Will the next bull market start in the second half of the year? Ethereum 2.0 Staking will be enabled as early as July

Looking back at the recent bull market, it seems to be related to Ethereum. It can even be said that Ethereum is the engine of the bull market. At the same time, Ethereum is also the vane of blockchain technology, and it seems to always bring a new wave of technology. From IXO, to Dapp, to Staking, and now the hottest DeFi, Ethereum has always been in a dominant position. Even the king of cryptocurrency, Bitcoin, has to give way to it in terms of technology application. Ethereum 2.0, which will be launched in 2020, is the largest technological transformation in its history. The community has high expectations for it, and therefore it is regarded by many as the beginning of the next bull market.

summary:

• According to Eth 2.0 client developers, Ethereum 2.0’s staking program could be enabled as early as July 2020.

• The Beacon Chain, the first “main layer” of Eth 2.0, could be launched in “weeks or months.”

• Eventually, the current Ethereum chain (the PoW chain) will become one of the 64 shards in the new Eth 2.0.

• Speaking at the Ethereal Virtual Summit today, Ben Edgington from Eth 2.0 client operator Teku said the proof-of-stake (PoS) aspect of the much-anticipated Ethereum 2.0 network upgrade could go live as early as July 2020.

“The Beacon Chain is the starting point on the road to Ethereum 2.0. It’s a sustainable proof-of-stake (PoS) chain. It’s probably going to come in a few weeks to a few months. . . But I’m 80-90% confident it’s going to be live in the third quarter of this year,” Edgington said during a panel discussion moderated by Evan Van Ness of Week in Ethereum News.

The Beacon Chain is a major milestone in Phase 0 of the Ethereum 2.0 roadmap. The Beacon Chain will become the main chain of Ethereum 2.0 and will operate on a Proof of Stake (PoS) consensus mechanism. This means that users can help secure the network by staking tokens (locking up their coins) on Ethereum 2.0 and receive regular payments based on the amount staked.

As Will Villanueva, who also spoke at Ethereal, explained, the next milestone in the Ethereum 2.0 roadmap is Phase 1. This involves implementing sharding, which is the creation of 64 shards, each with a data capacity of 500 kb. For context, the current block size on a single Ethereum chain is about 25 kb. Sharding will allow more transactions to be processed on the network.

Phase 1.5 of the Ethereum 2.0 implementation plan will see Eth 1.0 merge with Eth 2.0, with the current Ethereum blockchain becoming one of the 64 newly formed shards.

In the 2.0 phase, various applications and networks on the Eth 2.0 chain begin to communicate. According to Villaneuva, the nature of these applications may be very different, and may include the likes of Libra, UTXO blockchains such as Bitcoin, and will also include the Eth 1.0 old chain.

As Edgington reminded the audience during his Ethereal talk, this is where the real difficulty for Eth 2.0 begins. “Interoperability is much harder than single-client testnets,” Edgington said. “These multi-client testnets reveal all kinds of subtle inconsistencies that are exciting.”

The more new developments Eth 2.0 makes, the closer it gets to success.

Link to this article: https://www.8btc.com/article/593510
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