The wait for Ethereum 2.0 has been stretched for a long time. With people asking a lot of questions, Vitalik Buterin has finally broken the silence.
He recently appeared in an interview on a YouTube channel called Bankless, where he shared the progress on the development of Ethereum 2.0. Vitalik published a tweet to showcase the updated roadmap as well.
All the updates were shared by him when referring to a blog post that he had published during the early days of December 2021.
How Far Has Ethereum 2.0 Come?
December 2021 marked the first anniversary of Beacon Chain. The blockchain completed one year of its launch. Beacon Chain claims to have the capabilities of handling Ethereum 2.0.
Vitalik Buterin shared the anniversary message by publishing a tweet on the micro-blogging platform.
He took this opportunity to also share how far the team had reached in coming up with Ethereum 2.0. Many users continue to wait for the announcement. Their patience may be at its peak, but there is a lot that still needs to be done in terms of development.
There are a total of five stages that Ethereum 2.0 must go through. It starts with Merge and ends with Bust. The second, third, and fourth stages are Splash, Border, and Clean-up, respectively.
Every stage that the team completes represents a certain percentage of the progress that Ethereum 2.0 has made.
Merge, the first stage in the process marks the completion of the much-talked-about transition from Proof-of-Work to Proof-of-Stake.
Growth from one stage to another is achieved through the execution of transactions and reducing the workload. Transactions are aimed to be executed off the main chain with a Level 1 confirmation. Workload reduction is taken care of by dividing the network traffic.
The division of network traffic further leads to an increase in the efficiency of nodes. In other words, the stage of Clean-Up removes the past data to ensure that nodes are efficient enough to deliver the best performance in the network.
Vitalik highlighted in the interview with Bankless that the other aspect which contributes to the growth of Ethereum 2.0 is the addition of accounts.
He assured that new accounts were constantly being added to the network while also deploying smart contracts for the users.
Post completion of the thorough explanation, he said that the completion was almost 50% done. It would achieve the completion mark of 60% after concluding the first stage of the process, which is Merge.
Vitalik aims to go beyond 80% as early as possible, but it would be possible only after the first/second quarter of 2022 as that is the deadline for the conclusion of Merge.
According to this Ethereum price prediction, the ETH price forecast is set to surpass expectations in the near future.