Ethereum 2.0 was planned to arrive by the end of 2022.
The Beacon Chain network, on which Ethereum 2.0 will run, is celebrating one year since it was launched.
Beacon Chain, the chain on which Ethereum 2.0 will run, celebrated one year since its activation on December 1, 2020. To celebrate, Vitalik published a roadmap that shows some of the progress that this update has achieved so far. However, the post suggests that Ethereum 2.0 is still behind schedule, delaying its arrival to 2023.
In a TweetEthereum co-creator Vitalik Buterin compiled some trailers currently being worked on on the transition from proof-of-work (PoW) to proof-of-stake (PoS) mining in Ethereum 2.0.
In the diagram, Vitalik points out what is ‘now done’ and is currently operational within Ethereum 1.0, such as the Beacon Chain, activated in December last year, the Altair fork, commission burning, EIP-1559 for rate reduction, and the PoS thin client on Ethereum.
However, something quite striking is the number of stages and modules to be completed for the final activation of Ethereum 2.0. In a first stage, known as the merger (The Merge) where Ethereum 1.0 and 2.0 would coexist in parallel, most of the modules are not yet ready to start this phase. This would prevent a final date from being set for the launch of “the merger”.
In this regard, it is worth bearing in mind that Ethereum 2.0 has already suffered from delays. At first, Vitalik Buterin had announced that the Beacon Chain would arrive in mid-2020, but due to complications in development, the date had to be postponed until the end of the same year.
The rest of the stages, like the merger, mark a clear delay. Justin Drake, another of Ethereum’s main developers, estimated that the merger of both protocols (PoW and PoS) would arrive by 2021. But it seems that it will not happen.
Although some important developments have already been advanced, such as the technical specifications for the merger, a fact reported by CriptoNoticias, many others are still being worked on.
It seems that, for now, the programmers they have avoided talking about a specific date on the finally arrival of Ethereum 2.0.
Why Ethereum 2.0 and Proof-of-Stake Mining
Ethereum is a cryptocurrency network born in 2015, this being a fork of Bitcoin, which offered a novelty such as smart contracts. This particularity meant that, in the last 2 years, Ethereum was in high demand on your network due to the growth of the DeFi ecosystem, NFT, even that of Play to Earn games.
This lawsuit became a headache for commissions. As of today, the network fees in Ethereum are around USD 30, for a particular transfer from one wallet to the other. For the execution of smart contracts the cost is usually much higher. With this level of rates, it becomes unsustainable to use this network normally.
Now Ethereum can currently only process between 12 to 20 transactions per second (TPS), with one block mined every 12 seconds. With the migration to PoS, in theory, the network would be capable of processing more than 100,000 TPS. An exponential increase. This would allow reducing network fees, but due to technical challenges that developers have encountered along the way, the arrival date of Ethereum 2.0 remains to be seen.