Ethereum 2.0 may start in July 2020

Ethereum 2.0 may start in July 2020
CONTENT

  • The first phase of Ethereum 2.0 can be released in July

  • Beacon Chain Already Pays Testnet Staking Rewards

  • Full upgrade to ETH 2.0 can take several years

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Ethereum 2.0 may start in July 2020

With no further delays, new research suggests, Ethereum’s long-awaited upgrade could begin as early as July this year..

BitMEX scrutinized the Ethereum 2.0 update as part of its research, which will usher in a long-awaited migration from proof of work protocol to proof of stake consensus.

The study also showed that the launch itself may not be such an important event, since economic activity will be conducted on the original blockchain, which will work in parallel with the new platform..

Ethereum 2.0 may start in July 2020

Phase zero start Ethereum 2.0

The modernization process is expected to take several years, but the transition period could begin in just a few months. The main reason for the move is scalability as Ether has grown in popularity since its inception five years ago.

To solve scaling problems, it was proposed to segment data, but sharding is also fraught with additional difficulties. Existing smart contracts will not be able to go directly to new shard chains, so they need to be carefully tuned to fit the new ecosystem.

At the initial stages of Ethereum 2.0, it will exist in parallel with Ethereum 1.0, and in the future it is planned to combine the two systems into one.

The first step in this long process is called Phase 0: Beacon Chain. It includes a new proof-of-stake mechanism and BitMEX suggests it could be ready by July..

The next stages will not be deployed until next year. These include the aforementioned Phase 1 sharding, which will initially run on 64 shard chains. Phase 2 will come later and will include the integration of smart contracts into the new network.

Testnet staking reward

Ethereum 2.0 may start in July 2020

The Beacon Chain blockchain is already running on the Topaz testnet, which was rolled out last month. Developers from Prysmatic Labs launched the Topaz testnet in mid-April, shortly after which the primary unit was activated.

Like the previous testnet, Topaz works with validators who have blocked at least 32 ETH for staking; this is the minimum staking requirement for the new PoS blockchain.

Last weekend, the founder of Ether, Vitalik Buterin, announced the start of the payment of staking rewards:

We just saw how the first lucky validator earned income >1% for staking on the Topaz testnet. More people will cross the barrier soon!

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