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Ethereum Upgrade Is On Track For The Launch In July: Vitalik Buterin

05/12/2020
Ethereum Upgrade, ETH

The Ethereum upgrade is still on track for the first-stage launch in the coming three months according to the ETH Founder Vitalik Buterin as we are reading more in the following Ethereum news.

In line with the latest success of the ‘’Topaz’’ testnet for Ethereum which is running a phase zero spec for the 2.0 ETH upgrade, Buterin claimed that the ethereum upgrade is on track for the launch in July. For the past few years, the investors were waiting for the Ethereum 2.0 which is a newer version of the blockchain which will include technology such as the Proof of Stake and sharding to speed up the decentralization of the blockchain. The upgrade, however, is very complicated. Because the new technologies will be implemented, ETH 2.0 is a separate blockchain from the first which means a transition has to happen.

The upgrade was delayed because of that but investors got reassured recently. In a comment made during the Consensus Distributed event, Buterin said that the upgrade is on track to see the first phase in July. The latest comment came in the wake of the news that Topaz testnet was doing well. Terence Tsao who works at Prysmatic Labs, one of the people behind the testnet, announced that there were a number of milestones reached for the network which means that the software is operating as expected.

vitalik buterin eth CEO

However, bitmex research team is not convinced that the upgrade will arrive on time. the researchers explained because of the compatibility issues which could arise with ETH 2.0, the smart contracts will take many years before an important part of the ecosystem can make a switch to the new chain. Ethereum 2.0 is complicated since with the many committees, shards, and voting types, it seems reasonable that something will go wrong and that there will be more delays.

Speaking at the Ethereal Virtual Summit last week, the Galaxy Digital CEO Mike Novogratz, argued that the upgrade is extremely important for the blockchain because of the network effects that we will get in the future. By implementing ETH 2.0 the functionally of the network will increase and will boost adoption a swell:

‘’One of the things for the Ethereum narrative is valuing the network kind of like we do with Facebook — the more network effects you get, [the better]. […] And that’s why the progress that is being made by ConsenSys, by others in moving from ETH 1 to ETH 2 — that story, that growth is wildly important for Ethereum.’’

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