The upcoming upgrade for Ethereum is likely at the moment to be the most anticipated upgrade in the crypto world. It’s in the works for about two years, it has been postponed due to some delays – but it’s back on track now. The team has confirmed to the public that the next phase of the update, known as “The Merge”, which will take place this year. However, Cardano founder Charles Hoskinson is contrary to this schedule. It says: The upgrade will not come in 2022 anymore.
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Ethereum: Will the upgrade come to 2023?
in fireside chat with Simon Bogdanowicz, co – founder of Ethereum and founder of Cardano sharing his thoughts on the upcoming Ethereum upgrade. ETH 2.0 (or Consensus Layer) is due to be fully converted to the Proof-of-Work mechanism in August of this year.
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While this has raised hopes among investors that this will provide a much needed boost to the digital asset. Hoskinson does not disagree with the schedule, however.
It highlights: Ethereum 2.0 will not appear in 2022. Instead, network users should imagine 2023 as the earliest timeframe for launch.
The upgrade could be delayed even until 2024, according to Hoskinson. If this is the case then it is likely to create a negative attitude among investors.
Hoskinson is also focused on the mains for smart contracts in the interview. He explains that while ETH 2.0 will not appear any time soon, ETH 1.5 is already available. According to the founder, this is the Polkadot network.
When is Ethereum 2.0 coming?
According to the official Ethereum website, the transition to ETH 2.0 is expected to take place later this year. Under the title “The Merge”, Ethereum’s mainnet will be “merged” with the existing Chain Beacon.
This leaves the network free from the energy – intensive proof of work mechanism and from transfers to proof of commitment. This is said to reduce Ethereum’s energy consumption by more than 95%. In addition, commitments for the whole network will be introduced.
While the team has assured users that they are on the right track to proceed with the merger, there are still many doubts about the team’s ability. Most of this is due to the many delays experienced by the project in the past.
Considering Hoskinson’s prediction, ETH users who already have their ETH locked into the network may have to wait longer to release their coins. If The Merge doesn’t really happen before 2024, that means: These coins could be locked for another two years.
It is not possible to say, however, whether the statements made by the founder of Cardano are true. The Ethereum Foundation claims that the merger will take place sometime in 2022. At the same time, experts predict that rod chains will be added to the network sometime in 2023.
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Text credit: Bitcoinist
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