Is Ethereum 2.0 finally nearing its final stage?
|Slavomír Kaňuk|source|2139x
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Is Ethereum 2.0 finally nearing its final stage?

At the Permissionless decentralized finance (DeFi) conference, the moderator asked in a panel discussion about the long-awaited transition to ETH 2.0 directly Ethereum protocol developer Preston Van Loon. He was particularly interested in the development and implementation timeline of the upgrades, as this transition has been postponed several times. In his response, the developer claimed that everything was going according to plan, and the transition to PoS (Proof-of-Stake) would take place in August this year.


 

Ethereum 2.0 should solve several major problems on the network. The main thing is the scalability of the network, and Vitalik Buterin claims that after the changes, the platform could easily handle up to 100,000 transactions per second. This should happen mainly thanks to 2. layer solutions. The first phase of the upgrade to Ethereum 2.0 was launched at the end of 2020 and was intended to reduce blockchain utilization and high transaction fees. Given that Ethereum is also a home blockchain for Dollero (DLLR), we would be able to talk about these often astronomical fees.

 

Cryptocurrencies quite often face criticism from the point of view of ecology. A huge amount of computing power and therefore electricity is required for their operation. The transition from more energy-intensive PoW (Proof-of-Work) to PoS (Proof-of-Stake) is described as an example of a positive change to a more carbon-neutral consensus. However, PoW proponents on which bitcoin, for example, operates, claim that ETH will gain these benefits at the expense of network security.


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Ethereum co-founder Vitalik Buterin also surprised the crypto world with his recent statement that he wants Ethereum to become a more bitcoin-like system. Such statements are, of course, in contrast to the transition to PoS. There has even been speculation that Vitalik might want to leave Ethereum and work on bitcoin. However, it should be added that given the date of publication, it is possible that this was only an April Fools' Day prank.

 

Buterin's blog post suggests that he might actually internally sympathize with bitcoin maximalism. He argues that while BTC maximalists are often labelled as toxic, but a healthy dose of intolerance is justifiable in the fight to defend the idea of ​​the most honest cryptocurrency. He also expressed his concerns and aimed them mainly at various modern financial blockchain "applications" - for example, NFT monkeys for more than $ 3 million.


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We will probably find out in a few months if the planned changes will directly impact the price of the second-largest cryptocurrency. Currently, ETH is in a similar situation as most of the market and has already lost almost 60% of its ATH at $ 4,800 (last November). At the time of writing, according to coinmarketcap.com, it is trading for $ 1,842.

 

Following the fall in cryptocurrency prices in recent weeks, Vitalik is no longer a crypto billionaire. He became the youngest in 2021 when the price of ETH exceeded $ 3,000. Changpeng Zhao, the well-known Binance exchange founder, loses more than $ 80 billion or 84% ​​of his assets. However, both are certainly not worried about the future of their finances in cryptocurrencies. Like many analysts, they see the current decline only as part of a long-term cycle that will bring them even more in the future.

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