MEW Founder Thinks “The Full Reality of ETH 2.0 Is At Least a Couple of Years Away.”
July 31, 2020 12:59 pm
Kosala Hemachandra, the founder of MyEtherWallet (MEW), believes that this year ETH 2.0’s beacon chain will launch though he says the fully-fledged version of ETH 2.0 is still years away.
The first upgrade of the Ethereum 2.0 was originally set for Jan 2020 but then delayed to this week with Coincide’s fifth anniversary. It’s been delayed again with a launch now expected somewhere between November and early 2021.
While the founder believes that Phase 0 will launch sometime this year, he points out the full version of ETH 2.0 will not be up and running before 2022:
“I think the full reality of ETH 2.0 is at least a couple of years away.”
Beacon chain is just Phase 0
ETH 2.0 also termed as Serenity, consists of three phases: Phase 0- beacon chain, Phase 1- shard chains, and Phase 2- shard chain execution.
“These days everyone refers to the beacon chain (the first step towards ETH 2.0) as ‘ETH 2.0’. I am highly confident the beacon chain will launch on the mainnet this year. It is on the final testnet now and already open for a public bug bounty.”–Kosala Hemachandra, the founder of MyEtherWallet.
Hemachandra continued that taking a cautious approach to launching ETH 2.0 was a sensible strategy. “Software updates take time, especially when they deal with user funds, and an immutable blockchain, as we’ve seen with past Ethereum iterations, ETH 2.0 will once again change the definition of blockchain technology by creating a secure and sustainable system capable of competing with centralized scaling solutions.”
Growth had Been Exponential
At the time of Ethereum’s birth, Kosala Hemachandra was there and looking back, five years later, he said its “growth had been exponential”.
“In some ways, it has redefined what blockchain technology is capable of. Today, the Ethereum community has many passionate developers, DApps that are friendly to new users, and plenty of well documented concepts.”