Ethereum is soon due for an upgrade to version 2.0, but when is the release date?
With Ethereum 2.0, known as Serenity, ETH will soon transition away from Proof-of-Work (PoW) algorithms – also used by bitcoin – towards Proof-of-Stake (PoS).
See more: Blockchain 2.0 release date
The upgrade will bring about more changes that will, according to Ethereum, 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 slated for a 2019 release, Ethereum 2.0’s first phase launched on 1 December 2020. However, with two phases still to go, the full release is not estimated to happen until 2022.
The most recent information we have for the current ETH plans come from the EIP-4345 Difficulty Bomb Delay. In EIP-4345, developers Tim Beiko and James Hancock propose delaying the difficulty bomb until June 2022. In this proposal, they state the motivations:
During the GitHub discussions of EIP-4345, Beiko revealed further information about the merge. He said:
The full launch of Eth2 is still subject to change, especially after already suffering delays. Despite these delays, the upgrades could happen earlier than expected.
An update on the Ethereum website states:
Ethereum 2.0 is currently live on the testnet, with holders already staking nearly 8 million ETH.
Before this 2.0 upgrade, 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 kickstarted the Ethereum burning of ETH.
In a recent interview with Planet Crypto, DARMA Capital’s Andrew Keys, known also as the Etherum Oracle, said “We’re going to see a full transition to proof-of-stake by mid-Q2 2022.”
Ethereum 2.0 Roadmap
Much like with Cardano’s network upgrades, Ethereum 2.0’s release is staggered into distinct sections: The Beacon Change, The merge, and Shard chains.
The Beacon Change (Phase 0), which implemented the PoS algorithm, first launched in December 2020. Compared to PoW algorithms, PoS is less energy-intensive and is used in Cardano staking. Ethereum Staking is currently being tested, and you can find out how to get involved here.
The next stage is ‘The merge’. This substantial phase will merge the Beacon Chain into the mainnet and see the end of PoW algorithms. ‘The merge’ should happen at some point in 2021.
The final upgrade mapped out for Eth2 will see the implementation of Shard chains. This is slated for 2022. Introducing sharding to Ethereum 2.0 should allow for heightened scaling of Ethereum, as transactions can be split across 64 new chains.
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In a keynote at the Singapore University of Social Sciences, Ethereum’s co-founder Vitalik Buterin described this scaling as “even more important than Proof-of-Stake”.
Of course, Ethereum 2.0’s current plans are not set in stone, with the Ethereum website cautioning:
The next Ethereum update is the Altair Upgrade, set to be the first major update to the Beacon Change since it released. Altair will launch on October 27.
Is Ethereum 2.0 a new coin?
Ethereum 2.0 is not a new coin, and will not change the amount of ETH you hold.
In terms of Ethereum vs Ethereum 2.0, Eth2 is simply an upgrade that will improve the Ethereum blockchain.
It will more likely have an impact on Ethereum miners rather than holders, as the shift to PoS will see ‘staking’ take over from ‘mining’ to approve transactions on the Ethereum blockchain.
READ MORE: Ethereum Difficulty Bomb Date: When Is The New EIP-3354 Date?
[Image by Zoltan Tasi on Unsplash]
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