Buterin links most of the problems to be people problems and not technical issues as expected.
The kind of scalability expected from Ethereum 2.0 is out of this world. Large-scale enterprises will have a seamless experience with sharding experience. According to the road map, the earliest that will be rolled out is late 2022.
The two sharding chains will merge by the end of 2021. The two-layer scaling will increase scalability a great deal. Currently, the priority is to upgrade from proof of work to proof of stake.
Eth2 will be rolled out in two phases. The first one is to use sharding to increase scalability. This is expected towards the end of 2022.
Since Ethereum has a high demand, it has become congested, increasing network fees and expensive transactions. The move to a new eth version was to upgrade on the weaknesses of the original eth version. For instance, proof of stake will save more energy when compared to proof of work.
Eth2 will lead to a world of so many possibilities. Many will be able to use the network without negatively affecting it.
Don’t worry, we hate spam too
one weekly digest, just the important stuff.