V God: The benefits of Ethereum 2.0 will emerge faster than expected

Ethereum co-founder Vitalik Buterin recently answered some community questions in an “Ask Me Anything” (AMA) session on Reddit.

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Buterin said in an AMA hosted by the Ethereum Foundation’s ETH 2.0 research team on Wednesday that the benefits of ETH 2.0 will emerge sooner than people expect.

Over the years, the Ethereum network has experienced high levels of congestion at various times, depending on the various applications and associated traffic.

CryptoKitties slowed down the Ethereum network in 2017. More recently, decentralized finance activity has clogged Ethereum’s blockchain, resulting in high fees and above-average confirmation times.

ETH 2.0 proposes a scaling solution that could significantly increase the number of transactions per second. It will also move the blockchain to another consensus algorithm called proof-of-stake.

Although the transition has faced some delays, the team said they are currently aiming to launch ETH 2.0 Phase 0 on December 1. The first version of the ETH 2.0 specification was also released, including the address of the mainnet deposit contract for collateral. The deposit contract is one of the final steps in the launch of Phase 0, as it will enable ETH transactions between the original Ethereum and its second iteration.

Buterin said that rollup-centric upgrades, simplified merging, and parallelization of phases are among the major revisions to the ETH 2.0 roadmap that will affect the final network outcome.

Buterin said, “All of these changes are designed to make ETH 2.0 more beneficial to humanity faster.”

In general, scaling has been a hotly debated topic in the crypto space, not only for Ethereum, but also for other assets such as Bitcoin.