Ethereum 2.0 still has a long road ahead, MEW founder says

Despite its recent Phase 0 launch, the fully realized transition to Eth2 could still be years away from completion.

Ethereum 2.0 launched its Beacon Chain on Tuesday, marking the project’s transition to a proof-of-stake, or PoS, mining algorithm. With Phase 0 now in the rearview mirror, the founder and CEO of MyEtherWallet, Kosala Hemachandra, recently explained the next hurdle for Eth2. 

“I think the question should be, what is not the next hurdle for ETH 2.0,” Hemachandra told Cointelegraph, adding:

“Basically, after the beacon chain launch, Ethereum will focus on phase 1 specs. It will go through a lot of iterations similar to phase 0 and tons of bug fixes. It is hard to define a specific issue as the next hurdle since there will be a lot.”

Aimed at scaling the Ethereum network, Eth2 results from years of work and numerous delays. Most recently, facing a Nov. 24 deadline, validators deposited enough total Ether (ETH) coins to enable Tuesday’s Beacon Chain launch, thanks to several last-minute transfers. Phase 1 comes next in Ethereum 2.0’s progression, which Hemachandra believes may not finish until the end of next year.

“With what I’ve seen in the past, I believe ETH 1 will take approximately 1 yr, then 1.5 should take another 6 months,” Hemachandra said. “Phase 2 might take at least 1.5 yrs.”

Hitting the Nov. 24 deadline means validators locked up at least 524,288 ETH total across the board. Since then, that number has grown to more than 900,129 ETH. With the asset trading around $600 at the time of publication, 900,129 ETH totals roughly $540 million.

Given that ETH is a tradable asset involved in the whole ordeal, one might wonder how its price plays into the progression of Eth2. “One thing I like about Etereum developers is the fact that they don’t depend on the price of ETH,” he said, adding:

“Everyone I know is equally motivated towards accomplishing and advancing ETH2 to the next phase. ETH price went through various phases with ups and downs; however, Ethereum development has always been very consistent. I believe it will continue to be like that, and ETH price won’t play any role in the development of Ethereum 2.0.”

In line with Eth2’s transition to PoS, Coinbase recently announced its plan to launch Ethereum 2.0 staking sometime next year.