By Solomon Odunayo
Since the launch of Ethereum 2.0 Phase 0 on 1st December 2020, a lot of crypto big guns in the cryptocurrency community have been congratulating and praising Vitalik Buterin’s team of developers for the effort exerted over the years in recording such a huge success.
The chief technical officer at Ripple, David Schwartz, joined others such as Cardano’s Charles Hoskinson in congratulating Buterin and Ethereum community.
According to Schwartz, the launch of the Beacon Chain of Ethereum 2.0 is like a fine wine that takes a long time before it’s ready for people to enjoy.
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The Ripple CTO tweeted, “Improving public blockchains is like a fine wine: it takes a long time before it’s ready to enjoy. Today marks a major step for ETH2 – congrats to the Ethereum community on the launch of the Beacon chain!”
Improving public blockchains is like a fine wine: it takes a long time before it's ready to enjoy. Today marks a major step for ETH2 – congrats to the #Ethereum community on the launch of the Beacon chain!
— Lord David Schwartz (@JoelKatz) December 2, 2020
David Schwartz’s Response to a Critic of Ethereum Community’s Major Achievement
In an attempt to play down the significant achievement recorded by the Ethereum community, a supposed Bitcoin enthusiast pointed out that the first and largest cryptocurrency doesn’t need to be upgraded like Ethereum, stating that Bitcoin was beautifully made ground up.
“Weird… Bitcoin was beautiful the moment it was created, it didn’t need a 2.0…”
Responding to the sentiment of the Bitcoin enthusiast, David Schwartz referenced the Ford Model T in explaining the necessity of evolvement in technological development, which he believes also essential for Bitcoin to avoid technological obsolescence.
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Schwartz noted:
“The Ford Model T was a technological triumph that enabled visionaries to imagine the automobile eventually replacing the horse. But the Model T didn’t replace the horse. Bitcoin has to continue to evolve to avoid technological obsolescence.”
The Ford Model T was a technological triumph that enabled visionaries to imagine the automobile eventually replacing the horse. But the Model T didn't replace the horse. Bitcoin has to continue to evolve to avoid technological obsolescence.
— Lord David Schwartz (@JoelKatz) December 2, 2020
Why is the Need for Ethereum 2.0 Now?
Ethereum 2.0 or Serenity is an upgrade to the Ethereum blockchain, which aims at enhancing the speed, efficiency, and scalability of the Ethereum network, so as to process more transactions and ease bottlenecks.
Before this launch played out, there has always been congestion on the Ethereum network, which often results in exorbitant transaction fees that continue to dissuade a number of traders and investors.
Read Also: David Schwartz: I Hold More Than 1,000,000 XRP and Less Than 10,000,000 XRP
According to the co-founder of Ethereum (ETH), Vitalik Buterin, the success of Eth2 will see the Ethereum network handling about 100,000 transactions per second, which will drastically reduce network congestion.
It’s worth noting that Ethereum 2.0 is launching in several phases, with the first Phase which is Beacon Chain launched about 24 hours ago.
While Ethereum 1.0 uses a consensus mechanism known as proof-of-work (PoW), Ethereum 2.0 will use a proof-of-stake (PoS) mechanism.
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