Ethereum 2.0 initial phase plan delayed, no impact on miners

Recently , Raoul Pal, a former hedge fund manager at Goldman Sachs, said he was considering buying Ethereum; Crypto Bitlord, a well-known cryptocurrency analyst, said that Ethereum will rebound this year and may surpass the 2017 bull market .

All signs indicate that ETH is worth investing in .

Just yesterday, the total computing power of ETH broke through 195TH/s, setting a new record since 2020. This also shows the popularity of Ethereum this year and the belief of miners in ETH. Graphics card miners are hoarding as many coins as possible before the arrival of Ethereum 2.0, waiting for better investment in Ethereum POS.

Ethereum 2.0 will improve the blockchain’s scalability and performance by switching from a Proof-of-Work (PoW) to a Proof-of-Stake (PoS) consensus mechanism. The initial phase was supposed to be launched in January this year, but researchers delayed the deployment.

But in a discussion meeting between Vitalik and the Ethereum 2.0 research team on Friday, Justin Drake, a researcher at the Ethereum Foundation, said that the actual release date of the initial phase of Ethereum 2.0 may not take effect until early next year .

He thought there were some things that should be seen before creation:

A public testnet with 3+ clients running for 2-3 months

Running an incentivized “attacknet” for 2-3 months

A bug bounty program similar to bounty.ethereum.org that ran for 2-3 months

Seriously different files between clients

Ethereum co-founder Vitalik Buterin said he does not think the launch of Ethereum 2.0’s initial phase (Phase 0) should be delayed, and opposed Drake’s view , saying that the initial phase should be launched earlier regardless of the project’s readiness.

He hopes to launch Phase 0 by January 3…

Phase 0 introduces the "beacon chain". ETH2.0 designers hope that the beacon chain can become the core of the ETH2.0 ecosystem and the root of security and verification for other shards. After the beacon chain is deployed, a hybrid PoW/PoS mechanism will be used for equity proof. This is a brand new proof-of-stake blockchain that is the foundation of Ethereum 2.0 and will run in parallel with the current Ethereum 1.0 chain.

In fact, if it is really delayed, it will not have much impact on ETH miners. Although once Ethereum is fully running on the PoS track, miners will not be able to obtain ETH through PoW. However, Ethereum 2.0 from the initial stage 0 (beacon chain) to stage 4 (sharding smart contract) will also take around 2025 to complete .

Therefore, the next 3-5 years will be the best opportunity for ETH miners .