Ethereum 2.0 Delayed - Won’t Arrive Until Late 2022 |
At the conference, Vitalik Buterin said
“One of the biggest problems I’ve found with our project is not the technical problems, it’s problems related with people”.
Ethereum 2 refers to a set of interconnected upgrades that will make Ethereum more scalable, secure and more sustainable. These upgrades are being built by multiple teams from across the Ethereum system.
Proof-of-Stake is not coming to Ethereum soon - and the reason is not due to technical problems it related with the people.
The Ethereum is currently based on the Proof of Work system, which is similar to Bitcoin. Therefore, the mining process is nearly identical for Ethereum, as miners use their computation resources like GPU to earn rewards for each block they completed.
Ethereum is moving to a mechanism called proof-of-stake (PoS) from proof-of-work (PoW). This was always the plan as the community's strategy to scale Ethereum via the Ethereum 2 upgrades. However getting PoS right is a big technical challenge. Proof-of-stake will make transactions more efficient by not rewarding miners with a block but with the actual transaction fee.