Many members of the blockchain community have been eagerly awaiting the arrival of Ethereum 2.0, a major update to the Ethereum blockchain that will be released in several phases. Phase 0 is the first pending release of the Ethereum 2.0 roadmap, which is scheduled for release this year.
While speculation about an exact release date remains, ConsenSys co-founder and founder Joseph Lubben revealed in a recent YouTube interview with Baseline Protocol that Ethereum 2.0 is coming soon: “Ethereum 2.0 is coming soon. We are now at the center of what we think is the network. Last try. We ran many smooth test network processes among many Ethereum 2.0 clients created by different teams. ”
Lupine further commented that without resolving the problems in the latest Ethereum 2.0 testnet “Medalla”, he would be concerned about the launch of the Ethereum 2.0 beacon.
Ethereum 1.0 will never disappear
Lupine also mentioned during an interview that Ethereum 1.0 will stay forever. The reason is that Ethereum 2.0 is simply a natural transition from Ethereum 1.0. Ethereum 1.0 will never go away. Ethereum 1.0 is transforming into Ethereum 1.5, which will be stateless and easily absorbed by Ethereum 2.0, ”he said.
According to Lubin, Ethereum 1.0 is a storage platform that allows Ethereum 2.0 to run, which uses a consensus mechanism to validate efforts. Thus, the two systems will be closely related: “Ethereum 2.0 will revert to Ethereum 1.0 and end blocking there, providing more security and creating blocking problems in Ethereum 1.0,” he said. Lupine also mentioned that Ethereum 2.0 will be “the largest and most advanced DeFi application” compared to Ethereum 1.0.
Additionally, Ethereum 2.0 will offer features like increased scalability, performance, and security for the public Ethereum backbone that Ethereum 1.0 lacks. The long-awaited series of Beacons will form the foundation of Ethereum 2.0.
Will companies accept Ethereum 2.0?
While the development of Ethereum 2.0 is noteworthy, it is important to note that corporate certification may take a while. Lubin commented that the third phase of Ethereum 2.0 will take place in late 2021 or sometime in 2022. When this happens, organizations will be able to seamlessly join Ethereum 1.0 clients.
Dan Burnett, CEO of the Enterprise Ethereum Alliance, a group that allows organizations to leverage the Ethereum blockchain, told Cointelegraph that interest in Ethereum 2.0 is relatively high:
“Many of our members see this as compelling evidence of greater online visibility, which gives them more internal support for their Ethereum investment. The main interest of the participants appears to be related to the verification market, as well as some tools and access methods. ”
This should come as no surprise, however, given that the decentralized economic ecosystem continues to grow, with skyrocketing market value and new uses beyond DeFi tokens.
Regarding the deployment of Ethereum 2.0, Burnett shared that most of the Enterprise Ethereum Alliance members are focusing on areas higher up the stack, such as security, privacy, data storage, and token management. “We expect that participants will pay more attention to the implementation of Ethereum 2.0, when the tools and activation will make it easier and more visible to use the ETH 2.0 contract,” he explained.
Thus, solutions such as the Baseline Protocol and other tools to ensure the privacy and confidentiality of transactions will continue to evolve as business accreditation becomes a reality in the coming years.
Which companies will rate the broadcast?
While it may take organizations several years to implement Ethereum 2.0, it is interesting to note that the idea of staking has caught on. Ben Edgington, Product Owner for Teku, an Ethereum 2.0 client designed for businesses and organizations, told Cointelegraph:
“We will introduce the first phase of Ethereum 2.0 by the end of this year, which represents a range of stakeholders. Ether can combine, and great rewards for launching auditors on the web. Any organization with a lot of airtime might want to participate in a stake. ”
Companies have shown significant interest in owning ether in different ways, but overall they are showing a new trend emerging: the emergence of decentralized finance and how it can drive the development of an entire decentralized economy.
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Lupine even commented on this in his YouTube interview and said that DeFi is the new plumbing team in a decentralized economy. Thus, he said, this will allow new decentralized applications to be adopted for business use: “The reason the US economy is the strongest in the world is because it has