Devs reveal Ethereum 2.0 launch date, could merge this summer
An upgraded version of Ethereum is on its way. Ethereum 2.0 launch date is likely this summer.
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A new upgraded version of Ethereum called Ethereum 2.0 (Serenity), which has more advanced features than the existing model of Ethereum, is set to be launched soon. According to developers, Ethereum 2.0 launch could happen within August or early September.
Per the core developers, Ethereum 2.0 will offer exciting features such as improved security, low transaction fees, faster processing time, and more sustainability overall. It will also transition the blockchain from a proof-of-work consensus method to a more convenient mechanism known as proof-of-stake. The latter will help achieve the above-listed changes and will likely attract more projects and investors to the chain.
Ethereum 2.0 launch date
Following the first phase launch of Ethereum, the new Ethereum 2.0 might probably launch in 2023, according to experts. Notably, the current version of the Ethereum blockchain is affected by scalability issues. This is the reason transactions on the network are usually expensive and slow. However, the devs have present Eth2 as the ultimate fix for the scalability issue. Now, the community awaits the final merge.
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The very final step to achieving this more scalable network would be by merging the current mainnet with Ethereum 2.0’s Beacon Chain and enabling full staking, while the Ethereum shard chains will launch in 2023, thus increasing the blockchain capacity. Almost all Ethereum testnets have been migrated to Eth2, remaining a few and the mainnet.
After the Ethereum Difficulty Bomb was further delayed in June, Preston Van Loon, an Ethereum Core developer, opined during a conference that Ethereum 2.0 could be a month away from launch. He said, “as far as we know, if everything goes to plan, August. It just makes sense.”
On July 14th, one of the Eth2 team members released a more detailed timeline for Ethereum 2.0 launch this summer. There are still a couple more systems to merge to Beacon Chain before the final Ethereum mainnet merge in September.
It doesn’t end at Ethereum 2.0
Even after the merge, Ethereum 2.0 will still not be complete. The co-founder of Ethereum, Vitalik Buterin, described the present success of the ETH2.
I would say around 50[%]. I’d be willing to go past 60 once the merge is fully complete, and I’d be willing to go past 80 once we have a full sharding implementation.
Vitalik Buterin.
Meanwhile, holders have already staked about 12 million ETH as it’s currently live on the testnet. By becoming a pioneer of this new unique method of consensus, Ethereum would have a great starting advantage over its competitors, which is why investors returned to their fold this week.
Institutions such as JP Morgan have placed Ethereum ahead of bitcoin precisely because of the possibilities the new chain could offer. It’s capable of encompassing DeFi, NFT, and metaverse projects, in a more scalable way.
ETH price update
At the time of writing, the native crypto of the blockchain ETH was up over 8% to $1,580.38 on Coinmarketcap. The market cap now sits around $191 billion.
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