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.
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