Login to your account

Username *
Password *
Remember Me

Create an account

Fields marked with an asterisk (*) are required.
Name *
Username *
Password *
Verify password *
Email *
Verify email *
Captcha *
Reload Captcha

Ethereum 2.0 Could Be Further Delayed

Written by  Jul 10, 2020

The biggest Ethereum news over the past few months has been all about Ethereum 2.0.

For those that are unaware, Ethereum 2.0 is a new version of the network that will dramatically improve usability, bandwidth, and speed. Developers intend to accomplish this by implementing technologies like Proof of Stake and sharding.

At the Ethereum Asia Supermeetup in March 2019 in Hong Kong, Vitalik Buterin explained:

“[It is] a way to bring technical improvements, like PoS and sharding, together to improve the Virtual Machine, Merkle Trees, the efficiency of the protocol, and a whole bunch of small technical things that you have never heard of.”

Because of the changes it will implement, the upgrade has been deemed one of ETH’s most bullish catalysts. If you ask many investors in the cryptocurrency, in fact, many will cite the upgrade as the reason they are investing.

Yet the Ethereum bull case was just dealt a blow with a recent statement from a prominent community member. This comes as ETH has approached multi-month highs.

Ethereum

Chart of ETH’s price action over the past seven weeks from TradingView.com

Researcher: Ethereum 2.0 May Be Delayed

Coming into 2020 and for most of Q1, the common sentiment was that Ethereum 2.0 was going to go live by July or August of 2020. But this may be changing.

Justin Drake, a researcher at the Ethereum Foundation, said on July 10th that he personally thinks the upgrade’s first phase cannot go live this year.

In a Reddit “Ask Me Anything,” he said that for the upgrade to be smooth, he wants a public testnet, bug bounty, and “attack net.” According to him, all this cannot happen in Q3 2020.

“All the above cannot happen in Q3 2020. With Thanksgiving on November 26 and the December holidays I’d say the latest practical opportunity for genesis in 2020 is mid-November, 4 months from now. As such, I’m now inclined to say that the earliest practical date for genesis is something like January 3, 2021 (Bitcoin’s 12th anniversary).”

Notably, Ethereum founder Vitalik Buterin has politely disagreed with the sentiment. Yet the discourse shows that there is considerable uncertainty about the upgrade.

crypto mixed coinsAlso see: How your business can benefit from using digital currency payment platforms

When It Arrives, It Will Have an Impact

When Ethereum 2.0 arrives, though, analysts expect the upgrade to have a dramatic effect on the market.

Ethereum proponent and investor Adam Cochran shared in April that ETH 2.0 will create “the largest economic shift in society.” He attributed this to staking and other incentives being activated around the upgrade that could force Ethereum higher.

Advertisement

ETH 2.0 is only a few months away, and could prove to be the largest economic shift in society for a few key reasons.

Here is my 7 economic cases for how ETH will preform with the ETH 2.0 rollout. pic.twitter.com/fxIqu07xAb

— Adam Cochran (@AdamScochran) 17th April 17, 2020

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Follow Us

Advertisement
sme logo

Ethereum Price

Popular in Alt Coins

Jun 08, 2020

Tron CEO is to make an exciting announcement today, but what is it?

The CEO/founder of the Tron project, Justin Sun took to Twitter at the end of last month to announce that there will be ...

May 08, 2020

Monero: Private cryptocurrency of the future

Monero is a cryptocurrency for those who value their financial privacy; besides being private it is also decentralised a...

Mar 16, 2020

What is Tron (TRX)?

Tron is a blockchain-based technology that struggles to build a digital content environment using a peer to peer decentr...

Jan 17, 2020

Dogecoin: A bit of Cryptocurrency fun

To make the cryptocurrency market a more fun environment, Jackson Palmer founded Dogecoin as the result of a joke in Nov...

Jan 24, 2020

The History of Ethereum

In late 2013, Vitalik Buterin was working on the Mastercoin project. Being an early Bitcoin enthusiast, he envisioned bl...

Apr 23, 2020

Libra could encourage Crypto adoption say Binance

Crypto industry might really benefit from Facebook's Libra coins adoption, according to recent Binance Research. ...

May 19, 2020

Visa CEO is warming to the Libra project

Payments giant Visa has suggested that its interest in digital currencies is not over, and – although it is still dist...

Feb 03, 2020

The Pros of Dash

We can see that Bitcoin and most cryptocurrencies have evolved since they first appeared some years back, but most of th...

Feb 17, 2020

The EOS and Ethereum battle

Ethereum and EOS are still two of the biggest decentralised platforms that can support smart contracts and DAPS, thus, t...