Ethereum 2.0 ‘Nearing Launch’ In Q4 2020 As Blockchain Development Surges To Seven-Month High
- Ethereum 2.0 could launch in Q4 2020, states a developer from Prysmatic Labs
- The dev team from Prysmatic Labs released the public checklist for the Phase 0 launch
- Ethereum development at its highest point since February this year.
The long-awaited ETH 2.0 could launch in the next two months, Raul Jordan, an Ethereum 2.0 developer building on Prysmatic Labs, stated in a blog post over the weekend. In the blog, released to give the public a “granular perspective” on the vision for the ETH 2.0 Phase 0 launch. Jordan gives a list of UX improvements and security updates – alongside few new features – still in development before the official launch.
“We can likely perform a feature freeze by mid-October, allowing us to only work on security improvements and UX before going live,” the post reads, “If all goes well, November is still looking good for a launch from our perspective.”
A long-awaited launch of ETH 2.0
The ETH 2.0 upgrade is the first major upgrade on the Ethereum blockchain promising a proof-of-stake (PoS) consensus algorithm. This will allow ETH holders to stake tokens, gain rewards, and make governance decisions once it launches.
Notwithstanding, the upgrade is expected to solve the current ominous scaling problems crippling the ETH ecosystem. The growth of decentralized finance (DeFi), currently with over $10 billion in locked value, is escalating the blockchain’s problems with the daily average gas limit fees surging to new highs since June – when DeFi caught on to the mainstream.
The launch of ETH 2.0 is expected to solve these scaling problems as Ethereum co-founder, Vitalik Buterin, stated in his consistent ETH 2.0 updates. According to Vitalik, the upgrade is expected to support over 100,000 transactions per second.
Delays on ETH 2.0 launch
However, the launch of ETH 2.0 has been delayed time and again since its announcement in 2018. Developers have also given conflicting launch dates – with the latest November prediction even part of the guesses.
The development team postponed the earliest release of the ETH 2.0 earlier in January, stating the difficulty bomb as an issue. A July release date was given by several Ethereum developers following the launch of the ETH 2.0 Phase 0 Topaz testnet in April and Altona testnet on June 29. None came to fruition.
The Medalla Testnet launched off superbly, with over 40,000 validators taking up the role and others in the queue. The progress made on Medalla has seen some developers give a tentative January 2021 launch date.
Progress on Prysmatic Labs launch
The blog post by Jordan states there is still some work to do before the launch in November – and only when the updates are completed will ETH 2.0 launch. Some of the advancements currently in the line include security improvements to prevent denial of service attacks, removal of eth1 node support to closely simulate the real ETH 2.0 mainnet, and integrating ETH 2.0 APIs on Prysm client.
The updates also include an advanced peer scoring and evolution module on Prysm nodes. This is expected to enhance the quality of validators. The post reads,
“[Advanced peer scoring and evaluation] will result in beacon nodes favoring well-behaved peers, while restricting less useful ones.”
Development on Ethereum reaches seven-month high
The development on Ethereum surged to a seven-month high showing a healthy growth ecosystem for the second-largest blockchain project. According to data provided by Santiment Feed on GitHub development statistics of Ethereum, the blockchain is still the most innovative development space in crypto.
@santimentfeed is indicating that #Ethereum is reaching #Github development rates not seen since February (a 7-month high)!$ETH continues to make its case as the most highly innovative network in #crypto, including the many ERC-20's under its umbrella. https://t.co/QcE1g1xeOK pic.twitter.com/25H7E83Ooj
— Santiment (@santimentfeed) September 13, 2020
Development metrics have previously been used as an indicator of medium-term movements, showing an optimistic trend in ETH prices in the future. Could an ETH 2.0 release launch the price back to $400 region in November?