Cryptocurrency News

Even Vitalik Buterin is surprised how long Eth2 is taking

Ethereum visionary co-founder Vitalik Buterin commented on the roadmap for eth2 at a conference in Hong Kong.

Speaking partly in Mandarin at the Virtual Fintech Forum at this week’s StartmeupHK Festival 2021, Buterin said the technology was not the major issue with the world’s largest smart contract network.

He acknowledged that the creation of Ethereum took much longer than he anticipated, as the initial Eth1 blockchain turned an estimate of about three months into eighteen months in reality. The upgraded version is taking a lot longer.

“We thought it would take a year to do a Proof of Stake, but it actually takes six years. If you’re doing something complex that you think will take a while, it’s actually going to take a lot longer. Chances are.”

buterin added There have been several internal team conflicts over the five years that took Ethereum to where it is today. “One of the biggest problems I’ve had with my project isn’t the technical problems, it’s the people-related problems,” he said.

The comments came in a heated conversation with Jehan Chu, co-founder and managing partner of Hong Kong-based blockchain investment and trading firm Keenetic.

Buterin said that Eth2 will be able to achieve the kind of scalability that large-scale enterprise applications expect when rollups and sharding are combined. However, this is not likely to happen until the end of 2022, according to Latest Roadmap Estimates.

According to the eth2 roadmap, the two chains will merge or dock in late 2021 or early 2022 official document Which state:

“Originally, the plan was to work on sharded chains prior to the merger – to address scalability. However, with the boom of layer-to-scaling solutions, the priority was to convert proof-of-work to proof-of-work through mergers. Have moved to convert to steak.”

Phase one, which introduces scalability through sharpening, is expected at this stage no later than 2022.

Buterin said that the current version of Ethereum has largely fallen victim to its own success, as demand pushes network fees to record levels, making most transactions financially impractical for the average user.

On the subject of Eth2, Buterin said that they are using that moniker less frequently because the team wants to emphasize, “It is not eliminating the existing Ethereum platform and creating an entirely new one. These changes are is a more kind of incremental set of.”

Upgrading to Proof-of-Stake has recently become even more necessary with everyone Negativity and FUD Surrounding Bitcoin and its power consumption.

Proof-of-Work Ethereum Blockchain Consumes Energy Equivalent to Hong Kong Digiconomist. In comparison, new Proof-of-Stake network will use about 99.95% less energy.

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