Vitalik Buterin Says Ethereum 2.0 is On Course for July Launch, Despite Rumors of a Delay

Co-Founder Was Quick to Dismiss Enshrined ETH2 Price Feed Proposal

Ethereum's co-founder, Vitalik Buterin, has said that the protocol's 2.0 upgrade is on course to launch in July as per the latest schedule. He was speaking during the Consensus: Distributed event that kicked off on May 11.

Buterin confirmed to Coindesk's correspondents that an Ethereum 2.0 testnet has already gone live with its initial implementation phase having started a week ago. This milestone is quite significant for Ethereum, and the platform users are given the full migration to a Proof-of-Stake (PoS) ecosystem upon completion.

At the moment, the multi-client testnet dubbed ‘Schlesi' is being run by two Ethereum clients; Prysm and Lighthouse. They will be joined by Nimbus and Teku which have also synced their validators with Schlesi. This milestone is fundamental in preparation for an official testnet and eventually Ethereum 2.0 mainnet.

Apart from the protocol development, Buterin added that several projects within Ethereum are working towards scaling solutions for the awaited PoS protocol.

Some initiatives in this area include sharding, an approach that speeds up transaction verification through dividing consensus into small groups. Another initiative is the ‘Optimistic Rollup' which Buterin says could scale Ethereum's throughput to over 1000 Tps. Buterin noted,

“There's a lot of work on scalability. There's also a lot of work on the cryptography and privacy that will make the technology possible to implement on the Ethereum public chain.”

Despite these assurances, the crypto community at large can only wait for July to see whether the much-awaited Ethereum 2.0 mainnet will go live. According to Justin Drake, an Ethereum Foundation researcher, the target is to pioneer the protocol's phase 0 before July 30. Should this be successful, it will coincide with Ethereum's 5th anniversary.

[Also Read: Cardano's Shelley Update Is Coming in 2020, Without any Delay, Pioneer Launched]

Enshrined Price Feeds Opposed by Buterin

On Monday, Justin Drake posted a suggestion to include a simple price feed service to track a small set of key assets. In his opinion, the service will allow the development of fully decentralized oracles producing prices for every tracked asset at every epoch boundary within 6.4 minutes.

This suggestion was, however, countered by Buterin, who said that it would be a fundamental change to the underlying blockchain properties. According to him, this approach would, therefore, compromise the current process of verifying a blockchain programmatically:

“Validity is a deterministic function, and availability (i.e. non-censorship) can be verified by online nodes, and there are even techniques 6 for online nodes with low latency to reach consensus on whether or not a blockchain is censoring transactions. This proposal, on the other hand, aims to introduce a property of the chain that cannot be programmatically verified under any assumption even in principle.”

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Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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