Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.
After some clarifications from Vitalik Buterin, it has become fully obvious that Ethereum 2.0 won’t be launched this July. The year 2021 is a more realistic period for this launch.
Earlier this week, there was a mixup in regards to the launch date of Ethereum 2.0. It started when Vitalik Buterin, co-founder of Ethereum confirmed a July launch for the project in an interview. Buterin, when asked if ETH 2.0 would launch in July, answered saying “yes,” before being corrected by Afri Schoedon, ETH 2.0 testnet coordinator.
Buterin Clarified His Words about Ethereum 2.0
Schoedon tweeted after Buterin’s mistake, saying the final test is yet to be implemented. He also said that a coordinated testnet was not launched yet. He concluded his tweet saying he doesn’t think Vitalik said July. Buterin also took to Twitter to correct his mistakes. He said he never meant July as he did not know the question contained the word “July”.
Buterin said on Tuesday also that after he relistened to the interview, the question contained July, which he couldn’t recall. He claimed it was his fault for mishearing and apologized for it via email. Ethereum 2.0 testnet coordinator Schoedon, however, mentioned that ETH 2.0 Phase 0 could launch as late as 2021.
Going on stages or panels and putting out dates is not helpful at all. I don't think Vitalik said July. But I didn't see the talk.
— Afr (@a4fri) May 12, 2020
Ethereum 2.0 Roadmap
After the launch of phase 0, which could be next year, ETH 2.0 could start as an independent PoS network. This would enable the system to begin slowly to prove its capabilities over time. According to Buttering, ETH 2.0 would begin with no applications and then have little validators. Afterward, phase 1 would launch, enabling sharding. It will act as a full PoS system with its independent piece of state and transaction history.
If the implementation happens correctly, sharding would be a solution to Ethereum’s scalability problem. Also, it won’t compromise the network’s security and decentralized nature. However, transitioning to a PoS system remains a problem for the Ethereum community. This was discovered on a Reddit ask me anything section by Ethereum 2.0 development team.
With the PoS network, asset holders are rewarded for pledging their coin to protect and validate the network. It would require 32 ETH to participate as a validator. Also, this would lead to the rich getting richer as observed by a user because of their staking potential.
In favor of the Ethereum foundation, Danny Ryan said that PoS systems are fairer than proof-of-work (POW) systems. The set to launch ETH 2.0 is a shift from a POW algorithm system similar to Bitcoin’s PoS. As the transition has always been in Ethereum’s roadmap, delays have made it become a controversial topic.