With all the buzz going around various posts, threads, articles and stories in regard to ethereum’s anticipated upgrade, I would like to give a reality check to many expecting instant results when the transition happens (starts). Because while true, that switch is anticipated to happen this year (in 2020) there have been many set backs which have pushed back ETH’s set deadlines before. Mismanagement, and technical failures have been a REAL thing for the ethereum 2.0 dev squad, however, this article isn’t going to simply be a smash and shit on everything eth is, and is trying to do, I will simply lay out their road map for ETH 2.0, and describe what some of the terminology may mean for those that don’t fully understand.
(And if I have misinformed or misunderstood any of the road map myself please feel free to point that out, as I would also like accurate knowledge if I AM wrong)
first things first about 2.0, they are in the final stages of the test net and things seem to be running smoothly as of now, the launch of the test net, and all versions leading up to the final one have had their hiccups but considering how much is riding on the transition for PoW to PoS to go flawlessly, we can forgive we have been waiting 2 years almost since the announcement.
in the end, most good things require waiting and patience, and what ETH is promising and hopping to deliver on is both monumental and a hard task to achieve, especially compounded with the fact they don’t just have their market cap riding on the transition going according to plan, but also the market caps of the tokens/dapps on their network should something go catastrophically wrong (but we won’t even speculate on that happening, we will leave you, the reader to imagine worst case scenarios).
fact is though many expect(ed) eth 2.0 to go live by 2020, or at least the very tail end of it, fact of the matter is, they probably will not be ready to launch the new network until sometime mid or late Q1 of 2021, from there ETH2.0 will have entered phase 1 “becoming a shard/beacon chain” and is EXPECTED to take around a year to move to next phase of development. Sure, but what does “phase 1” mean? “Are we there yet?” At eth 2.0?... well sort of, during phase 1 miners will still be able, and probably will do so with exponential pace, rape you with fees, as the PoS network would still be learning from the old PoW network, and wouldn’t have fully engaged, the miners at least through 2021 (maybe longer depending on phase development) will dominate and dictate the cost of your eth transactions. (Which yeah, is kind of defeating news, considering transactions already cost 1 arm AND a WHOLE LEG to execute) Realistically, near term, it won’t get better, especially as miners vi for their own right to the 32 eth required for staking.
(of which there are already 120,000+addresses hodling that amount)
but it’s not all doom gloom and bleak. No sir, as soon as we move out of phase one into “phase 2” we will be “fully sharded”!
SWEET! But wtf, does that mean? In a sense not much, but everything, we have finally moved into what most (at this time) believe is “eth 2.0” with a full proof of stake network free from the dictation of miners establishing fee rapes, the entire network will operate on a arguably more fair user experience (at least for what ETH is trying to do) the transaction fee rate will be flat, and changes would need to be voted on to be forked in by validators. So we WILL in a sense be in the new age of eth 2.0 at this time. And all I can say as a SOMETIMES eth user, I cannot wait for that (what will hopefully only be a year) to be up.
the fees are insane, and I’m sure I’m not the only one who is sick of them.
so that’s it right?! We’re there at eth 2.0, we MUST be done right?...
Not by a FVCKING long shot, after ETH 2.0 is real as a fully established sharded PoS network, it PLANS to make all addresses and smart contracts be able to offer full sharded network capabilities by themselves becoming “shards” sounds meta as shit, because it is. Imagine all the smart contracts you know, love and utilize today, with even more elaborate capabilities and controlled options. Sounds fucking awesome right!? Fuck yeah it does!
Sadly, THIS final phase of development admittedly has no estimated/expected finished time/arrival date and no work (obviously) has been made to achieve just how that will be possible. But fuck, imagine the possibilities! Blockchains on blockchains, on a blockchain... FUCK ME, that sounds cool.
just my two cents though...
anyway, if you liked the read please like, fallow, and tip?... I apologize if you found my use of vulgar language offensive but in the future just don click my articles and read them and you’ll be fine.
lub you guys, stay safe out there friends!
**much more detailed information and reference sources can be found here at... https://ethereum.org/en/eth2/**