Cardano founder: Ethereum 2.0 will not be launched before 2023, and is likely to be launched in 2024
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Answer Cardano founder: Ethereum 2.0 will not be launched before 2023, and is likely to be launched in 2024
Although Ethereum founder Vitalik Buterin has stated that the much-anticipated upgrade to Ethereum 2.0 will be present in August, many people in the crypto community are giving different dates, including the founder of Cardano.
Cardano founder: Ethereum 2.0 will not be launched before 2023
Cardano founder Hoskinson, who was also a co-founder of Ethereum, indicated in a recent interview with Fireside that the updated version of Ethereum would not be launched before 2023.
This is in contrast to reports that circulated online a few weeks ago when many speculated that Ethereum 2.0 would start working by August of this year, and this was also confirmed by Vitalik.Read:The Reserve Bank of India is preparing to pilot the CBDC in the retail market
But according to Hoskinson, Ethereum 2.0 is likely to launch in 2023, adding that the date could be pushed back to 2024, depending on the progress the developers are making.
The Cardano founder went on to tell:
Ethereum 1.5 is already up and running.
But Ethereum 2.0 will come in 2024.
It is worth noting that Ethereum 2.0 is an ongoing upgrade that is expected to move the popular blockchain from PoW to Consensus Sorting (PoS).
In an effort to make this possible, the upcoming Ethereum 2.0 was split into three networks:
Beacon, Merge, and shard chains.
All networks are being worked on in parallel and their completion will determine when Ethereum 2.0 will be officially launched.
The development of Ethereum 2.0 follows widespread complaints about the high power consumption of the existing PoW mining mechanism, which led to increased gas fees.
According to the Ethereum team, once Ethereum 2.0 is released, the network will become more scalable, sustainable and secure.
Currently, the development team is working around the clock to ensure that the integration phase can start without any problem and has been working towards this goal recently.Read:Report: Bitcoin’s Recent Drop Caused $4.5 Billion in Daily Realized Losses
The first rehearsal for the merge was recently completed on the Ropsten testnet.
The testnet has successfully implemented the merger between the existing PoW mining network and the Beacon mining network, a step similar to the process that Ethereum 2.0 will undergo on the mainnet in the coming months.
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