Even with the recent beginning of Phase 0, the completely realized transition to Ethereum 2.0 may still be years away from being completed.
Ethereum 2.0 launched its Beacon Chain on Tuesday, indicating the transition of the project to a PoS mining algorithm. With Step 0 now done, the founder and chief executive officer of MyEtherWallet, Kosala Hemachandra, clarified the upcoming Ethereum 2.o obstacle.
According to him, the question needs to be what isn’t the next obstacle for Ethereum 2.0. After the launch of the beacon chain, ETH is going to concentrate on Step 1 requirements. It will go through lots of shapes similar to Step 0 and a lot of bug fixes. It’s hard to describe a particular problem as the next obstacle because there’s going to be lots of those.
Focused on scaling up the ETH network, Ethereum 2.0 is the product of years of work and a lot of hold-ups. Most recently, faced with the deadline on November 24, validators have deposited enough total ETH coins to allow the launch of the Beacon Chain on Tuesday, thanks to a few transfers at the last moment. Step 1 arrives next in ETH 2.0’s process, which Hemachandra claims will not be finished ’til the end of next year. With what he saw before, he believes that Ethereum 1 will take about a year and then 1.5 should take an additional half a year, while Step 2 will require a minimum of 1.5 years.
Meeting the November 24 deadline ensures that the validators secured a minimum of 524,288 Ethereum across the board. Since then, Ethereum has risen to over 900,129. With assets trading about USD 600 at the time of writing, 900,129 of Ether equals approximately USD 540M.
Seeing how Ethereum is a tradable commodity involved in the general process, you could wonder what is the role of its price in the progress of Ethereum 2.0. One thing Hemachandra likes about Etereum developers is that they do not rely on the price of Ethereum. He further stated that everybody he knows is equally inspired to achieve and bring Ethereum 2.0 to the next level. Ethereum prices went through multiple ups and downs; nevertheless, the evolution of ETH was always consistent. I assume that this will continue to be the case, and Ethereum price will not play a role in the growth of ETH2.