“Ethereum 2.0 Will Launch Between 2023 and 2024”: Cardano Boss Says

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Ethereum 2.0’s launch is inevitable. However, there have been conflicting rumours about the release date of the upgraded Ethereum blockchain by severy crypto experts and even the team behind the project.

Charles Hoskinson, Cardano founder and CEO of Input Output Global (IOG), is the last crypto enthusiast to speak on the project launch’s timeframe.

Hoskinson, a co-founder of Ethereum, noted in a recent Fireside interview that the upgraded version of Ethereum will launch no earlier than 2023.

This statement contrasts reports circulated online a few weeks ago when many speculated that Ethereum 2.0 would go live by August this year.

Hoskinson believes that Ethereum 2.0 will possibly launch in 2023, adding that the date could be shifted to 2024 depending on the progress made by developers.

The Cardano boss continued that Ethereum 1.5 has already gone live, which he referred to as Polkadot, a Layer-2 scaling solution on the Ethereum network.

About Ethereum 2.0 Upgrade

The goal of Ethereum 2.0 is to transition the popular blockchain network from a Proof-of-Work (PoW) algorithm to a Proof-of-Stake (PoS) consensus.

To make this happen, the upcoming Ethereum 2.0 is divided into three elements, the Beacon chain, the Merge, and the shard chains.

Works on the chains are currently ongoing, and their completion will determine the official launch date of Ethereum 2.0.

The development of Ethereum 2.0 comes following widespread complaints about the enormous energy consumption of the existing PoW mechanism, resulting in increased gas fees.

According to the Ethereum team, once ETH 2.0 launches, the network will become more scalable, sustainable, and secure, thus prompting enthusiasts of the project to be eager for the launch.

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ETH Ropsten Testnet

While the Beacon chain launched last year, enthusiasts of the project are expecting the second phase of the upgrade, the merge, to go live in earnest.

Currently, the team is working round the clock to ensure the Merge phase launches without complications.

The first rehearsal for the Merge was completed recently on the Ropsten test network.  The test network successfully executed the merge between the existing PoW chain and the Beacon PoS chains – a move similar to the process that the ETH 2.0 will undergo on the main chain in the coming months.

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