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- Eth 2.0 is still in the works with various obstacles in its way and preventing its implementation
- Beacon Chain launched has proved as a catalyst in laying the foundation for PoS
- Proof-of-Stake will consume 99.95% less energy and crucial for Eth to overtake Bitcoin as the most famous cryptocurrency
Ethereum reached a milestone when $13 billion worth of ether was locked in for the Proof-of-Stake upgrade. Its co-founder Vitalik Buterin has stated that he had initially planned a three-month work schedule to launch Ethereum. However, it took the team more than 18 months to reap the benefits. Similarly, with its upgrade implementation the co-founder had set a deadline of a year for but it’s been more than six years that it is still under construction. Let us know a little bit more about the upgrade and its obstacles.
Technology was never a concern for Buterin
With the current mining Bitcon’s energy consumption levels, the stakes have risen for Ethereum to do the undoable. Bitcoin consumes a lot of energy that is released in the form of harmful gases in the environment. Moreover, Ethereum uses energy equivalent to Hong Kong’s consumption levels. The Proof-of-Work network is undesirable by most of the organizations and can carry out very few transactions per second when compared to Visa.
Ether’s upgrade to Proof-of-Stake will reduce energy consumption levels by 99.95% and increase the TPS as well. The scaling increase factor is 100 to 1000 which is radical and great according to Buterin. He has also mentioned that internal team conflicts led to several obstacles in the launch which were not analysed initially. Speaking at StartmeupHK Festival 2021 he highlighted the importance of sharding and its uniqueness in increasing scalability.
Team conflicts led to delays
Ethereum’s multi-client approach is acting as a serious bottleneck in its upgrade to Eth 2.0. It will be December 1st 2021 by the time the merger takes place and PoS is efficiently established in the mainnet. The upgrade will provide security to the digital currency that offers financial service and is a prominent network as a digital marketplace for NFTs. The launch of the Beacon Chain in December 2020 was a major milestone that it achieved.
The Chain laid the foundation of a strong and an effective network. However, developments have been marred with internal team conflicts at the organization. The Ethereum upgrade roadmap is debatable not only by its member nodes but all experts viewing the evolution from the outside world. It will help solve scalability issues effortlessly and track down the phases listed in the roadmap.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
