Vitalik Buterin: Ethereum 2.0 Phase 0 is expected to start this summer, and PoS will eventually become a reality

Ever since Ethereum was launched in 2015, it has been widely adopted in the crypto space. However, although it can be said that it has been in the shadow of Bitcoin for a long time, in view of the Ethereum 2.0 update, the occurrence of Proof of Work [PoW] to Proof of Stake [PoS] and ProgPow updates has recently been in the Ethereum ecosystem. A lot happened.

Ethereum mining cryptocurrency blockchain event in Zug

ETH 2.0 is a topic covered by Ethereum co-founder Vitalik Buterin in a recent podcast, and believes that the Ethereum 2.0 update is undoubtedly one of the major events of this year, the next year or even the following year.

Buterin said,

"We expect Ethereum zero phase to start sometime in the summer. Therefore, we are very excited about this. Proof of Stake (PoS) will eventually be true."

In other words, Ethereum has some inherent disadvantages, such as speed and scalability, and is widely adopted, which is exactly where Ethereum 2.0 appeared. Solving these problems while maintaining the decentralization of the protocol is the main goal of Ethereum 2.0. Ethereum 2.0 is scheduled to launch sometime in 2020, and this launch is said to cover phase 0 and the beacon chain.

Many people see ZK-Rollups as one of the new chain's privacy and extension solutions. In fact, Ethereum 2.0 researcher Danny Ryan recently explained how ZK-Rollups is much simpler than previous constructions, while removing some of the core issues that hinder factors.

Commenting on the comments, Buterin said that expansion research has been making significant progress in recent months. He added,

"The beauty of these research teams is that they are not only expanding payments like some previous solutions. They are expanding what is equivalent to the Ethereum virtual machine."

Buterin went on to say that he hopes that ZK-rollups and Looprings will make great strides in improving their proof efficiency. "I hope both technologies will change dramatically around the next year or so," he said.

PoW-PoS switching

Ethereum's conversion to proof of stake [PoS] consensus algorithm has recently attracted many people. The PoS consensus mechanism can eliminate the need for expensive proof-of-work (PoW) mining in Ethereum. The main advantage of adopting PoS is that it lowers the barriers to entry for the public to enter the Ethereum blockchain, and at the same time it pays off.

Interestingly, at the recent Reddit AMA conference, the Ethereum 2.0 development team, Vitalik Buterin and developers Danny Ryan and Justin Drake answered questions about the launch, development of updates and extension solutions for phase 0.

Buterin said that the scalability of stateless clients has been improved because download witnesses are cheaper than disk access and can perform block verification faster. Ryan also asserts this by saying that he "has not seen the reality that Phase 0 will not start in 2020".

On the other hand, after the upgrade, there is also a lot of speculation on the price of Ethereum. Andrew Vong, chief futures officer at EquitiesTracker Holdings Bhd, speculated that the price of Ethereum could rise. He says:

"I don't know if it will reach the highest level in history, but if it happened, because it was a major event, I would not be surprised. The cryptocurrency market is relatively small (compared to traditional financial markets) and it is happening Market news is easier to manipulate. We see huge price fluctuations time and time again. "

CoinGecko co-founder TM Lee also pointed out that the price may rise after the launch of Ethereum 2.0.