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Ethereum can be described as a lot of things, such as the world’s most popular blockchain-based development platform, one of the most important crypto projects ever to be created (second most important, actually, after Bitcoin), the birthplace of smart contracts, dApps, DeFi, NFTs, and more.
As such, the project has attracted a lot of attention, massive numbers of users, as well as many developers from all over the world. All of these people are working together to launch new projects, bring new trends to crypto, and explore the possibilities of the blockchain. However, due to the limitations that blockchain was facing at the time of Ethereum’s creation, the project was launched with certain issues.
It is slow, unable to scale, and can handle only a handful of transactions at once. All of this led to the rise of transaction fees due to extensive usage, so the project became expensive, as well. However, its developers were aware of Ethereum’s shortcomings even back then — they just didn’t have the tech to make it better at the time.
However, they did understand that they could create it over the course of several years, which is why they started developing Ethereum 2.0.
Ethereum 2.0 is a common name for three major phases that will bring an upgrade meant to finally turn Ethereum into a project that can handle the demand, become more eco-friendly, reduce the cost of transactions, and more. It was conceived all the way back in 2014, but as mentioned, it took years and years of development in order to create it and make it a quality improvement.
The upgrades are all interconnected, and built by multiple teams across the project’s ecosystem, which makes for additional complications, but it is such a massive series of upgrades that it was simply necessary to split the work between different groups. Otherwise, its creation would have required decades to be complete.
Ethereum 2.0 is easily the most anticipated upgrade not only within Ethereum’s own ecosystem, but within the entire crypto sector. Unfortunately, due to complications, delays, bug hunts, and removals, constant needs for improvement, it is still not out until late 2021. Meanwhile, Ethereum users are getting anxious for it to launch and bring all the benefits that they were being promised over the past six or seven years, so we asked the question — how much more do we have to wait?
As many are likely aware, Ethereum 2.0 launch has started on December 1st, 2020. However, the upgrade is still not out yet, as it is meant to come in three separate phases. So far, only the first one has been implemented, with the devs currently finishing work on the remaining two, and preparing to launch them, as well.
But, how much longer before it actually happens?
Well, there is no clear deadline that we — or anyone else, including the developers — can list. Initially, ETH 2.0 was scheduled to be released in 2019. However, due to delays, even the first phase took over a year to come out, as mentioned.
With two phases still left to go, the closest estimation to when we may see the project’s upgrade roll out in full is at some point in 2022, at best. Even that might only be the case if no more delays, complications, and similar issues happen to emerge along the way and push the launch even further. The good news is that the ETH 2.0 researchers are looking for ways to speed up the merger, and their results are encouraging, hinting that it might happen sooner than most people anticipate.
But, with no real date scheduled, it is all still in the air, and anything can happen in months to come — including nothing.