The Launch of Ethereum 2.0 will be Postponed Again
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The launch of ETH 2.0 will be postponed again. What awaits Ethereum at the end of 2020?
The launch of the zero phase of the largest update of the altcoin network should take place in 1.5 weeks. However, some problems can interfere with this event and negatively affect the value of the largest altcoin by capitalization.
On December 1, 2020, the launch of the zero phase of the Ethereum 2.0 update should take place. Among other things, it implies the transition of cryptocurrency to a new PoS algorithm, which does not imply mining. On the eve of this event, the co-founder of the project Vitalik Buterin answered questions from Reddit users. According to Buterin, innovations can be expected sooner than many suggest.
“The merger will happen faster, PoS will be implemented faster, the enticing 100K transactions per second will be achieved faster. I expect updates to Eth2 to be faster and more efficient than Eth1, ”wrote the creator of Ethereum.
The main user doubts about the transition to Ethereum 2.0
One of the main concerns of users is associated with deposits in Ethereum 2.0. To launch the zero phase on December 1, the depositary contract must contain 524 thousand ETH, and the support of 16 thousand validators is also needed. At the moment, the contract contains less than 20% of the required amount – 104 thousand ETH. Users are concerned about the impossibility of withdrawing their assets before the transition of ETH 2.0 from zero to the first stage.
“In the extremely unlikely development of events, if Eth2 somehow does not move beyond the zero phase, I fully support the intervention through a hard fork in order to add support for the withdrawal of funds to the deposit contract so that the stackers can get their assets back,” – Buterin assured.
The first funds in the deposit contract were actively collected, this was due to large single contributions. Now, activity has decreased amid the excitement around Bitcoin and the expectation of a possible correction in ETH due to the general rollback of the crypto market.
The community hopes to see the rate of token introduction pick up as we approach the end of the term. If the pace remains the same, then the first stage will not start until the first weeks of 2021. The launch will take place 7 days after receiving the required amount of cryptocurrency. This could negatively affect the mood in the community, as the active phases of PoS have been waiting for many years.
“Not so active desire to invest in staking may be due to the difficult forecasting of the ETH 2.0 roadmap, since the implementation of the stages can take years, and all this time the tokens will be blocked. Probably, if the price of ETH falls, then it will be more profitable to buy the required number of tokens for staking through stablecoins – the current price level of ETH may seem overstated, especially given the market situation “- experts say.
Most likely, the launch of the zero phases of ETH 2.0 will be postponed once again. Judging by the dynamics, by November 24, the deposit contract will not have more than 524 thousand ETH. As of November 9, only 10% of the amount was collected, now – 18%, by the required date the required amount of funds will not be available, the expert is sure. However, he advised not to wait for a fall in the price of the currency, and after the launch, he considers its growth most likely.
The update will solve the main problem of the ETH network
Ethereum 2.0 should solve one of the main problems of the ETH network – scalability. At the moment, the altcoin blockchain is capable of conducting up to 15 transactions per second. After the upgrade, the throughput will increase to 1000 transactions per second.
Ethereum now runs on the same protocol as Bitcoin, Proof-of-Work. This means that the confirmation of transactions in the cryptocurrency network occurs using the computing power of the miners. ETH 2.0 provides for a transition to the Proof-of-Stake algorithm, which does not require computing power to confirm blocks. Instead of miners, transactions will be confirmed by validators. These are users who hold at least 32 ETH in their wallets.
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