The much-awaited Ethereum 2.0 update is all set to unveil on August 4th. The platform's launch coordinator, Danny Ryan, recently shared the news. He said, "After discussions with client teams, the next multi-client testnet (mainnet config including min validator numbers) will have a min genesis time of August 4th."
Ethereum 2.0 is aimed at creating a unique proof-of-stake blockchain network known as the beacon chain. Now, crypto investors holding more than 32 ETH will reward this network in the form of annualized interest over their wealth. However, to earn this reward, the individual qualifying the criteria is required to have the necessary hardware & software needed for connecting to the beacon chain. Additionally, extensive knowledge of this technology works. This reward program is termed as Ethereum staking.
Why Does It Matter?
Ethereum 2.0 is a highly ambitious prospect. It is unarguably the most significant transition in the entire crypto landscape. The decentralized network of Ethereum 2.0 will be completely new, while the old operations will stay running & active. Up-gradation as the whole of Ethereum to Ethereum 2.0 will likely take several years to complete. According to the programmers working on this project, the launch itself is the biggest hurdle.
What Do You Need To Know?
In an interview with Unchained podcast, Vitalik Buterin, the co-creator of Ethereum put forth some details about the features, advantages, and disadvantages of the latest upgrade.
As per Vitalik Buterin, Etheruem will have several new features that will make it a more technical platform. So, people having less technical knowledge and experience will find this network complicated to use.
He said, "In Proof of Stake, for example, one of its disadvantages is that it's definitely a bit more technologically complex because you have to deal with validators. You have to figure out what's the process for validators logging in and what's the process for validators logging out. And there's a lot of just kind of management happening in the protocol."
Buterin said that Ethereum 2.0 would pay great emphasis on the pricing aspect to establish network stability. This can be accomplished by regulating the currency's supply. Ethereum's new monetary policy will be focused on creating harmony between the stability of security, price, and supply of ETH.
Vitalik Buterin Stated "If you look at the transaction fees for Ethereum in the last few weeks, you will see that they have been between 2000 and 5000 ETH per day. If you expand it to a year, then you see that it goes between 700,000 to 1,700,000 ETH a year which is higher than issuance with proof of stake. So, negative emission is not far from the range of possibility for Ethereum (ETH)."
Recently, the prices of Ethereum, the first time it crossed the barrier of $4,000, and in a couple of days, this trend is expected to go the same way. However, fingers crossed for the big day, how new Etherueum 2.0 will turn out to be in the coming months, so let's see.
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