Ethereum is soon due for an upgrade to version 2.0, but when is the release date?
With Ethereum 2.0, known as Serenity, ETH will soon transition away from Proof-of-Work (PoW) algorithms - also used by bitcoin - towards Proof-of-Stake (PoS).
The upgrade will bring about more changes that will, according to Ethereum, make the currency "more scalable, more secure, and more sustainable".
So, how long will we have to wait for Eth2?
Ethereum 2.0 Release Date
Initially slated for a 2019 release, Ethereum 2.0's first phase launched on 1 December 2020. However, with two phases still to go, the full release is not estimated to happen until 2022.
The full launch of Eth2 is still subject to change, especially after already suffering delays. Despite these delays, the upgrades could happen earlier than expected.
An update on the Ethereum website states:
Eth2 researchers are working on ways to accelerate the merge. It will probably happen earlier than expected. More soon.
Before this 2.0 upgrade, Ethereum is set to undergo another update - the London Hard Fork - in August 2021.
Ethereum 2.0 Roadmap
Much like the upcoming Cardano upgrade, Ethereum 2.0's release is staggered into three distinct sections: The Beacon Change, The merge, and Shard chains.
The Beacon Change (Phase 0), which implemented the PoS algorithm, first launched in December 2020. Compared to PoW algorithms, PoS is less energy-intensive, and is used in Cardano staking. Ethereum Staking is currently being tested, and you can find out how to get involved here.
The next stage is 'The merge'. This substantial phase will merge the Beacon Chain into the mainnet and see the end of PoW algorithms. 'The merge' should happen at some point in 2021.
The final upgrade mapped out for Eth2 will see the implementation of Shard chains. This is slated for 2022. Introducing sharding to Ethereum 2.0 should allow for heightened scaling of Ethereum, as transactions can be split across 64 new chains.
In a keynote at the Singapore University of Social Sciences, Ethereum's co-founder Vitalik Buterin described this scaling as "even more important than Proof-of-Stake".
Of course, Ethereum 2.0's current plans are not set in stone, with the Ethereum website cautioning:
This is how we view what’s happening based on the information out there. But this is technology, things can change in an instant. So please don’t read this as a commitment.
Is Ethereum 2.0 a new coin?
Ethereum 2.0 is not a new coin, and will not change the amount of ETH you hold.
Instead, Eth2 is an upgrade that will improve the Ethereum blockchain. It will more likely have an impact on ETH miners than holders, as the shift to PoS will see 'staking' take over from 'mining' to approve transactions on the Ethereum blockchain.
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