Ethereum mastermind Vitalik Buterin dampened expectations for the release date of Ethereum 2.0 during a conference. A few years could pass before the final switch to Proof of Stake.
Ethereum 2.0 is probably the largest construction site in the crypto space. The project has been taking up research and development for a number of years now — and according to Buterin, it could drag on for just as long. During a conference, he explained what the reason for the delay was and why other blockchain projects are not threatening Ethereum.
Buterin names two things as disruptive factors in the major renovation work on Ethereum 2.0. Technical problems are less of a headache for the developer:
One of the biggest problems I’ve found with our project isn’t the technical issues — it’s human-related issues.
In addition to conflicts of an interpersonal nature, Ethereum has also become a victim of its own success. As the most important smart contract hub, the network has grown rapidly in recent months. The transition to Proof of Stake is like open-heart surgery.
The next phase, originally planned for the end of this year, could therefore be postponed by a few months. At the moment, the transition to phase 1, in which the beacon chain will initially be expanded by 64 shard chains, seems realistic for the beginning of next year. An important step for the scalability of the network has then been taken with the introduction of the sharding function. The biggest chunk — the switch to Proof of Stake in the Ethereum Mainnet — is still ahead of the developers.
However, Buterin does not share concerns that Ethereum is squandering its lead over its pursuers like Cardano. More precisely, he means:
Many of the newer blockchains are trying, in whatever way, to achieve more scalability and sacrifice decentralization. In the long run, the challenge for these types of platforms is that Ethereum itself is improved, plus Layer 2 protocols that are rapidly improving.
However, the delays did not prevent institutional investors from replenishing their ether holdings further. According to Coinshares, major investor spending totaled $ 47 million in the last week alone. This increases the share of Ethereum to 27 percent of the totaled AUM (assets under management) of crypto investment products.
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