The Ethereum 2.0 Beacon Chain was released on Tuesday, pressed to switch the project from being proof-of-work to a proof-of-work mining algorithm. MyEtherWallet founder and CEO Kosala Hemachandra announces the next hurdle for ETH 2.0.
“I think the question here should be: what is the next hurdle for ETH 2.0?”
After the launch of Beacon chain, Ethereum is mainly a 1. It will focus on stage characteristics. Many iterations and bug fixes will be made similar to phase 0. Because there will be many problems, it is difficult to determine which will be the next obstacle.”
ETH 2.0, which aims to scale the Ethereum network, was launched after years of work and several delays. Tuesday, November 24, the verifiers deposited the amount of Ether (ETH) needed for Beacon chain to be released. The next stop in Ethereum 2.0’s progress will be Stage 1, and Hemachandra thinks this stage may not be finished until the end of next year.
Hemachandra said, ” based on what I have seen in the past, I think Stage 1 could last about 1 year and stage 1.5 another 6 months. Phase 2 can last at least 1.5 years, “he said.
The verifiers deposited 524,288 Ether into the ETH 2.0 deposit contract by November 24. That number has since risen to 900,129. This amount is about$ 540 million, with ether’s watch of about $600 per translation release time.
On the other hand, it is also curious how price will play a role in the development of ETH 2.0. “One thing I love about Ethereum developers is that they don’t act on Ethereum Price, ” MyEtherWallet CEO said. Everyone I know is motivated to take ETH 2.0 to the next level. Although Ether price has been through periods of ups and downs, the development of Ethereum has shown continuity. I believe that this will continue to be the case and that the price of Ether will not play any role in the development of ETH 2.0, ”he said.