Scalability trilemma implies that to scale, blockchains usually need to sacrifice one of their three fundamental cornerstones — security or decentralization, or transaction throughput.
‘Huge testing milestone’ for Ethereum: Ropsten testnet Merge set for June 8
“Merging Ropsten is a huge testing milestone towards Ethereum’s mainnet merge later this year,” said Preston Van Loon, an Ethereum core developer at Prysmatic Labs.
Ethereum strives to migrate into a brighter future: Report
Can Ethereum’s rebrand from Eth2 help manage the high expectations, and what can be expected from the Migration? Cointelegraph Research unveils its report.
Ethereum Merge a ‘few months after’ June: Dev clears up what’s going on
“It won’t be June, but likely in the few months after. No firm date yet, but we’re definitely in the final chapter of PoW on Ethereum,” said developer Tim Beiko.
Ethereum’s ‘consensus layer’ contract hits 10M ETH staked
The migration to the proof-of-stake consensus appears to be progressing well by all numerical accounts, potentially signifying an anticipatory demand for the network’s long-awaited upgrade.
LUNA flips Ethereum becoming second largest network for staked value
Data shows that there are currently 226,325 stakers accounting for $29.5 billion worth of locked up LUNA which has propelled the network into second place for staked value.
Eth2 is no more after Ethereum Foundation ditches name in rebrand
“By removing Eth2 terminology, we save all future users from navigating this confusing mental model,” the Ethereum Foundation stated.
Eth2’s Rocket Pool reaches $350M TVL and 635 node operators in five weeks
“In the staking market, there was significant latent demand for a decentralized option — it just needed our launch to spark an inferno,” said Rocket Pool general manager Darren Langley.
Status check: Ethereum in full deflation mode as Eth2 merge gets closer
Focus is now “exclusively on The Merge,” says Ethereum community manager as the deadline for the next stage of the transition to Eth2 grows closer.
Ethereum 2.0 inches closer with the Beacon Chain’s Altair upgrade
The Altair upgrade later this month will be the first update to the Beacon Chain, marking the first preparatory move for the upcoming Merge.
Rocket Pool delays launch after vulnerability discovered by rival
Staking provider Lido was also found to be vulnerable to the bug that has delayed the launch of the Eth2 staking service Rocket Pool.
Eth2 staking contract ranks as single-largest Ether hodler with $21.5B
The Eth2 staking contract is now the single-largest address by Ether holdings.
3 reasons why Ethereum is unlikely to flip Bitcoin any time soon
For years analysts have predicted that ETH’s market capitalization will flip BTC’s but data shows it’s still nothing more than a guessing game.
Ethereum London hard fork goes live
The much-talked-about London upgrade has finally happened on the Ethereum network as ETH arguably moves closer to becoming a deflationary asset.
3 reasons why Ethereum price might not hit $5,000 anytime soon
Ethereum price might be bullish in the short term but there are a handful of factors that could keep the price pinned in its current range.
‘Ethereum Improvement Proposal 3675’ for the Eth2 merge launches on Github
The coming Eth2 Proof-of-Stake chain merge now has an Ethereum Improvement Proposal.
Sygnum becomes first bank in the world to offer Eth2 staking
Sygnum emphasized the robust DeFi ecosystem being built on Ethereum.
Ethereum 2.0 Contract Reaches 100,000 ETH Milestone
A recent post on CryptoQuant by TemptingBeef has confirmed that the number of staked Ethereum on the ETH 2.0 deposit contract has now exceeded 100,000. This means that the number of staked ETH is now more than 5% of the amount of Ethereum that is currently in circulation.
Chart showing the amount of staked ETH over time | Source: TemptingBeef on CryptoQuant
ETH 2.0 has been in the pipeline for a number of years now. Hopes were that an Ethereum proof of stake would be unveiled in 2020. But developers want to make sure that the network was completely safe before they rolled it out. Users wait in anticipation for the announcement of release dates as it looks like the release will be delayed again due to it not being ready yet.
People Are The Reason For The Delays
According to Ethereum’s founder Vitalik Buterin, the biggest problem causing the delays with ETH 2.0 has not been technical problems of any kind. But have been the people working on it.
The CEO pointed out that the project is ravaged by internal conflicts. Leading to delays in finishing up the project.
Related Reading | Cardano Founder: Ethereum Will Overtake Bitcoin
The ETH 2.0 is a response to the growing criticism of the power consumption of the proof of work systems used by coins like bitcoin, with the blockchain requiring miners’ computers to solve complex mathematical problems to approve transactions. This requires high computing power from computers. Which translates to high energy consumptions by the mining operations.
Ethereum 2.0 is going to reduce network fees and increase transaction speeds. This will be done by providing scalability to the Ethereum network. It is also expected to use 99.95% less energy than proof of work protocols like the bitcoin blockchain.
This is a staggering number when compared to the amount of energy that mining currently uses. It is estimated that bitcoin currently uses more energy annually than entire countries like the Netherlands and Argentina.
It is no surprise then that there is a rush to find more energy-efficient ways to mine cryptocurrencies. Mining activities are a big concern when it comes to the pollution created by fossil fuel-based energy consumption.
Ethereum trading below $2,000 as ETH 2.0 hits milestone | Source: ETHUSD on TradingView.com
The anticipated move from PoW to PoF with ETH 2.0 has been further delayed to 2022. Expectations were that the transition would be done this year. As was announced back in 2020. But it seems that investors will just have to wait another year for the move.
Benefits Of Ethereum 2.0
Ethereum 2.0 is going to eliminate the bottlenecks that are currently present in the network. Things like high gas fees during high traffic hours will be eliminated. Transactions will be faster regardless of how congested the network is. And faster transaction speeds means fewer network congestions.
It will also increase the security in the network. Providing more scalability and throughput.
But the primary advantages lie in the energy efficiency of the network.
The first part of the ETH 2.0 is the Beacon Chain, which is currently live now. This is what allows users to stake their coins for new ETH rewards.
Related Reading | Ethereum to $20,000? Factors Behind The Bold Call
The Merge will come after this. This is when the main net merges with the Beacon Chain. This is estimated to happen in 2021. But for now, there are no definite dates given for when this will happen.
Finally will come the shard chains. It will enable Ethereum to process more transactions. And it also increases the capacity of the network to store data.
Shard chains will gain more features as time goes on. These features will be rolled out in multiple stages.
As for holders of Ethereum, rest assured that their coins will be safe in the move from ETH 1.0 to ETH 2.0. All of the data history, transaction records, and asset ownership of ETH coins will remain. Just that new transactions will be carried out on the new network.
Featured image from Bitcoin Market Journal, charts from CryptoQuant, TradingView.com
Even Vitalik Buterin is surprised at just how long Eth2 is taking
Ethereum co-founder cites people problems as one of the obstacles to progress.
ETH price regains $4K as possible Ethereum 2.0 ‘full validator’ count hits 17-month low
Glassnode data reveals that the number of Ethereum addresses holding at least 32 ETH declined steadily in recent months.