Ethereum 2.0 continues to strengthen its foundations before the Ethereum mainnet merges with this new version. In the coming days, it could reach the milestone of 400,000 validators who will verify transactions and ensure the proper functioning of the blockchain.
At the time of publishing this article, there are over 395,465 validators who met the required deposit of ETH in the smart contract of the Beacon Chain, the “beacon chain” is the first fragment of the new 2.0 network. At current rate of growth, we should see 400,000 validators reached sometime this week.
These early validators are both larger investors running independent nodes and staking pools with many contributors. Together they have locked up over $12 Million worth of Ethereum, unable to withdraw it until the final merge of the old chain with 2.0.
Ethereum 2.0’s Launch is Right Around The Corner… AGAIN.
We’ve documented Ethereum founder Vitalik giving speeches on Ethereum 2.0 as far back as 2017.
Then in 2019 we were told it could launch as soon as early 2020.
Everything made sense at this point, knowing that planning began in 2017, even 2020 seems like a long time, but we understood – this blockchain would move trillions of dollars in value in it’s future, making sure it’s free of errors and secure is extremely important.
So – 2 full years to implement everything, sounds reasonable enough. Remember, the biggest change is moving to a proof of stake algorithm, replacing the proof of work miners with a more efficient system, one that already exists and other blockchains are doing. They aren’t inventing this, they’re implementing it.
2020 begins with a short delay but we were told with ‘95% Confidence‘ it was still coming in 2020. After a couple months Vitalik was asked for an update, ‘still on track‘ he said.
Obviously, that didn’t happen.
At the time, crypto was exploding in popularity and the high demand made transaction fees skyrocket.
In other words, leaving leaving things as they were became INSANELY profitable…
Let’s look back to the day in 2019 when they said Ethereum 2.0 would come in 2020 – all transaction fees for the entire day totaled $119,106.
Now let’s look at June 2020, the month we were told the release would happen is also a month transaction fees hit new all-time highs, in just ONE DAY people spent over $14 million in fees.
While we don’t know how involved in mining the Ethereum developers/founders are, it’s very likely that if you created a token that relied on miners, you’re going to run some mining rigs, at least to help get it off the ground. Then as your blockchain’s popularity grew, wouldn’t you increase the mining power you contribute? If you were part of launching it, participating in running it just makes sense.
It isn’t speculation to say that upgrading at that point would have put an end to the massive daily jackpot Ethereum miners were enjoying.
|As the date given for Ethereum 2.0’s Launch Approaches, Transaction Fee Costs Explode…|
Even if you don’t find the timing of all this as suspicious as I do, the point is – the upgrade to 2.0 never happened.
So will it happen this time?
With so many other blockchains taking people away from Ethereum, fees have finally come down again. Because so many alternatives now exist, and traders have shown they have a limit to how long they’re willing to accept ridiculously high fees – it looks like there’s more incentive for Ethereum to upgrade than not.
At the rate Ethereum is losing users to alternatives, there’s more profit in launching 2.0 in order to bring people back.
While over the past years more projects chose to launch on other blockchains than ever before, many still also chose Ethereum. However, talk to those project’s leaders and virtually all of them share that their choice was made not because they’re satisficed with the current state of Ethereum, but because they’re counting on Ethereum 2.0 to resolve the high trading fees, which they all acknowledge has cost them users.
For these reasons – I believe 2022 is the year they finally deliver, Ethereum 2.0 is coming – and this is the first time that statement is true.
Author: Justin Derbek
New York News Desk
Breaking Crypto News
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