Ethereum 2.0 Move to Proof of Stake Might Not be Coming Any Time Soon
Ethereum’s move to proof-to-stake may be delayed even further. The Istanbul hard fork was first expected in December this year only to be scheduled for June 2020. Despite the promises that ETH won’t be mineable in the near future, ETH 2.0 might not become a reality any time soon. The Ice Age is delayed for another 2M block or approximately 347 days.
Ice Age = difficulty bomb to force transition to PoS. Another example of a "rule" that keeps being bent in ETH. pic.twitter.com/wfiXkOEjlQ
— Tuur Demeester (@TuurDemeester) November 1, 2019
While criticizing Ethereum’s move, Litecoin creator Charlie Lee said,
“Ethereum's difficulty bomb is like the US debt ceiling. It's a self-imposed rule that is supposed to force change but is easily pushed back with zero penalties whenever it comes around. They should just get rid of this charade completely.”
Meanwhile, Ethereum 2.0 according to its co-founder Vitalik Buterin may only possess half of the transaction capacity as originally planned. Recalling data to the application on the new network will also become more expensive due to changes in the data storage structure.
For dapp developers, the transition will make Ethereum lose the ability to execute transactions atomically, that is all at once.
Research also revealed moving Ethereum from the 2.0 blockchain to the old one may be possible in the early months of the launch.
On a bullish note, a recent report by Binance suggests staking on Ethereum will have the current figures in the staking market at $8 billion to skyrocket.
Price-wise, the digital asset is currently trading at $186 with 24 hours gains of 3.11%, as per Coincodex. Ethereum is down by nearly 37% in the BTC market and 87% from it's all-time high in the USD market.
Buterin might say that the ETH 2.0 should launch without any hiccups, but with so many delays already experienced by the 2nd largest cryptocurrencies transition to PoS, it's just a wait and see game now.
But if you are like Ryan, there are still many reasons not to give up hope regarding Ethereum, the second biggest coin by market cap and long time leader of the altcoin market:
If you're bullish on open finance you have to be bullish on ETH
ETH is the reserve asset for open finance
— Ryan Sean Adams – rsa.eth (@RyanSAdams) November 4, 2019
What do you think of his assessment about ETH being the reserve asset for open finance as the DeFi era continues to iron out its kinks and flaws one day and project at a time.