The Ethereum network is slated for its biggest upgrade in 2022 as it moves from a Proof-of-Work (PoW) mining consensus towards Proof-of-Stake (PoS) one. The official page for Ethereum 2.0 suggests the imminent move to PoS could take place by the second quarter of 2022. However, due to continuous delays since the beginning of the project, rumors started to circulate in the Chinese social media that ETH 2.0 upgrade might get delayed by another year.
Vitalik Buterin, the co-founder of the Ethereum network took to WeChat, a popular Chinese social media platform to clear the speculations. A popular Wechat group for Ethereum shared a screenshot of the article which hints at a possible year-long delay. Buterin responded in the group and said, “I didn’t say that”
The preparation for the Eth2.0 mainnet launch has begun as the developers behind the project launched the testnet in December for a mass trial. The Kintsugi testnet went live on 21st December which is being seen as the last major step before the migration to ETH 2.0.
Over the past few months, client teams have been working tirelessly to implement a new set of merge milestones. They are now live on a new testnet: Kintsugi ??!
Here's how you can join the testnet and help with testing: https://t.co/ARDezguzXE ??
Christmas came early??!
— Tim Beiko | timbeiko.eth ?? (@TimBeiko) December 20, 2021
Vitalik Buterin assures a timely launch
The ETH 2.0 is a massive project to make Ethereum scalable and as fast as many centralized payment processors such as VISA and Mastercard. The speculations about the delay in ETH 2.0 launch come from the history of delays in ETH 2.0. The first major step i.e launch of the Beacon chain went through a similar cycle. For the launch of the Beacon chain, a certain number of ETH was required to be staked, and just before a week from the official launch, the amount of staked ETH was far from the target. However, Buterin himself staked millions to fulfill the target.
Now with Buterin himself clearing the air around the possible delay, the crypto community can breathe a sigh of relief. The ETH 2.0 move is highly anticipated and many expect ETH price to reach new ATHs in the run-up to the major upgrade.
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