Ethereum 2.0 released its Beacon Chain on Tuesday, marking the project’s transition to the Proof-of-Stake Algorithm (PoS) for its acronym in English. With phase 0 now in the rearview mirror, the founder and CEO of MyEtherWallet, Kosala Hemachandra, recently declared the next hurdle for Eth2.
“I think the question should be, what is not the next hurdle for ETH 2.0?” Hemachandra said to Cointelegraph, adding:
“Basically, once the beacon chain starts, Ethereum will focus on the Phase 1 specs. It will go through a lot of iterations that are similar to Phase 0 and tons of bug fixes. It’s difficult to define anything specific like the following obstacle, there there will be many “.
To improve the scalability of the Ethereum network, Eth2 is the result of years of work and numerous delays. Last with a deadline of November 24th, The examiners have deposited enough ether coins (ETH) to enable the start of the beacon chain on Tuesday. thanks to several last minute transfers. Phase 1 is the next in Ethereum 2.0 development, which Hemachandra believes may not end until late next year.
“With what I’ve seen in the past, I think ETH 1 will take about 1 year, then 1.5 should take another 6 months”, Said Hemachandra. “Phase 2 could take at least a year and a half.”
Compliance with the November 24 deadline means that the examiners have blocked at least 524,288 ETH in total. Since then, This number has grown to over 900,129 ETH. Since the asset was around $ 600 at the time of this writing, The 900,129 ETH amount to around 540 million US dollars.
Since ETH is a tradable asset that is involved in the entire test, Anyone might be wondering what role price plays in developing Eth2. “One thing I like about Ethereum developers is the fact that they don’t depend on the price of ETH,” he said, adding:
“Everyone I know is equally motivated to reach ETH2 and advance it to the next phase. The ETH Prize has gone through several phases with ups and downs, but the development of ETH has always been very consistent. I think so will continue to do so. ” and the price of ETH will not play a role in the development of Ethereum 2.0. “
In line with the transition from Eth2 to PoS Coinbase recently announced its plan to launch Ethereum 2.0 sometime next year.