Crypto News

Ethereum 2.0 still has a long road ahead, MEW founder says

Despite its recent Phase 0 launch, the fully realized transition to Eth2 could still be years away from completion.

Ethereum 2.0 launched its Beacon Chain on Tuesday, marking the project’s transition to a proof-of-stake, or PoS, mining algorithm. With Phase 0 now in the rearview mirror, the founder and CEO of MyEtherWallet, Kosala Hemachandra, recently explained the next hurdle for Eth2. 

“I think the question should be, what is not the next hurdle for ETH 2.0,” Hemachandra told Cointelegraph, adding:

“Basically, after the beacon chain launch, Ethereum will focus on phase 1 specs. It will go through a lot of iterations similar to phase 0 and tons of bug fixes. It is hard to define a specific issue as the next hurdle since there will be a lot.”

Aimed at scaling the Ethereum network, Eth2 results from years of work and numerous delays. Most recently, facing a Nov. 24 deadline, validators deposited enough total Ether (ETH) coins to enable Tuesday’s Beacon Chain launch, thanks to several last-minute transfers. Phase 1 comes next in Ethereum 2.0’s progression, which Hemachandra believes may not finish until the end of next year.

“With what I’ve seen in the past, I believe ETH 1 will take approximately 1 yr, then 1.5 should take another 6 months,” Hemachandra said. “Phase 2 might take at least 1.5 yrs.”

Hitting the Nov. 24 deadline means validators locked up at least 524,288 ETH total across the board. Since then, that number has grown to more than 900,129 ETH. With the asset trading around $600 at the time of publication, 900,129 ETH totals roughly $540 million.

Given that ETH is a tradable asset involved in the whole ordeal, one might wonder how its price plays into the progression of Eth2. “One thing I like about Etereum developers is the fact that they don’t depend on the price of ETH,” he said, adding:

“Everyone I know is equally motivated towards accomplishing and advancing ETH2 to the next phase. ETH price went through various phases with ups and downs; however, Ethereum development has always been very consistent. I believe it will continue to be like that, and ETH price won’t play any role in the development of Ethereum 2.0.”

In line with Eth2’s transition to PoS, Coinbase recently announced its plan to launch Ethereum 2.0 staking sometime next year.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

PlayStation 5 Ethereum Mining Rumor Proven To Be False
A photo of what looks to be a PlayStation 5 hacked to mine Ethereum, with a hashrate of 98.76...
BlockFi Announces Record Payments For Clients In February
Crypto lending firm BlockFi posted another record-breaking month in February. The firm paid out over $35 million in interest...
Tezos Integrated Into Wolfram Blockchain Platform
Wolfram Blockchain Labs announced that its DLT will utilize the blockchain resources of TQ Tezos. Tezos blockchain is now...
Citigroup Believes Bitcoin Could Become Global Currency
According to a recent report published by Citigroup, Bitcoin could one day emerge as the global currency.
Twitter Buying Bitcoin?Raises $1.25 Billion In Convertible Notes
Is Twitter buying Bitcoin? Twitter announced that it has raised $1.25 billion in convertible notes. Giving some the impression...
Bitcoin Rallies Back Towards $50,000 As Bond Sell-Off Cools Off
Bitcoin bounced back, almost hitting $50,000 after last week's turbulent trading, triggered by a sell-off in the US Treasurys...

Featured Crypto News

BlockFi Announces Record Payments For Clients In February
Crypto lending firm BlockFi posted another record-breaking month in February. The firm paid out over $35 million in interest...
Tezos Integrated Into Wolfram Blockchain Platform
Wolfram Blockchain Labs announced that its DLT will utilize the blockchain resources of TQ Tezos. Tezos blockchain is now...
Twitter Buying Bitcoin?Raises $1.25 Billion In Convertible Notes
Is Twitter buying Bitcoin? Twitter announced that it has raised $1.25 billion in convertible notes. Giving some the impression...
Bitcoin Rallies Back Towards $50,000 As Bond Sell-Off Cools Off
Bitcoin bounced back, almost hitting $50,000 after last week's turbulent trading, triggered by a sell-off in the US Treasurys...
Bitcoin Price Surges After MicroStrategy Increases BTC Holdings
The price of Bitcoin shot up 7% on Monday following MicroStrategy's announcement. That is purchased an additional $15 million...
Cardano To Update Mary Protocol On March 1
Cardano’s core development team announced that the Mary protocol update will go live on March 1. Input Output also...