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Ethereum 2.0 launched its Beacon Chain on Tuesday, marking the project’s transition to a proof-of-stake mining algorithm, or PoS. With Phase 0 now in the rearview mirror, MyEtherWallet founder and CEO Kosala Hemachandra recently explained the next hurdle for Eth2.
“I think the question should be, what is not the next obstacle for ETH 2.0,” Hemachandra told Cointelegraph, adding:
“Basically, after the launch of the beacon chain, Ethereum will focus on the specifics of phase 1. It will go through many iterations similar to phase 0 and tons of bug fixes. It is difficult to define a specific problem as the next obstacle as there will be many. “
Aimed at scaling the Ethereum network, Eth2 is the result of years of work and numerous delays. More recently, with a deadline of November 24, validators have deposited enough Ether (ETH) coins to enable the launch of the Beacon Chain on Tuesday, thanks to several last-minute transfers. Phase 1 comes later in the progression of Ethereum 2.0, which Hemachandra says may not end until the end of next year.
“With what I’ve seen in the past, I believe ETH 1 will take about 1 year, so 1.5 should take another 6 months,” Hemachandra said. “Phase 2 could take at least 1.5 years.”
Hitting the November 24 deadline means validators have blocked at least 524,288 total ETH across the board. Since then, that number has grown to over 900,129 ETH. With the asset trading around $ 600 at the time of publication, 900,129 ETH amounts to around $ 540 million.
Given that ETH is a tradable asset involved in the entire ordeal, one might wonder how its price plays into Eth2’s progression. “One thing I like about Etereum developers is that they don’t depend on the price of ETH,” he said, adding:
“Everyone I know is equally motivated to make and take ETH2 to the next stage. The ETH price has gone through various stages with ups and downs; however, the development of Ethereum has always been very consistent. I believe it will continue to be so and the price of ETH will play no role in the development of Ethereum 2.0 “.
In line with Eth2’s transition to PoS, Coinbase recently announced its plan to launch Ethereum 2.0 staking in the next year.
