The incoming Ethereum update, ETH 2.0, may take one year for implementation, says the network developer in a session on Reddit.
On November 17, Vitalik Buterin talked about the coming update of the network in a Reddit session known as Ask Me Anything (AMA). The migration of the consensus from proof-of-work to proof-of-concept will not take practical shape for another year.
In the discussion, Buterin claimed that there is no chance of consensus migration this year, and scaling may take place before staking on the network. “For the merge, I would say less than a year is not realistic. Even if a complete merge implementation fell out of the sky in February, I would recommend we sit on our butts until November or so to convince people that PoS is safe,” Buterin said.
The developers of the foundation also claimed that redesign of the smart contract, Ethereum WebAssembly (eWASM) has stopped for a temporary period. According to prominent developer Danny Ryan, it would take time for implementation to the mainnet.
According to statistics revealed by the ETH 2.0 Launchpad, there is an almost “108,000 ETH staked into the deposit contract.” The current value has crossed even the target amount speculated on November 24.
To launch Phase 0 of the network, there is a need of $200 million in Ethereum in the next four days. Recently, the investment of $10 million for staking is announced by a Dubai-based investment company, which may hardly come before the launch of mainnet.
According to the prominent Bitcoin expert Alistair Milne:
“The state of Ethereum investors rn… $YAM unaudited smart contract launch: $500mil deposited in 24hrs$ETH 2.0 Launch Deposit Contract: $45mil deposited in two weeks.”
Ethereum, the second-largest coin by market cap, is following Bitcoin in performance over the last few weeks. Currently, Ethereum is exchanging hands at $483 after an increase of 1.71% over the last 24-hours while it is up 5.31% over the weekly timeframe.
According to the data revealed by Glassnode, the addresses having only one ETH reach an all-time high value which shows retail traders are interested in investing in Ethereum.