Earlier this week, Tim Beiko tweeted that Ethereum 2 merge is unlikely to happen in June. However, he mentioned that the transition would occur a few months after June. The race to ETH 2.0 has been quite long, with multiple delays.
Ethereum 2 to Delay Till Fall
Tim Beiko recently confirmed that Ethereum’s move to the beacon chain is unlikely to happen this June. Tim Beiko is one of the developers of Ethereum Core. He recently noted that the merge to the beacon chain is likely to happen later than expected but in 2022.
The Ether project developer responded to another Twitter user, JRock, who said,
“Appreciate the reply. Still looking like June for the plug-pull, or will the mining community have some more time?” Beiko said, “It won’t be June, but likely in a few months after. No firm date yet, but we’re definitely in the final chapter of PoW on Ethereum.”
According to Beiko, the transition to the beacon chain will probably happen a few months after June. In one of his reports, He advised miners not to buy mining equipment since Ethereum will be switching sometime this year.
The Road to Ethereum 2
Ethereum’s race to the beacon chain began in December 2020, when the network launched Ethereum 2. The Ethereum community has been waiting for the official merge of Ethereum core to the Beacon chain for far too long. Many hoped that the Ethereum 2 merger would happen in 2021. But, over and over, Ethereum has been pushing the deadlines.
But, there have been a few notable steps that indicate that the merger is drawing closer. For instance, last year, Ethereum introduced the London hardfork. Before the London hardfork, there were reports that Ethereum delayed its difficulty bomb. The difficulty bomb is a system introduced in Ethereum to make the Ethereum 2 developers fast-track the creation and launch of the beacon chain. Reports indicated that Ethereum delayed the bomb to about December 2021.
A few days ago, on April 11th, Ethereum developers completed their Shadow fork. Normally, protocols test significant changes on the test net. However, shadow fork was the actual test of changes using the mainnet. The success of the shadow now brings us an inch closer to the Ethereum 2 merger.
Based on the tweet by Beiko, the Ethereum community should therefore wait for this merger sometime this year. This wait is increasing the excitement of investors. For instance, Billionaire Mark Cuban recently noted that he is excited about the upcoming launch of Ethereum 2.
Why Investors are Excited about ETH2
The investor excitement is because of the features Ethereum 2 will bring. For instance, it’s a change from the PoW to PoS mechanism for releasing new coins. Reports indicate that this move will cut Ethereum 2 power usage by about 99%. Additionally, the PoS model will release fewer ETH coins per time than the Ethereum core.
Ethereum 2 will also bring about more scalability using sharding. Hence, Ethereum 2 will end the problems like transaction speed and high gas charges.
Sourced from crypto.news.
Written by Adam Robertson on 2022-04-13 19:23:28.
