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Through his official Twitter page, Ethereum founder Vitalik Buterin said that Ethereum 2.0 scaling for data will be available prior to ETH 2.0 scaling for general computation.
As the anticipated launch date for Ethereum 2.0 draws near, the whole debate about challenges facing the Ether blockchain network intensifies by the day. On June 30, 2020, Ethereum founder, Vitalik Buterin, tweeted the things to be first expected during the largest ever upgrade the Ethereum network might experience and added more details about the Ethereum 2.0 scaling.
ETH2 scaling for data will be available *before* ETH2 scaling for general computation. This implies that rollups will be the dominant scaling paradigm for at least a couple of years: first ~2-3k TPS with eth1 as data layer, then ~100k TPS with eth2 (phase 1). Adjust accordingly.
— vitalik.eth (@VitalikButerin) June 30, 2020
His tweet attracted different reaction from his followers and especially developers seeking to know when the scalability issues will be fixed in the network.
With worries still surrounding delays on the launch date, one of the followers teased him by asking when to expect the launch, “when?, next century?”. In his defence, Buterin said, “Well, rollups are available on mainnet today. ETH2 has a testnet, giving a link to follow.”
Ethereum 2.0 Bigger Picture
As the transition from Eth 1.0 to Eth 2.0 approaches, issues on the current hardware used in proof-of-work to move the coins to miners using proof-of-stake hardware might be the delay factor.
It is no doubt that Ethereum network supports a lot of Dapps, however, the transaction speed is slow and costly for the developers.
Other competing projects have come up that support fast processing speed at a cheaper cost, raising the bar for the Ethereum developers.
One such project is the one launched by the Binance team that offers interoperability with Ethereum networks.
As the volume increases in the Ethereum network, the transaction fee tends to follow the same trend, which in turn makes the project expensive to run on.
With a new wave of bull run anticipated to hit anytime, it is prudent the team acts fast to avoid lagging behind the schedule.
Despite Ethereum 2.0 is not going to happen overnight, the issues solved will help it retain the kingpin of the Dapps globally.
The Ethereum token at the time of reporting was trading at around $227, leading the top digital assets in a possible rally.
Among the main reasons for the upgrade is that Eth 2.0 will assist to reduce network complexity as much as possible, even if this leads to some loss of efficiency.
Miners in the Ethereum network will have to change their hardware fast to oversee the 2.0 project launch.