Ethereum Community Dismisses One Toxic Narrative

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Vladislav Sopov

r/Ethereum, the old­est Ethereum-cen­tric com­mu­ni­ty on Red­dit, explains why we should­n’t expect the “launch” of Ethereum 2.0

Con­tents

The r/Ethereum com­mu­ni­ty that unites 1,300,000 blockchain enthu­si­asts inter­est­ed in Ethereum’s (ETH) devel­op­ment progress has released a state­ment to debunk the most com­mon mis­con­cep­tion of Ethereum’s migra­tion to proof-of-stake.

ETH2 will not launch as a product one day, here’s why

Accord­ing to the pub­li­ca­tion by u/CommunicationNo3845, an Ethereum (ETH) sup­port­er from the r/Ethereum com­mu­ni­ty on Red­dit, some cryp­to fans have inac­cu­rate expec­ta­tions of the future of Ethereum (ETH).

It states that Web3 enthu­si­asts are expect­ing the new Ethereum (ETH) to launch as a nov­el prod­uct on a par­tic­u­lar date. Typ­i­cal­ly, projects share the exact date of main­net or test­net releas­es, but this will not work for the flag­ship smart con­tracts platform.

Instead of wait­ing for a hypo­thet­i­cal “Ethereum 2.0 dead­line,” Ethereum (ETH) advo­cates would be bet­ter focused on two sep­a­rate work­loads, name­ly migra­tion to proof-of-stake (PoS) as a tech­ni­cal basis and the roll­out of shard­ed net­work infrastructure.

Also, exper­i­ments with rollups as a pos­si­ble solu­tion for Ethereum (ETH) scal­ing is one more direc­tion of R&D progress high­light­ed by its cre­ator, Vita­lik Buterin.

Deposit contract surpasses 11 million ETH staked

Thus, proof-of-stake Ethereum (ETH) will not go live one day:

So bot­tom line is, if you’re expect­ing a date of ETH2.0 to “launch” then dont cause its more of a com­bined process rather than an event launching.

This state­ment is high­ly wel­comed by the com­mu­ni­ty: r/Ethereum mem­bers upvot­ed it more than 400 times in 12 hours after publication.

In the mean­time, the Ethereum (ETH) proof-of-stake deposit con­tract, a build­ing block of its stak­ing toke­nomics, has smashed through anoth­er milestone.

Cur­rent­ly, it holds 11,041,778 Ethers, or $38.7 bil­lion in equi­l­va­lent. Should it become a pub­licly list­ed com­pa­ny, the Ethereum deposit con­tract would be val­ued as high as Motoro­la, BNY Mel­lon, Nor­nick­el or ST Microelectronics.



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