The long wait for the biggest update in the cryptocurrency world is slowly coming to an end. Ethereum 2.0 will move from a Proof-of-Work concept to a Proof-of-Stake. This will happen soon, as the last phase of the upgrade, called Medalla, has been officially launched. That was the statement of the Ethereum Foundation issued just a few days ago. The founder of Ethereum and one of the most famous cryptocurrency personalities ever, Vitalik Buterin, stated that ETH 2.0 should be fully operational by the end of 2020.
The first phase of Ethereum 2.0 development helped create a Proof-of-Stake blockchain network called the Beacon Chain. In this network, users will be able to stake in Ethereum, with a minimum of 32 ETH. This will allow users to receive rewards in the form of an annual interest rate. However, staking requires suitable hardware and software connected to the Beacon Chain, as well as sufficient knowledge of how the technology will work.
But why is there such a big stir around ETH 2.0? The simple answer to this question is the fact that the transition from Proof-of-Work to Proof-of-Stake with such an extensive network as that of Ethereum has not happened before. Moreover, no upgrade of this size will take place in the near future, too. The Ethereum network is so large that it currently runs more dApps than any other cryptocurrency platform combined. That is why the Ethereum Foundation has been preparing for this step for more than 2 years and has undergone countless tests. Due to these tests, the official upgrade date has already been postponed several times, which only highlights the complexity of the transition to Proof-of-Stake. Despite having one of the largest and most stable teams of developers in the cryptocurrency world, the Ethereum Foundation is proceeding very cautiously. Any small bug could complicate the whole upgrade and significantly endanger the whole process.
As this is a "home network" of our project and the Dollero cryptocurrency, we are closely monitoring this process and will certainly bring you more information in the future. However, we consider Vitalik Buterin to be an absolute expert in this field and we are therefore confident that the entire transition will take place without significant problems and that the entire Ethereum network, including Dollero Technology, will benefit from it in the future.