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Ethereum co-founder Vitalik Buterin has commented on the obstacles on the roadmap to Ethereum 2.0

Speaking partly in Mandarin at the Virtual Fintech Forum at this week’s StartmeupHK Festival 2021, Ethereum co-founder Vitalik Buterin shared about obstacles on the road to Ethereum 2.0.

ethereum-co-founder-vitalik-buterin-has-commented-on-the-obstacles-on-the-roadmap-to-ethereum-2-0

Ethereum co-founder Vitalik Buterin

Ethereum co-founder Vitalik Buterin has commented on the obstacles on the roadmap to Ethereum 2.0

The recent upgrade to Proof-of-Stake has become even more urgent given all the negativity and FUD surrounding Bitcoin and its power consumption. According to Digiconomist, the Proof-of-Work Ethereum blockchain consumes the same amount of energy as Hong Kong. Similarly, the new Proof-of-Stake network will use about 99.95% less energy.

First, according to Buterin, technology is not a major issue with the world’s largest smart contract network. Building Ethereum has taken longer than anticipated.

Initially, the construction of the Ethereum 1.0 Blockchain was estimated at three months but then turned into eighteen months in practice. Therefore, the upgraded version will take longer.

Buterin said:

“We thought it would take one year to do the Proof of Stake, but it actually takes six years. If you are doing a complex thing that you think will take a while, it’s actually very likely to take a lot more time.”

Furthermore, during development, there were also some internal conflicts within the team. But after 5 years, the team also brought Ethereum to where it is today:

“One of the biggest problems I’ve found with our project is not the technical problems, its problems related with people.”

The comments came during a live chat with Jehan Chu, co-founder and managing partner at Hong Kong-based blockchain investment and trading firm, Kenetic. Furthermore, Ethereum 2.0 will be able to have the kind of scalability that large-scale enterprise applications expect when combining rollup and sharding. However, that probably won’t happen until late 2022 according to the latest roadmap estimates.

According to the Eth2 roadmap, the two chains will merge or dock in late 2021 or early 2022 according to the official documentation which states:

“Originally, the plan was to work on shard chains before the merge – to address scalability. However, with the boom of layer two scaling solutions, the priority has shifted to swapping Proof-of-Work to Proof-of-Stake via the merge.”

Phase one introducing scalability via sharding is not expected until late 2022 at this stage. The current version of Ethereum has largely fallen victim to its own success with the need to push network fees to record levels rendering the majority of transactions economically unfeasible for the average user.

On the topic of Ethereun 2.0, Vitalik Buterin said that they are using that moniker less often because the team wants to emphasize that:

“This isn’t throwing out the existing Ethereum platform and making a totally new one. It’s a much more kind of incremental set of changes.”

The development of ETH2.0 will not affect the number of ETH tokens you have purchased

With an eye towards the launch of Ethereum 2.0, therefore, the natural questions for most ETH holders are: what happens to the ether I have bought over the years on the current Ethereum blockchain?

For most ETH holders, the answers are:

“No, you don’t need to do anything. No, there won’t be a hard fork or a migration. No, it does not matter if your ether is on an exchange or not.”

For ETH holders, there is no need to transfer ETH from the 1.0 to the 2.0 chain. Ethereum 1.0 will simply become part of the 2.0 chain, meaning ETH holders can continue using their ETH just as they were before – but on a chain that is more secure and scalable than they’re used to.

In particular, ETH holders who are only interested in holding, trading, or using their ETH on dApps do not have to actively do anything to prepare for Ethereum 2.0. However, for ETH holders interested in staking on the new Ethereum 2.0 network, there is an opportunity to participate starting at Phase 0 instead of waiting for Phase 1.5.

There are many opportunities for people with ETH to begin staking on the Ethereum 2.0 network and earn rewards. To become a full validator, they must stake 32 ETH in the deposit contract, generate deposit keys, and then run their own client.

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