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ETH 2.0 benefits will come faster than people expect, Vitalik says in AMA

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Ethereum co-founder Vitalik Buterin recently answered a number of community questions as part of an ask me anything, or AMA, session on Reddit. During the AMA, hosted by the Ethereum Foundation’s ETH 2.0 research team, Buterin said that he expects noticeable network improvements sooner than later. 

“TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster,” Buterin said on Nov. 18 as part of the foundation’s fifth AMA on ETH 2.0.

Ethereum’s network has suffered periods of high congestion at various points over the years, depending on various applications and related traffic. CryptoKitties slowed the Ethereum network to a crawl in 2017. More recently, decentralized finance activity has clogged Ethereum’s blockchain, leading to high fees and longer than average confirmation times.

Ethereum 2.0 poses a scaling solution which vastly increases the number of transactions-per-second, or TPS. It will also move the blockchain to a different consensus algorithm known as proof-of-stake, or PoS. Though the transition has faced a number of delays, the team say that they are currently aiming for a Dec. 1 launch date for ETH 2.0 Phase 0.

Rollup-centric upgrades, a simplified merge, and the parallelization of phases are among the top revisions to ETH 2.0’s roadmap, according to Buterin, which impact the final network results. “All of these changes are designed to decrease the time until eth2 becomes useful to people,” Buterin said.

Scaling in general has been a hearty debate in the crypto space, not just with Ethereum, but also for other assets, such as Bitcoin.  



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Ethereum

Ethereum 2.0 still has a long road ahead, MEW founder says

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Ethereum 2.0 launched its Beacon Chain on Tuesday, marking the project’s transition to a proof-of-stake, or PoS, mining algorithm. With Phase 0 now in the rearview mirror, the founder and CEO of MyEtherWallet, Kosala Hemachandra, recently explained the next hurdle for Eth2. 

“I think the question should be, what is not the next hurdle for ETH 2.0,” Hemachandra told Cointelegraph, adding:

“Basically, after the beacon chain launch, Ethereum will focus on phase 1 specs. It will go through a lot of iterations similar to phase 0 and tons of bug fixes. It is hard to define a specific issue as the next hurdle since there will be a lot.”

Aimed at scaling the Ethereum network, Eth2 results from years of work and numerous delays. Most recently, facing a Nov. 24 deadline, validators deposited enough total Ether (ETH) coins to enable Tuesday’s Beacon Chain launch, thanks to several last-minute transfers. Phase 1 comes next in Ethereum 2.0’s progression, which Hemachandra believes may not finish until the end of next year.

“With what I’ve seen in the past, I believe ETH 1 will take approximately 1 yr, then 1.5 should take another 6 months,” Hemachandra said. “Phase 2 might take at least 1.5 yrs.”

Hitting the Nov. 24 deadline means validators locked up at least 524,288 ETH total across the board. Since then, that number has grown to more than 900,129 ETH. With the asset trading around $600 at the time of publication, 900,129 ETH totals roughly $540 million.

Given that ETH is a tradable asset involved in the whole ordeal, one might wonder how its price plays into the progression of Eth2. “One thing I like about Etereum developers is the fact that they don’t depend on the price of ETH,” he said, adding:

“Everyone I know is equally motivated towards accomplishing and advancing ETH2 to the next phase. ETH price went through various phases with ups and downs; however, Ethereum development has always been very consistent. I believe it will continue to be like that, and ETH price won’t play any role in the development of Ethereum 2.0.”

In line with Eth2’s transition to PoS, Coinbase recently announced its plan to launch Ethereum 2.0 staking sometime next year.