Komal Joshi · Oct 19, 2020 . 6min read
All roads lead to Eth 2.0 by November, says Prysmatic Labs
For Eth 2.0, Prysmatic Labs, one of the leading bodies working to ensure Ethereum has a smooth transition released an update assuring November won't pass.
By Victor Ugochukwu · Sep 15, 2020 . 5min read
For those eagerly waiting for the news on Eth 2.0, Prysmatic Labs, one of the leading bodies working to ensure Ethereum has a smooth transition from PoW to PoS with its client has released an update assuring November may not pass before that happens.
Prysmatic Labs released an Eth 2.0 Dev Update #56— “Road to Mainnet” via its Medium blog on September 11. The report contained an update of a public checklist for the eth2 phase 0 mainnet. Additionally, it details a second security audit for the Ethereum Client – Prysm Project under development. Trail of Bits, a cybersecurity firm is already auditing the Prysm Project, and the Prysmatic Labs says,
If all goes well, November is still looking good for a launch from our perspective
Ethereum at the present state cannot match into its broader vision of becoming a world computer with its present 14 transactions per second. To add to its present challenges is the current DeFi boom that has seen transaction fees rise expensively. This even led to miner fees surpassing block rewards on the network.
Even if Eth 2.0 happens beyond November, it will migrate the Ethereum network from Proof-of-Work to Proof-of-Stake consensus algorithm. With Eth on PoS, validators otherwise called forgers will help to confirm transactions on the network just by staking instead of running expensive and energy-hungry mining rigs. Also, the network will have touted to be able to facilitate 100,000 transactions per second (tps) upon successful migration.
Eth 2.0 has been striving hard for years, November will be a massive breakout if it happens.
Eth 2.0 has been in working for some years now and beset with many challenges and setbacks. For instance, Medalla testnet, a public network by Ethereum Foundation, a sandbox for Eth 2.0 mainnet crashed in August. Since then, it has been fixed and now working as intended.
Summarily, the Eth 2.0 Prysmatic Labs updates is a huge step forward and hope for Ethereum and DeFi enthusiasts. Suppose transactions fees reduce and the network capacity is increasing greatly. In that case, Ethereum will be living up to its dreams and community expectations of greatly supporting innovation which at the moment seems hampered.
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