The current version of Ethereum won’t last forever. There’s expected to be an upgrade from the current version to Ethereum 2.0. But when will this happen?
With Ethereum 2.0 referred to as serenity, there will be inevitable changes to see ETH move from Proof-of-Work algorithms (PoW) to Proof-of-Stake (PoS). These changes will ensure the currency is more scalable, sustainable and secure for its users.
So when should we expect Ethereum 2.0? Read on to find out.
Ethereum 2.0 Launch Date
Even though Ethereum was greatly slated in 2019 for its failed launch, it made a comeback in 2020 with its first phase launch. However, with two introduced phases still expected, we can only expect the full launch somewhere in 2023.
After that, the next step will eventually be to integrate Ethereum 2.0’s Beacon chain with Mainnet for adequate and complete stacking. And once that is done, you’ll need to wait for Ethereum shard chains to launch in 2023 to increase the blockchain magnitude.
If you’re keen on using Ethereum 2.0, you’ll have to halt your ambitions until the merge is completed. Twitter developer Tim recently identified yet another delay in the next phase after clearly pointing out that the merge wouldn’t push through in June, as earlier stated.
Tim stated, “The merger won’t be in June but most likely a couple of months after. However, there’s no exclusive date, but we’re in the closing stage of the Proof of Work on Ethereum.”
Tim stated that most people don’t invest in Ethereum mining equipment, with the Ethereum support being scheduled later.
According to the information availed to the public, the merge date was expected to be June 2022 (due to the Ethereum strategy of EIP-4345 challenging bomb delay). Following this delay, Tim and James Hancock stated, “We’re expecting the merger to happen before June 2022 and if that’s not the case, then expect the bomb to be delayed further.”
Similarly, Beiko revealed during the GitHub discourse that “despite the merge trials being on the right track, it won’t happen until after the bomb goes off (early December). Don’t expect it in one month as we’re not close to the launch, so the bomb needs to be pushed back once again.”
The launch continues to be delayed even after the merge has been done and dusted.
Vitalik stated, “It is 50%, and I will be tempted to say 60% when the merge is complete. I’ll also be willing to go to 80% once we have details on the sharding implementation.”
Ethereum 2.0 went live with testnet and stated that users had accumulated approximately 11 million ETH. Before the Ethereum 2.0 upgrade, a similar update was dubbed London Hard Fork in 2021. The update incorporated EIP-1559, which transformed Ethereum transaction cost and system and started Ethereum burning of ETH.
In a discourse with Planet Crypto, Andrew Keys of DARMA Capitals stated, “We’re about to witness changes by mid-2022.”
Ethereum 2.0 Plan
Like the Cardano’s upgrades, the long-awaited Ethereum 2.0 launch can be broken down into three sections: the merge, the Beacon chain and the shard chains.
The Beacon chain phase, which incorporated the PoS algorithm, was introduced in 2020. Compared to Proof-of-Work algorithms, Proof-of-Stake falls behind as it comprises less energy and is mainly used for staking Cardano. Note that Ethereum staking is currently being tested.
After the Beacon stage, we move on to the merger, mainly for merging the Beacon chain to the mainnet for the ultimate ending of Proof-of-Work algorithms. The closing upgrade in place for Ethereum 2.0 will incorporate the shard chains. Sharding is mostly for ensuring the heightened scaling of Ethereum as it can be distributed among 64 chains.
One of the Ethereum co-founders, Buterin Vitalik, delivered a keynote address at the University of Singapore and described scaling as way more integral than Proof-of-Stake. And now that numerous NFT projects are being launched, the demand for the blockchain is rapidly increasing, which will be essential for Ethereum.
Of course, the plans for Ethereum are not static and can be altered at any moment. The Ethereum website stated that “the changes out there are due to technological change, so it shouldn’t be made a commitment.”
The current Ethereum update is the Altair set to be incorporated in the Beacon chain. The Altair update was introduced on October 27.
Does Ethereum 2.0 Qualify As A New Coin?
We’re all waiting on Ethereum 2.0 to be introduced. However, this doesn’t mean it’s a new coin. Thus, it won’t interfere with the amount of ETH you currently have in your wallet. Instead, Ethereum 2.0 is simply an upgrade to Ethereum to improve its blockchain.
This upgrade will most likely affect the miners and not the holders, as many think the move to Proof-of-Stake will see staking assume its duties from mining to effectuate Ethereum blockchain transactions.