Ethereum will be updated to version 2.0 soon, but when is the release date?
With Ethereum 2.0, known as Serenity, ETH will soon move from proof of work (PoW) algorithms, also used by Bitcoin, to proof of stake (PoS).
The update will bring more changes that Ethereum says will make the coin “more scalable, more secure, and more sustainable.”
So how long will we have to wait for Eth2?
Ethereum 2.0 release date
Initially scheduled for a launch in 2019, the first phase of Ethereum 2.0 was launched on December 1, 2020. However, with two phases still to go, it is estimated that the full launch will not occur until 2022.
The most recent information we have for current ETH plans comes from the EIP-4345 Difficulty Bomb Delay. In EIP-4345, developers Tim Beiko and James Hancock propose to delay the difficulty bomb until June 2022. In this proposal, they state the motivations:
Aiming for The Merge to occur before June 2022. If it’s not ready by then, the bomb may be delayed further.
During the GitHub discussions about EIP-4345, Beiko revealed more information about the merger. He said:
Although the fusion tests are going well, they won’t happen until the difficulty bomb goes off again (early December, per EIP-3554). We’re not ~ 1 month away from having customer launches ready for the merger, so we need to roll back the bomb.
Eth2’s full release is still subject to change, especially after experiencing delays. Despite these delays, updates could happen earlier than expected.
An update on the Ethereum website says:
Eth2 researchers are working on ways to speed up the fusion. It will probably happen sooner than expected. More soon.
Of course, even after the merger, Ethereum 2.0 will not be complete. In an interview with the Bankless podcast, Vitalik Buterin described the current progress on Eth2:
I’d 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 shard implementation.
Ethereum 2.0 is currently live on the testnet, and holders are already staking almost 8 million ETH.
Prior to this 2.0 update, Ethereum received another update at the London hard fork on August 5, 2021. This update implemented EIP-1559, which changed Ethereum’s transaction fee system and started burning Ethereum from ETH.
In a recent interview with Planet Crypto, Andrew Keys of DARMA Capital, also known as Etherum Oracle, said: “We will see a complete transition to proof of stake in the middle of the second quarter of 2022.”
Ethereum 2.0 roadmap
As with the Cardano network updates, the Ethereum 2.0 release is staggered into different sections: The Beacon Change, The merge, and Shard.
The beacon switch (phase 0), which implemented the PoS algorithm, was first released in December 2020. Compared to the PoW algorithms, PoS consumes less power and is used in Cardano stakeout. Ethereum Staking is currently being tested, and you can find out how to participate here.
The next stage is ‘The Fusion’. This substantial phase will merge the Beacon Chain into the mainnet and see the end of the PoW algorithms. The ‘merger’ should occur sometime in 2021.
The final planned update for Eth2 will see the implementation of Shard chains. This is scheduled for 2022. The introduction of sharding in Ethereum 2.0 should allow for a greater scale of Ethereum, as transactions can be split into 64 new chains.
In a keynote address at Singapore University of Social Sciences, Ethereum co-founder Vitalik Buterin described this scale as “even more important than Proof of Stake.”
Of course, the current Ethereum 2.0 plans are not set in stone, and the Ethereum website cautions:
This is how we see what is happening based on the information available. But this is technology, things can change in an instant. So please don’t read this as a compromise.
The latest Ethereum upgrade was Altair Upgrade, which will become the first major Beacon Change upgrade since its launch. Altair launched on October 27.
Is Ethereum 2.0 a new currency?
Ethereum 2.0 is not a new currency and it will not change the amount of ETH you have.
In terms of Ethereum vs Ethereum 2.0, Eth2 is simply an upgrade that will improve the Ethereum blockchain.
It is more likely to impact Ethereum miners rather than headlines, as the switch to PoS will see ‘participation’ supersede ‘mining’ to approve transactions on the Ethereum blockchain.
READ MORE: New Cryptocurrency Launches in 2022: What New Cryptocurrencies Will Arrive in 2022
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Ethereum 2.0 Release Date: When is Eth2 Released?