Ethereum will soon be updated to version 2.0, but when will it be available? With Ethereum 2.0, also called “Serenity,” ETH will soon stop using (PoW) algorithms, which are also used to mine Bitcoin. Instead, it will move toward (PoS) and Ethereum staking. Ethereum says that the changes made by the update will make the currency “more scalable, more secure, and more sustainable.”
When will Ethereum 2.0 come out?
After the first phase of Ethereum 2.0 comes out in 2020, the full release will probably not happen until at least 2023.
Ethereum 2.0 was supposed to come out in 2019, but its development has been slowed down by several big delays.
The next step in upgrading Ethereum is to connect the mainnet to Ethereum 2.0’s Beacon Chain, which will make full staking possible. Then, in 2023, Ethereum shard chains will go live, which will make the blockchain bigger.
Based on the most recent information about Ethereum, The Merge might take place in August 2022. During the Permissionless conference, Preston Van Loon, who works on Ethereum Core, said: “As far as we know, if everything goes to plan, August. It just makes sense.”
In a recent interview, DARMA Capital’s Andrew Keys stated that “We’re going to see a full transition to proof-of-stake by mid-Q2 2022.”
The plan to release Ethereum 2.0
Like Cardano’s network updates, the release of Ethereum 2.0 is split into three parts: The Beacon Change, The Merge, and Shard chains.
The Beacon Change (Phase 0), which put the PoS algorithm into place, started up for the first time in December 2020.
The merge is the next step. During this important phase, the Beacon Chain will be added to the mainnet, and PoW algorithms will no longer be used.
Shard chains are the last planned upgrade for Eth2. They will be put in place. With sharding in Ethereum 2.0, transactions can be split across 64 new chains, which should help Ethereum scale better.