ETH 2.0 will not launch in Q2 2020 but initial network specifications will roll out in 2020
Once again, Ethereum’s next system-wide upgrade, ETH 2.0, will not be released in the second quarter of 2020 as announced. However, the researchers are still confident that the initial network specifications will roll out by 2020.
ETH 2.0 will not launch in Q2 2020 as expected
In a discussion on Reddit with the AMA, the topic included Ethereum co-founder Vitalik Buterin and ETH 2.0 researchers, Daniel Ryan and Justin Drake. Ethereum 2.0 development team said that only three clients could run the test continuously for at least eight weeks, the network will be launched successfully.
“I have 95% confidence we will launch in 2020.”
Justin Drake, Ethereum 2.0 developer
Ethereum 2.0 is the next version of the Ethereum Blockchain, which promises higher transaction throughput and a new security model, according to Proof-of-Stake (PoS). Commonly known as Serenity, Ethereum 2.0 has been operating since Ethereum launched in 2015 but has been behind schedule due to the highly technical nature of this effort.
Previously, Ethereum 2.0 was first scheduled for release in January 2020 and followed by an undisclosed date in the second quarter of 2020. Developers are currently eyeing the fifth anniversary of the network is July 30, 2020, to launch ETH 2.0.
“Phase 0 will launch in 2020. Audits are over, and tests are getting stronger every week. I don’t see the fact that Phase 0 won’t start in 2020.”
Both Ryan and Buterin believe that ETH 2.0 can deploy Phase 0, the Beacon Chain, acting as a general manager of ETH 2.0’s PoS system, on only two stable clients. However, other ETH 2.0 researchers are taking a more conservative approach.
At the time of Ethereum’s launch in 2015, the Parity client launched after Geth, leading to the validator set swinging disproportionately toward the latter client, at an 80-20 tilt. Parity never managed to catch up with Geth.
“Regardless of the launch date, Stage 0 and Stage 1 complete 99% and 90%, respectively. Phase 1 will link the ETH hodlers who have put their properties into the Beacon Chain, connecting the ribs to the backbone of the new network.”
Hopefully, Ethereum 2.0 will be available soon
The coming months will also include a significant update for ETH hodlers who want to participate in the launch of ETH 2.0: Staking contracts. According to the way a Proof-of-Stake network works, property owners are rewarded for their commitment to holding coins to protect and authenticate the network. Therefore, ETH 2.0 will need 32 ETH, currently valued at around 6,400 USD, to participate as validators.
Staking contracts ETH is being audited. The team said the number of validators could reach millions, with up to 10% of Ether’s supply, which has a current market capitalization of $ 23 billion, could be set on ETH 2.0. Finally, the Ethereum 2.0 team continues to test how the Ethereum Proof-of-Work (PoW) network is packaged into ETH 2.0.
Named ETH 1.5, two options were proposed:
- Convert ETH 1.x into stateless clients.
- Merging ETH 1.x into the Beacon Chain of ETH 2.0 is currently.
In short, the current Ethereum Blockchain can be cut into digital receipts proving the authenticity of old PoW or ETH 1.x transactions that can work in Ethereum 2.0 through interactive bridges until the new chain is completed.
However, there are still significant challenges, such as the technical viability of stateless customers and megabyte every 13 seconds blocks that they would entail.
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