Anyone who has followed Ethereum throughout the years of its launch knows the history of broken promises, missed deadlines, and spotty communication about future plans.
According to the latest announcement, Ethereum’s latest upgrade, Eth 2.0, needs around 524,000 ETH by November 24, 2020, in order to launch on December 1, 2020. The report highlighted that at present, Ethereum 2.0 is only 18% ready for the launch, and if the full amount isn’t deposited in time, the project will face further delays.
ETH 2.0 Upgrade: Shift from Pow to PoS
With its continuous efforts, Ethereum developers seem to bring huge evolution progress in the blockchain space. ETH2 is built by nine different engineering teams, where teams are funded by the Ethereum Foundation and the Ethereum community.
Ethereum’s latest version aims to bring improvements in several ways by shifting from Proof-of-work(PoW) to a Proof-of-Stake(PoW) consensus mechanism.
Unlike PoW that relies on physical computing power and electricity to build blocks on the Blockchain Network, PoS relies on validators and deposits of Ether.
EHT2 will not only improve transactional speed but will improve upon the scalability and programmability of the blockchain itself, with no settlement on security. The upgrade is expected to increase the transaction speed from 15TPS to thousands of TPS.
Project May Face Delays Further
Although Ethereum developers and technocrats remain optimistic about Ethereum next iteration, that is expected to arrive on Dec 1, 2020, but as of now, that doesn’t seem particularly practical.
Dune Analytics reports that as of now, only 95,648 ETH has been committed to Eth 2.0’s deposit contract, and in order to begin operating from Dec 1, 2020 it needs 524,000 ETH more.
It was also highlighted that the launch that is expected to take place on Dec 1, 2020 only marks the beginning of its phase upgrade and won’t switch everything over to a Proof-of-stake. Eth’s first phase, ‘Phase 0’, will lay the groundwork for Ethereum’s PoS future while keeping the existing PoW model intact. It seems like if people don’t keep staking ETH, the project will face delays again, and the future could be a decent way off.
According to Danny Ryan’s blog post, the project’s “genesis” will only be triggered only if the adequate ETH is in the contract seven days ahead of the launch.