Ethereum 2.0 launched its Beacon Chain on Tuesday, the project’s transition to a proof-of-stake, or PoS, mining algorithm. With Stage 0 now in the rearview mirror, MyEtherWallet founder and CEO Kosala Hemachandra recently explained the next hurdle for Eth2.
“I think the question should be, what’s not the next hurdle for ETH 2.0,” Hemachandra told Cointelegraph, adding:
In short, after the launch of the beacon chain, Ethereum will focus on phase 1 specifications. It will go through many iterations, similar to phase 0, and numerous bug fixes. It is difficult to define a specific problem as the next hurdle as there will be many. “
Eth2 is aimed at scaling the Ethereum network and is the result of years of work and numerous delays. Most recently, with a deadline of November 24, validators have deposited enough Ether (ETH) coins to facilitate the launch of the Beacon Chain on Tuesday, thanks to several last-minute transfers. Phase 1 comes after in the progression of Ethereum 2.0, which Hemachandra believes won’t end until the end of next year.
“From what I’ve seen in the past, I think ETH 1 will last about 1 year, and 1.5 should take another 6 months,” Hemachandra said. “Phase 2 can last at least 1.5 years.”
Meeting the November 24 deadline means that validators across the board have locked up at least 524,288 ETH total. Since then, that number has grown up to more than 900,129 ETH. With assets trading around $ 600 at the time of publication, 900,129 ETH is approximately $ 540 million.
Considering that ETH is a tradable asset involved in the whole ordeal, you might be wondering how price plays in Eth2’s progression. “One thing I like about Etereum developers is the fact that they don’t depend on the price of ETH,” he said, adding:
“Everyone I know is equally motivated to reach ETH2 and take it to the next stage. The ETH price went through several stages with ups and downs; However, the development of Ethereum has always been very consistent. I believe it will stay that way, and the ETH price will not play any role in the development of Ethereum 2.0. ”
In line with the transition from Eth2 to PoS, Coinbase has recently been plan to launch Ethereum 2.0 plotting sometime next year.