MEW founder: Ethereum 2.0 still has a long way to go -

MEW founder: Ethereum 2.0 still has a long way to go New

Abstract: Ethereum 2.0 released its beacon chain on Tuesday, marking the project's transition to a PoS mining algorithm. Kosala Hemachandra, founder and CEO of MyEtherWallet, recently explained the next hurdle for Eth2.

Ethereum 2.0 launched its beacon chain on Tuesday, marking the project’s transition to a PoS mining algorithm. Kosala Hemachandra, founder and CEO of MyEtherWallet, recently explained the next hurdle for Ethereum 2.0.

Hemachandra said:

“Basically, after the beacon chain launch, Ethereum will focus on the spec for phase one. It will go through a lot of iterations, similar to phase 0 and a lot of bug fixing. It’s hard to tell what the next hurdle will be because there will be so many problems.”

Eth2 is the result of years of work and multiple delays in order to scale the Ethereum network.

Phase 1 is the next stage in the Ethereum 2.0 process, which Hemachandra believes may not be completed until the end of next year.

Hemachandra said: “From what I’ve seen in the past, I think ETH 1 will take about a year, and then ETH 1.5 should take another six months. Phase 2 will probably take at least a year and a half.”

Prior to the November 24 deadline, validators had locked up at least 524,288 ETH in total. Since then, that number has grown to more than 900,129 ETH.

“ETH price has gone through various phases of ups and downs; however, the development of Ethereum has been stable. I believe it will continue to remain that way and ETH price will not play any role in the development of Ethereum 2.0.”

To coincide with Eth2’s transition to PoS, Coinbase recently announced its plans to launch Ethereum 2.0 staking sometime next year.