‘95% Confidence’: Ethereum Developers Pencil In July 2020 for Eth 2.0 Launch

‘95% Confidence’: Ethereum Developers Pencil In July 2020 for Eth 2.0 Launch 1

Ethereum’s next system-wide upgrade, Eth 2.0, won’t launch in Q2 2020 as expected, but researchers remain confident the initial network parameters will deploy in 2020. Anything less would be considered a “failure,” they said.

In an “Ask Me Anything” Reddit discussion held Wednesday, the Eth 2.0 team said the network won’t launch until three clients can run testnets consistently for a minimum of eight weeks. AMA participants included ethereum co-founder Vitalik Buterin and Eth 2.0 researchers Danny Ryan and Justin Drake.

“I have 95% confidence we will launch in 2020,” Drake wrote.

Eth 2.0, the next iteration of the world’s leading smart-contract blockchain, promises higher transaction throughput and a new security model under Proof-of-Stake (PoS). Often called Serenity, Eth 2.0 has been in the works since ethereum’s launch in 2015 but has been slow to get off the ground due to the highly technical nature of the endeavor. 

Coinbase 3

The launch for Eth 2.0 was first slated for January 2020 and then an undisclosed date in Q2 2020. Developers are now eyeing the network’s fifth anniversary, July 30, 2020, for Eth 2.0’s debut.

“Phase 0 will certainly launch in 2020. Audits are out and testnets are getting stronger every week,” Ryan said in the discussion thread. “I don’t see a reality in which Phase 0 does not launch in 2020.”

Ryan and Buterin said they believe Eth 2.0 could deploy Phase 0, the Beacon Chain, which acts as a general manager of Eth 2.0’s PoS system, on only two stable clients. Other Eth 2.0 researchers are opting for a more conservative approach, however.

At the time of ethereum’s debut in 2015, the Parity client launched after Geth, leading to the validator set swinging disproportionately toward the latter client, at an 80-20 tilt, Drake said. “Parity never managed to catch up with Geth,” he added.

Regardless of the launch date, Phase 0 and Phase 1 are 99 and 90 percent complete, respectively, Ryan said. Phase 1 will link ETH holders who have staked their assets to the Beacon Chain, joining the ribs to the backbone of the new network.

Third-party code audits and testnets – such as a lite client capable of being run on an Android smartphone demoed by Ethereum developer Nimbus on Tuesday – remain the outstanding tasks, Eth 2.0 researcher Diederik Loerakker said.

Spring cleaning

The coming months should also feature one major update for ethereum coin holders looking to participate in Eth 2.0’s launch: staking contracts.

As a PoS network, asset holders are rewarded for pledging their coin holdings to protect and validate the network. Eth 2.0 will require 32 ETH, currently valued around $6,400, to participate as a validator.

Contracts for staking ether (ETH) are under audit with an announcement expected this spring at a major ethereum event, Ryan said. The team said the number of validators could run into the millions with one researcher claiming up to 10 percent of ether’s supply, which has a current market cap of $23 billion, could be staked on Eth 2.0.

Finally, the Eth 2.0 team continues to examine how to package the current ethereum network, a Proof-of-Work (PoW) network, into Eth 2.0.

Dubbed “Eth 1.5”, two options have been proposed: transitioning Eth 1.x into “stateless clients,” as detailed in a December blog post from Buterin, or merging Eth 1.x into the Eth 2.0’s Beacon Chain “as is.”

In short, the current ethereum blockchain can either be trimmed into digital receipts proving the authenticity of old PoW transactions or Eth 1.x can work within Eth 2.0 through interoperability bridges until the new chain is fully built out.

As Buterin noted, the former option – digital receipts – seems to be “the way the wind is blowing.” Still, significant challenges remain such as the “technical viability” of stateless clients and the “megabyte-size blocks every 13 seconds that they would entail,” Buterin said.

Disclosure Read More

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

‘95% Confidence’: Ethereum Developers Pencil In July 2020 for Eth 2.0 Launch 2
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 39,075.00
ethereum
Ethereum (ETH) $ 2,621.52
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 329.83
cardano
Cardano (ADA) $ 1.36
xrp
XRP (XRP) $ 0.719950
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.198784
polkadot
Polkadot (DOT) $ 18.45
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 39,075.00
ethereumEthereum (ETH)
$ 2,621.52
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 539.32
litecoinLitecoin (LTC)
$ 141.44
bitcoinBitcoin (BTC)
32.884,50
ethereumEthereum (ETH)
2.206,20
tetherTether (USDT)
0,841574
bitcoin-cashBitcoin Cash (BCH)
453,88
litecoinLitecoin (LTC)
119,03
bitcoinBitcoin (BTC)
28,124.43
ethereumEthereum (ETH)
1,886.85
tetherTether (USDT)
0.719755
bitcoin-cashBitcoin Cash (BCH)
388.18
litecoinLitecoin (LTC)
101.80

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

blank
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin39,194 0.47 % 2.33 % 0.30 %
Ethereum2,643.5 1.30 % 5.12 % 15.31 %
Tether1.000 0.04 % 0.14 % 0.29 %
Binance Coin331.13 0.63 % 2.82 % 5.63 %
Cardano1.360 0.12 % 1.63 % 7.19 %
XRP0.7246 0.58 % 1.25 % 12.81 %
USD Coin1.000 0.15 % 0.17 % 0.13 %
Dogecoin0.2000 0.41 % 1.43 % 2.24 %
Polkadot18.60 0.73 % 6.72 % 29.86 %
Binance USD1.000 0.30 % 0.35 % 0.32 %

bitcoin
Bitcoin (BTC) $ 39,693.00
ethereum
Ethereum (ETH) $ 2,723.83
tether
Tether (USDT) $ 0.999726
binance-coin
Binance Coin (BNB) $ 335.12
cardano
Cardano (ADA) $ 1.38
xrp
XRP (XRP) $ 0.730268
usd-coin
USD Coin (USDC) $ 0.999099
dogecoin
Dogecoin (DOGE) $ 0.201124
polkadot
Polkadot (DOT) $ 19.22
uniswap
Uniswap (UNI) $ 23.55