By
Chimamanda U. Martha
April 19th, 2024
In an interview with Coindesk reporters, Vitalik Buterin confirmed that after a row of delays Ethereum 2.0 will be launched in July.
A day after the largest crypto event, BTC halving, occurred, Ethereum co-founder, Vitalik Buterin confirms during an interview that Ethereum 2.0 roadmap is now clear and precise. The fork will see Ethereum solve some of the underlying technical challenges like scalability, and also security will happen in July.
What Vitalik Buterin Said about Ethereum 2.0
Once implemented, Ethereum 2.0 will leave behind the proof-of-work system, where miners have to solve complex algorithms to be rewarded, in turn, securing the ledger, and it will be using Proof-of-Stake (PoS). Onwards, a different consensus will be deployed for coin owners to have ownership.
The idea has been in the Eth community since the network was launched back in 2015. It is expected to be a game-changer and also act as a catalyst for mass Ethereum adoption, mostly in smart contracts and in the Dapp industry.
The blockchain is now facing a stiff competition from Binance smart contract and Dapps system that essentially is like an upgraded Ethereum network. Most developers will now have a variety of platforms to choose from keeping in mind the two systems are interoperable.
Ethereum has been experiencing high transaction fees, affected by an overload of the number of transactions. It happened in the 2017/2018 crypto bubble, where it reached a new all-time high. The level of scalability in Eth 2.0 will enable the network to handle any kind of future surge in the activity.
According to Buterin, Ethereum developers have been working on sharding on the blockchain, which effectively divides consensus into smaller groups to speed up verification times. They are currently testing a layer 2 solution, optimistic rollup, which could theoretically scale to over 1000 transactions per second
On the Flipside of Ethereum
Initially, the fork was meant to take place in January 2020, however, delays pushed it up to the third quarter. Ethereum coin holders will have enjoyed two major crypto events in this year, which is anticipated to push the market price even higher.
At the time of reporting, it was trading at around $190, having added 1.47% since Bitcoin halving, yesterday. With a market cap of over $21 billion and the 24-hour volume at $20 billion, it is an indication the system is experiencing a surge in activity and very soon the price will rally for a new high.
However, the ongoing coronavirus remains an impediment to the prosperity of the crypto sphere at large. Essentially because there are a lot of unknown critical fundamentals for people to figure out before they decide whether to invest or not.
On the brighter side, the crypto sphere has been rising despite most traditional stock market falling, hence stamping the confidence in most investors.
You can find more news about Ethereum here.