By Tobi Loba
Vitalik Buterin, the co-founder of Ethereum (ETH) has recently pointed out that the benefits embedded in Ethereum 2.0 will come faster than many people expect.
He made this known in a recent Ask Me Anything (AMA) session conducted on Reddit and hosted by the ETH 2.0 research team of the Ethereum Foundation.
There, Buterin answered a number of community questions and was able to explain his expectation for the much-anticipated upgrade of the Ethereum network.
In the course of the AMA, Buterin stated that he expects notable improvements on the Ethereum network sooner than later.
He said, “TLDR: merge happens faster, PoS happens faster, you get your juicy 100k TPS faster.”
Over the years, the Ethereum network has suffered from high congestion at various points, depending on applications and related traffic. And this has many times resulted in exorbitant transaction fees.
The high transaction fees of ETH is also blamed on the increased activity of decentralized finance (DeFi) over the past months. This also had a negative impact on the confirmation time of transactions on the Ethereum blockchain.
What to Expect In Ethereum 2.0 Era
The launch of ETH 2.0 expected to serve as a scaling solution that will significantly boost the transaction speed of ETH.
Certainly, the upgrade will move the Ethereum blockchain from proof-of-work (PoW) to proof-of-stake (PoS) consensus algorithm.
Additionally, according to Buterin, Rollup-centric upgrades, a simplified merge and the parallelization of phases that impact the final network results are among the top revisions to the roadmap of ETH 2.0.
Read Also: Vitalik Buterin Sheds Light on What Ethereum 2.0 Will Be Like Once It Launches
Vitalik Buterin said, “All of these changes are designed to decrease the time until eth2 becomes useful to people.”
The community has been anticipating this upgrade and it’s no more hearsay that the first phase of the upgrade will play out on 1st December 2020.
The ETH 2.0 deposit address went live about 2 weeks ago. And at the time of publication, a total of 103,584 ETH has been deposited. However, there is still a long way to go. At least 524,288 ETH must be deposited into the contract before it could go live officially.