Eth 2.0, Ethereum’s next major system upgrade, has been confirmed to not be able to release this first half of 2020. However, the developers and heads of the project remain extremely confident that its preliminary network parameters will meet their 2020 target deployment. They even went as far as saying that they are 95% confident that it will indeed release by this year and that anything less than that will be considered as a failure.
Ethereum made this statement on their “Ask Me Anything” Reddit discussion that was held this last Wednesday. They clarified that they have no plans to launch Eth 2.0 until three clients have successfully run consistent testnets for eight weeks, minimum. These participants include Ethereum’s co-founder Vitalik Buterin as well as Eth 2.0’s researchers, Justin Drake and Danny Ryan. The original launch date for the project was in January of this year and then moved to an unconfirmed date in quarter two of this year. Now, developers are planning to launch Eth 2.0 to coincide with the network’s fifth anniversary on July 30. Within that discussion thread as well, Ryan stated that they don’t see a reality wherein Phase 0 of Eth 2.0 won’t successfully launch in 2020.
Ethereum’s Eth 2.0, as its name directly implies, is the world-renowned Blockchain’s next –supposedly better iteration. They dub it as being able to provide higher transaction throughput and a newly improved security model that is under Proof-of-Stake (PoS). Often referred to as the Serenity, this project had been in development stages ever since Ethereum’s establishment back in 2015. Its progress has then slowed down because of the high technical fidelity needed to proceed on with the project.
Disregarding the newly announced launch date, both Phase 0 and Phase 1 of the project are confirmed to be already in its final stages of development. Ryan confirmed that the phases are 99 and 90 percent complete, respectively.
More developments are planned
However, the Eth 2.0 isn’t the only change we could expect out of Ethereum for the next coming months. Sooner rather than later, they should also feature a significant update that could impact the firm’s coin holders that are aiming to participate in the Eth 2.0’s launch. It is the ‘staking contracts’.
Because it is a PoS network, asset holders will be rewarded for pledging their respective coin holdings to secure and authenticate the said network. That being said, Eth 2.0 will be requiring 32 ETH (roughly $6,400 at the current market) from its users to be considered as a validator.
The contracts for wagering their ether (ETH) are under audit. They are expected to be officially announced on an Ethereum major event that is coming this spring. The project’s team optimistically expects the number of validators to hit the million mark easily.
The team is still engaged in the ongoing examination of how they could package the current Ethereum network into the new iteration, considering that the first network is a Proof-of-Work (POW) network. They call this the Eth 1.5. The team explores two different options regarding this. One is to transition Eth 1.0 into “stateless clients” while the second is to merge the Eth 1.0 into Eth 2.0 completely. To summarize that up, Ethereum, at its current state, can either be cut into digital receipts in order to provide authenticity of the old PoW dealings or Eth 1.0 can be fully integrated within Eth 2.0 by way of interoperability bridges up until the new Blockchain is complete.
Buterin notes that digital receipts are what seems to be the current best option. However, significant changes are still to be conducted as the demand for new technology by stateless clients and the tons of tons of data it will most likely produce shall continue to rise.