Ethereum 2.0 Might Launch In Early 2020 – What Would That Mean For Ethereum (ETH)?
Ethereum blockchain is on the right track towards releasing its next network upgrade, Istanbul. It might come out during the upcoming months. Besides, Ethereum 2.0, Serenity, might launch in early 2020. We’ll soon talk about what that would mean for the blockchain as well as for Ethereum (ETH).
Ethereum 2.0 – Upgrade from Proof-of-Work to Proof-of-Stake and more
As mentioned, Etherum 2.0 means the movement of the network from Proof-of-Work to Proof-of-Stake. Besides, it would also bring sharding and eWASM, a new virtual machine.
During the Ethereal Tel Aviv 2019 conference, Vitalik Buterin talked about this upgrade. He said that the changes that Ethereum 2.0 would bring would be in the same lines as those introduced via Ethereum 1.0.
“Ethereum 2.0 is basically the updated attempt to realize the same vision. It’s basically taking all of these ideas and values of open, permissionless networks where anyone can participate and decentralized collaboration and trying to expand them to go beyond just one application, like money,” said Buterin.
Joseph Lubin added that the Ethereum 2.0 rollout would take place in three stages:
- Phase 0: Beacon Chain
- Phase 1: Shard Chains
- Phase 2: Execution Layer
What would Ethereum 2.0 mean for Ethereum (ETH)?
At this moment, Ethereum (ETH) trades at about 219 USD, surging by about 5 percent in the last 24 hours. The ETH is the second crypto in the cryptocurrency market, by market cap, totaling $23,598,000,308.
Usually, each upgrade implemented over the blockchain of a digital coin could benefit the respective crypto or not. In the case of Ethereum 2.0 update which would come in early 2020, it will bring some new features, allowing smoother participation of the users on the network.
In case everything works alright in the background, along with the new Proof-of-Stake definition of the Ethereum blockchain, Ethereum (ETH) might experience more stability and even a slight surge. But that remains to be seen once the Ethereum 2.0 launches in early 2020.
Joseph Lubin is a co-founder of Ethereum and the founder of ConsenSys, a global blockchain company that creates and invests in software for the Ethereum blockchain ecosystem. Prior to ConsenSys and Ethereum, he worked for eMagine, Blacksmith Software Consulting, and Goldman Sachs.
Vitaly Dmitriyevich "Vitalik" Buterin is the co-founder of Ethereum, the world's most popular smart contract platform that enables developers to build decentralized applications (at the time of wirting this, ETH has a market cap pf $2B). Prior to his development of Ethereum, Buterin was the co-founder of Bitcoin Magazine.