Ethereum ETH

Vitalik Buterin says ETH2.0 has taken longer than expected

  • At a conference in Hong Kong, Ethereum's  co-founder Vitalik Buterin described the obstacles on the way to Eth2
  • He confessed that creating Ethereum took a lot longer than he expected
  • Buterin said the current version of Ethereum has largely become a victim of its own success with demand pushing network fees to record levels

At a conference in Hong Kong, Ethereum’s  co-founder Vitalik Buterin described the obstacles on the way to ETH2.

The biggest problems were related to people

He confessed that creating Ethereum took a lot longer than he expected, with early Eth1 blockchain build predictions of three months growing into eighteen months. Buterin then explained that the upgraded version of Ethereum is also taking longer than expected to complete.

He noted that during the five years it took Ethereum to get to where it is now, there were a number of internal team conflicts. “One of the biggest problems I’ve found with our project is not the technical problems, its problems related with people” he said.

The comments were made in a fireside discussion with Jehan Chu, co-founder and managing partner of the blockchain investment and trade company Kenetic based in Hong Kong.

A victim of its own success with demand pushing network fees

Buterin said the current version of Ethereum has largely become a victim of its own success, with demand pushing network fees to record levels, making the majority of transactions economically unviable for the average user.

Eth2 can have the type of scalability expected by large-scale companies when roll-ups and sharding are combined. However, according to the last roadmap estimates, this won’t happen in 2021. The Eth2 roadmap states, the two chains will merge or dock in late 2021 or early 2022 according to the official documentation which states that They are now focussing more on switching from proof of work to proof of stake than on scalability. They have made this decision because of the growing amount of layer 2 solutions offered to users.

With all the hostility around Bitcoin and its power usage, the switch to Proof-of-Stake has become even more important. According to Digiconomist, the Proof-of-Work Ethereum blockchain consumes the same amount of energy as Hong Kong. In comparison, the new Proof-of-Stake network will consume 99.95% less energy.

 

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