Is Ethereum 2.0 ready??

Good afternoon again! Today I am going to share with you the conclusions that I draw from several articles regarding Ethereum 2.0 since it is a project that really has me expectant.

With Ethereum 2.0, known as Serenity, ETH will soon move from proof-of-work (PoW) algorithms, also used by Bitcoin, to proof-of-stake (PoS). The update will bring more changes that Ethereum claims will make the currency “more scalable, more secure, and more sustainable.”

So how long will we have to wait for Eth2? Ethereum 2.0 release date Initially scheduled for a 2019 launch, the first phase of Ethereum 2.0 was launched on December 1, 2020. However, with two phases still to go, the full launch is not estimated to happen until 2022. The most recent information we have for the current ETH plans comes from the EIP-4345 Difficulty Bomb Delay. In EIP-4345, developers Tim Beiko and James Hancock propose to delay the difficulty bomb until June 2022. In this proposal, they lay out the motivations: Aiming for The Merge to happen before June 2022. If it's not ready by then, the bomb may be delayed further.

During the GitHub discussions of EIP-4345, Beiko revealed more information about the merger. He said: While the merge tests are going well, they won't happen until the difficulty bomb goes off again (early December, per EIP-3554). We are not ~1 month away from having the client releases ready for the merge, so we need to back off the pump. The full release of Eth2 is still subject to change, especially after experiencing delays. Despite these delays, the updates could happen sooner than expected. Eth2 researchers are working on ways to speed up fusion. It will probably happen sooner than expected. More soon. Of course, even after the merger, Ethereum 2.0 will not be complete.

In an interview with the Bankless podcast, Vitalik Buterin described the current progress on Eth2: I'd say around 50[%]. I'd be willing to go past 60 once the merge is fully complete, and I'd be willing to go past 80 once we have a full sharding implementation. Ethereum 2.0 is currently live on the testnet, with holders already staking almost 8 million ETH. Prior to this 2.0 update, Ethereum received another update in the London hard fork on August 5, 2021. This update implemented EIP-1559, which changed Ethereum's transaction fee system and started Ethereum's burn of ETH.

In a recent interview with Planet Crypto, Andrew Keys of DARMA Capital, also known as Etherum Oracle, said, “We will see a full transition to proof-of-stake by the middle of Q2 2022.” Ethereum 2.0 Roadmap As with the Cardano network updates, the release of Ethereum 2.0 is spread over different sections: The Beacon Change, The merge and Shard. The beacon switch (phase 0), which implemented the PoS algorithm, was first released in December 2020. Compared to PoW algorithms, PoS consumes less power and is used in Cardano staking. Ethereum Staking is currently being tested, and you can find out how to participate here.

The next stage is 'The Fusion'. This substantial phase will merge the Beacon Chain into the mainnet and see the end of the PoW algorithms. The 'merger' should happen sometime in 2021. The final planned update for Eth2 will see the implementation of shard chains. This is scheduled for 2022. The introduction of sharding in Ethereum 2.0 should allow for greater scale of Ethereum as transactions can be split across 64 new chains.

Is Ethereum 2.0 a new currency? Ethereum 2.0 is not a new currency and it will not change the amount of ETH you have. In terms of Ethereum vs Ethereum 2.0, Eth2 is simply an upgrade that will improve the Ethereum blockchain. It is more likely to impact Ethereum miners rather than incumbents as the move to PoS will see 'staking' replace 'mining' for approving transactions on the Ethereum blockchain.

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