There appears to be a lot of misconceptions and confusion surrounding the upcoming Ethereum 2.0. Its mostly caused by the still under development design, changing specifications and no specific date for deployment.
Community participant at Whiteblock and crypto analyst Trenton Van Apps published a list of such things recently, along with reasons as to why they aren’t true.
Ethereum 2.0 Won’t Launch
Ethereum 2.0 is in development and the first phase (Phase 0) is slated to deploy by May 2020. The research, testing and development of the Eth2 blockchain is in full swing and there’s no indication that there’s a delay of any kind. Testnets are being deployed and validated. The deposit contract has been verified and audited, meaning that it can be deployed. The activity on the Ethereum network is hard to ignore and developers are working hard to ensure that the new blockchain launches on time.
Launch Of Ethereum 2.0 Will Immediately Render the Current Ethereum Blockchain Worthless
The current Ethereum blockchain and the Eth2 blockchain will exist side by side, before eventually merging with each other. This will include all Decentralized Applications (DApps), Decentralized Finance (DeFi) protocols, Decentralized Autonomous Organizations (DAOs) and tokens currently active on the Ethereum blockchain.
To facilitate this, Eth2 has been split across different phases, to ensure a slow but smooth transition to the new network. During this, Ethereum blockchain will continue normal functioning, until such time the developers believe and are able to prove that the merging of both blockchain and transition to the new network can occur without any issues. There is a clear security minded and risk management approach from the Ethereum teams/other developers for this. The study, risks and trade-offs are being examined by different teams working on Ethereum 2.0 blockchain. Further, different teams are working in parallel, ensuring fast progress and clear assessment of functional problems.
Two Tokens Would Exist On Ethereum Blockchain
There is a clear misconception that two tokens would exist in the future, the current Ethereum token and the one for Ethereum 2.0 blockchain. This is simply not true. Since, Ethereum 2.0 is planned to have a smooth transition and all assets on Ethereum main-net today will move there.
This arises from the facts that some blockchain networks have effectively split into two following hard forks – which usually brings major changes and enhancements. Such as Ethereum and Ethereum Classic following the DAO hack. However, that was a contentious and controversial decision. However, in the case of Ethereum 2.0, the upgrade to Proof of Stake and sharding is being anticipated and isn’t a result of any controversial or contentious decision.
After the Beacon Chain launch, but before the Eth1 integration, Ethereum (ETH) token will be performing similar functions, just separated into two domains. Over time, these will converge into the same fungible market.
All Decisions Are Being Made By Ethereum Co-founder Vitalik Buterin
Ethereum blockchain or any other true decentralized network isn’t a one man show and it isn’t possible that it is being run on the whim of a single person. Vitalik Buterin, despite being the co-founder, prominent and a major contributor is just one person, while a large number of other developers and teams are working on the network.
The participation is carried out through developer calls, GitHub issues, formal updates, informal updates and many other channels. Hence, there is a clear decentralized approach being implemented in the research and development of new improved blockchain.
Ethereum 2.0 Will Fix All Current Problems
There are a few problems and trade-offs inherent to the blockchain networks and Ethereum 2.0 can’t possibly be expected to fix all of them. It surely will be more developed and improved version of the current Ethereum network, but there is no magical fix. The challenges would remain, but this is surely is a step in the right direction.
It is super easy to buy Ethereum. Just take a look at our exchange comparison!
Follow us on Social Media and subscribe to our free crypto newsletter!
@Telegram
@Instagram
@Twitter
@TikTok
@Facebook
Diskutiere mit uns!
This post may contain promotional links that help us fund the site. When you click on the links, we receive a commission - but the prices do not change for you! :)
Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
You might also like
More from Blockchain
Dogecoin Surpasses Bitcoin In Historical ROI, Why Did It Happen?
Dogecoin has had an insane run lately, the dog themed meme-coin is up almost 776% in the past 30 days. …
Ethereum Scalability New Era Begins As OKEx Integrates Arbitrum L2
A new era in Ethereum scalability has arrived. OKEx - the leading crypto-exchange announced on May 3 that it was …
Samourai Wallet Joins Haveno In A Bid To Facilitate Monero-Bitcoin Swaps
The privacy fans in the crypto-community are in for a treat, as the famed Samourai Wallet has decided to join …
