Ethereum Community Rejects One Toxic Story
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, which unites 1,300,000 blockchain enthusiasts interested in the development progress of Ethereum (ETH), has released a statement to debunk the most common misconception about Ethereum’s migration to proof-of-stake.
ETH2 won’t launch as a product one day, here’s why:
According to the publication of u/CommunicationNo3845, an Ethereum (ETH) supporter of the r/Ethereum community on Reddit, some crypto fans have inaccurate expectations about the future of Ethereum (ETH).
ETH2.0 is not a “product” that will one day “launch”. As Vitalik described it, Ethereum will slowly change into another more advanced version with subtle improvements over time. #Ethereum https://t.co/XcgcJbYDaC
— /r/Ethereum (@r_Ethereum) Apr 2, 2022
It says that Web3 enthusiasts expect the new Ethereum (ETH) to be launched as a new product on a certain date. Typically, projects share the exact date of mainnet or testnet releases, but this won’t work for the flagship smart contract platform.
Rather than waiting for a hypothetical “Ethereum 2.0 deadline,” Ethereum (ETH) proponents should focus on two separate workloads, namely migration to proof-of-stake (PoS) as a technical foundation and the rollout of sharded network infrastructure.
Experimenting with roll-ups as a potential solution to Ethereum (ETH) scaling is also another direction of R&D progress highlighted by its creator, Vitalik Buterin.
Deposit contract exceeds 11 million ETH stake
So proof-of-stake Ethereum (ETH) won’t go live one day:
So the bottom line is that if you expect a date when ETH2.0 will “launch”, it’s no more a combined process than an event launching.
This statement is much welcomed by the community: r/Ethereum members have updated it more than 400 times in 12 hours since it was published.
In the meantime, the Ethereum (ETH) proof-of-stake deposit contract, a building block of its staking tokenomics, has reached another milestone.
Currently, it has 11,041,778 Ethers, or $38.7 billion in equivalent. Should it become a publicly traded company, the Ethereum deposit contract would be valued as highly as Motorola, BNY Mellon, Nornickel or ST Microelectronics.