Updates on Ethereum 2.0
Prior to the release of Ethereum 2.0, the final test has been conducted live. It is the kind of platform that gives you the ability to do transactions based on Proof of Stake (PoS) model. The original blockchain i.e. Ethereum 1.0 enabled the network to conduct 15 transactions per second. Now, the PoS model allows the network to execute 1000 transactions per second. As a result, the time per transaction comes down drastically. In addition, the fees to pay for nodes will be significantly reduced. In effect, it addresses the key issues of scalability and adaptability of the Ethereum chain.
Final Testnet Going Live
With the final testnet going live, it got the media attention. The mock network is named as ‘Medalla’. Within an hour, some sort of stabilization happened in the network. With over 20,000 nodes and 5 clients, it looked promising. From Proof of Work (PoW) to Proof of Stake (PoS) is a huge transition. Users can now hold stakes unlike mining like workers before. This will drive in users who want to have more temporary investment options. With such improvements at stake, the success of the final testnet is crucial. It proves the feasibility of the platform to developers, users and bigger players.
Addresses Scalability and Security
Ethereum 2.0 has been under testing for quite some time now. It is the long-planned upgrade which is supposed to address the issues of scalability and security. People may finally trade higher volumes and make more transactions. Experts predict that the Ethereum 2.0 should come live on mainnet before 2021. It allows the general public to access the network. The testnet’s success is all the more important considering the changes this upgrade will bring to the table. Thankfully, we could finally make that tick in the checklist before the launch of Ethereum 2.0.
The (maybe) final testing of Ethereum 2.0 did return some coding errors. Developers spotted some mission-critical bugs since then. By far, this is the biggest testnet the blockchain has seen. Developers have been troubleshooting some of these elusive bugs. These bugs can potentially cause the nodes to crash. Some sections of the crypto fraternity find the bugs to be minor and of not much concern. These people feel the network will work fine upon being restarted. Moreover, Medalla is in good shape when compared to most other testnets. In addition, users need to understand the features of Ethereum 2.0 before staking their ETH.
Ethereum 2.0 Launch Date
There have been a lot of speculations on the Ethereum 2.0 launch date. People doubt whether it will be delayed after the testnet crash. However, experts believe the launch should happen before 2021. There will be no delays after the small mishap in testnet. This has been confirmed by Prysmatic Labs in their recent blog post. They are affirmative that the introduction of Ethereum 2.0 remains on track. Bitcoin halving has been the biggest news in the crypto world this year. Ethereum 2.0 should headline the crypto space in 2021.