Ethereum 2.0 has long been proclaimed as a move that will cement it as the prime network to back the decentralized finance world. Cointelegraph Research asks what we should expect and if Eth2 is on track to live up to expectations.
The complexity and risk of migrating a multi-billion dollar blockchain project from one consensus mechanism to another have meant that the roll-out of Eth2 has been slower than expected and the Ethereum foundation initially gave no definite timeline. In the meantime, up-and-coming competitors with scalable projects have been vying to take away market share from Ethereum.
Although to a casual observer this might mean that all of Ethereum’s problems will be solved, the update later this year is not likely to have a big impact on gas fees or the capacity of the network. While PoS will significantly reduce the energy consumption of Ethereum, improved scalability will only come once data sharding is introduced in 2023. Sharding was initially going to happen before the merge but has been delayed under the new timeline.
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