After the Ethereal Virtual Summit 2020, which took place a few days ago, we have clearer information about Ethereum 2.0 again and its development.
Vitalik Buterin, Co-Founder of Ethereum, commented on the current situation as follows: “We are already at the point where Eth1 was a few months before the launch.”
The Ethereum 2.0 phases themselves have required a lot of attention, and they are divided as follows:
- Phase 0, the first phase of Ethereum 2.0, is the Beacon Chain, the heart of the Eth2 system.
- Phase 1 is sharding, in which the Ethereum blockchain will be “split” into 64 different parallel chains.
As Vitalik explained: “Eth2 will drop transaction costs by a factor of 100, allowing more operations to take place at lower cost.”
In the discussion on Phase 0 and the overall cost-effectiveness of the new mechanism, thinking came first and Mara Schmiedt from ConsenSys Codefi and Carl Beekhuizen from The Ethereum Foundation introduced an ETH 2.0 starting device called Launchpad. With this device you can officially deposit your ETH for ETH 2.0 deposit, Launchpad is currently used for testnet development.
According to this information, ETH 2.0 is obviously in an advanced stage, which is confirmed also by a statement from Ben Edgington, who is on 80-90% sure that “Proof-of-Stake ETH 2.0” will be launched to the third quarter.
Finally, one of the statements from the EF’s Dan’s Ryan’s: “This thing is complicated and incredible and exciting,” “If you’re gonna do it, do it right.” describes the ETH 2.0 system.