Certainly, Vitalik Buterin indicated that the advantages of ETH 2.0 will come sooner than the crypto community expects. Is it true?
He no doubt also answered a number of questions from the crypto community. All this, in the fifth session of Ask Me Anything (AMA), (ask me anything), on Reddit.
To this end, the session was hosted by the Ethereum Foundation’s ETH 2.0 research team. Specifically, Vitalik Buterin said that he expects noticeable improvements to the network sooner rather than later.
The benefits of ETH 2.0 will come sooner than expected
To better understand, the Ethereum network has suffered periods of great congestion at various times over the years. Depending on the various applications and related traffic.
It is true that, although the transition has seen several delays, the team says it is currently targeting a release date of December 1, for phase 0 of ETH 2.0. Everyone hopes it’s yes.
Can this deadline be reached?
It should be noted, that initial results looked promising, with 14,000 ETH deposited in just the first eight hours. However, the developers have set a total minimum stake of 524,288 ETH from 16,384 validators, as the trigger for the mainnet launch. Known as the beacon chain.
In short, the objective must be met at least seven days before. So by November 24, if this does not happen, the launch will take place seven days after the minimum stake threshold is reached.
It should be clear, that if deposits continue at the current rate, the Ethereum 2.0 mainnet will not launch on December 1. But in the first weeks of 2021.
However, the percentage of participation could change. As November 24 approaches, the growing anticipation may spur more people to deposit their ETH.
Therefore, anyone who wants to participate as a validator on the main Ethereum 2.0 network can start depositing their minimum stake of 32 ETH.
In this regard, Ben Edgington, who advises on the development of Ethereum 2.0, maintains a positive perspective on the launch date of December 1:
“I expect the pace of deposits to accelerate sharply as the deadline approaches. There is little benefit to depositing early, so I think people are taking their time.
He also added: “It is difficult to judge whether there will be enough to cross the threshold in time, but I remain optimistic. If there is a delay in genesis, I hope it is short».
What is Ethereum 2.0?
Indeed, Ethereum 2.0, also known as ETH 2.0, is an update to the Ethereum Blockchain.
It aims to improve the speed, efficiency and scalability of the Ethereum network. Mainly so that you can process more transactions.
To conclude, Vitalik Buterin expressed: «All of these changes are designed to decrease the time until ETH 2.0 becomes useful to people».
I say goodbye with this phrase from Publio Terencio: «When you cannot achieve what you want, better change your attitude».