Ethereum community on Reddit has released a statement to debunk the most common misconception in relation to the ongoing transition of Ethereum from its current consensus algorithm to proof-of-stake (PoS) protocol.
According to the title of the post on Reddit, Consensus Layer (ETH2.0) is not a product that will launch one day as many insinuate. Quoting what the co-founder, Vitalik Buterin earlier said, the post says Ethereum will slowly morph into a more advanced version with subtle improvements overtime.
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Going by the post on Reddit shared u/CommunicationNo3845, some members of the crypto community have incorrect expectations of the future of Ethereum (ETH).
The post reads in part:
“For a certain period of time, ETH2.0 was part of the roadmap and was expected to “drop” or “launch” at a given date. Somewhere along the way, this idea started changing and ETH2.0 became more of a concept rather than an actual product.”
The post further added that the upgrade will not change Ethereum’s name, but there will be important events and improvements in the process of the upgrade, which will culminate into a more mature and advanced Ethereum over the coming years.
u/CommunicationNo3845 said the two major focus of Vitalik Buterin is the transition to PoS and Sharding. Aside from these two, any other feature will only serve as accessories for the network.
However, for now, Buterin is focusing mostly on Zk rollups, a feature seen as the future of Ethereum scalability.
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The user concluded by stating that it’s not advisable for Ethereum enthusiasts to be expecting a launch date for the Consensus Layer (ETH 2.0) because it’s more of a combined process than a day event.
The post was highly welcomed and appreciated by the teeming community members on the platform, as many see it as an eye-opener. As expected, the post accrued over 600 upvotes.
Ethereum 2.0 Deposits Contract Hits another Milestone
Meanwhile, the Ethereum 2.0 deposit contract, a building block of the network’s tokenomics, has attained another milestone.
The deposit contract now holds 11,041,778 ETH worth relatively $38.7 billion.
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