r/Ethereum, the oldest Ethereum-centric community on Reddit, explains why we shouldn’t expect the “launch” of Ethereum 2.0
The r/Ethereum community of 1,300,000 blockchain enthusiasts interested in the progress of Ethereum (ETH) development has released a statement to debunk the most common misconception of Ethereum’s migration to proof-of-stake.
ETH2 will not launch as a product one day, here’s why
According to the publication by u/CommunicationNo3845, an Ethereum (ETH) supporter from the r/Ethereum community on Reddit, some crypto fans have inaccurate expectations of the future of Ethereum (ETH).
It indicates that Web3 enthusiasts expect the new Ethereum (ETH) to be launched as a new product on some date. Typically, projects share the exact date of mainnet or testnet releases, but that won’t work for the flagship smart contract platform.
Instead of waiting for a hypothetical “Ethereum 2.0 deadline,” Ethereum (ETH) advocates would be better focused on two separate workloads, namely migration to proof-of-stake (PoS) as a technical basis and the rollout of sharded network infrastructure.
Additionally, experiments with rollups as a possible solution for scaling Ethereum (ETH) is another direction of R&D progress highlighted by its creator, Vitalik Buterin.
Deposit contract surpasses 11 million ETH staked
Thus, proof-of-stake Ethereum (ETH) will not go live one day:
So ultimately, if you’re expecting an ETH2.0 “launch” date, don’t cause more of a combined process than an event launch.
This statement is highly welcomed by the community: r/Ethereum members upvoted it more than 400 times in 12 hours after publication.
Meanwhile, the Ethereum (ETH) proof-of-stake deposit contract, a building block of its staking tokenomics, has reached another milestone.
Currently, it holds 11,041,778 Ethers, or $38.7 billion in equilvalent. Should it become a publicly listed company, the Ethereum deposit contract would be valued as high as Motorola, BNY Mellon, Nornickel or ST Microelectronics.
