Raul Jordan, developer for Ethereum’s 2.0 update, says the project is on track for a potential November release.
An upgrade for ETH is long awaited for by the blockchain's user base. Already gas transactions are prohibitively expensive for anyone attempting to trade in amounts valued at less than a thousand dollars. I've written about my own experience here and publish0x itself has had to reduce payouts to a monthly basis only.
The rise of De-Fi, as well as outright scams, has bloated the transactions of each ETH block, sending gas prices to all time highs.
There remain a number of steps before ETH 2.0 can be released on mainnet. Raul Jordan lists them on his blog:
- Second security audit
- Implementing the eth2.0-apis standard in Prysm for client interoperability
- Wrapping up voluntary exits in Prysm
- A comprehensive web UI for Prysm!
- Fuzz testing and resolving important bugs before we go to mainnet
- Slasher improvements
- Common slashing protection format for transporting keys between eth2 clients
- Weak subjectivity sync
He says that they may choose to do a 'feature freeze', in order to wrap up the more important sections of the upgrade. Mainly, security.
They have partnered with Trail of Bits to perform a security audit on the new blockchain. Founded in 2012 and based in New York City, the company performs data security operations for major firms.
I remain skeptical. Already ETH has proven itself to be a bloated and altogether ineffectual den of pump and dumps, 'de-fi' scams, slow transactions and bad actors. What does it actually accomplish? Where is the use case? It hasn't even been able to handle Reddit's few subreddits that wanted awards on the blockchain. It couldn't handle cryptokitties, which brought it to a halt. It has been unable to handle, well, users.
ETH 2.0 should solve all of this. But we will have to wait and see. I imagine the next months will continue to be shaky and unstable, even should 2.0 roll out in November. All the new bugs will likely result in some odd situations of people making off likes bandits with large sums. I don't see ETH being operable until next year, and that's IF 2.0 delivers the promised 100,000 transactions and minimal gas prices.
It should also be mentioned that while staking would start with 2.0 rolling out, it wouldn't be until phase 1.5 that ETH 1.0's main net would be affected.
What about you? What are your expectations for ETH 2.0? Is it coming in November? Will it solve the current problems, or just lead to more new ones?