ETH Grand Rally To $1,000 Imminent As ETH 2.0 Launch Beckons

Ethereum is a renowned platform for decentralized smart contracts. Since its launch, the smart contracts network has given life to a myriad of cryptocurrency projects. However, with success comes responsibility and challenges. For Ethereum, the burden comes with supporting programs currently executing on its blockchain, ensuring security and reliability, among other vital things. Similarly, Ethereum has faced several challenges relating to network congestion, scalability, transaction processing time, capacity, and the latest gas fees increase.

In light of the above, the network developers have been working on a great upgrade, Ethereum 2.0 (Serenity), to open up the network and handle the pressure thrown on it. Serenity is another name for the much-anticipated upgrade.

The new protocol will see Ethereum migrate from the Proof-of-Work (PoW) consensus algorithm to the Proof-of-Stake (PoS) consensus. Other key features Ethereum 2.0 is bringing on board are sharding to ensure that the network scales to support a capacity of more than 1,000 transactions per second (TPS) and a new Ethereum Virtual Machine (EVM).

According to Danny Ryan, five key design features of Serenity include decentralization, resilience, security, simplicity, and longevity. It is important to note that ETH 2.0 has been designed to launch in three phases. Phase 0 is supposed to debut by the end of 2020. Phase 1 has been scheduled for 2021 ahead of phase 2, release either in 2021 or 2022.

Serenity launch draws nigh but not without challenges

There have been doubts that Serenity phase 0 will be released in 2020 as scheduled. Critics popularizing the doubts are dwelling on the challenges and delays the development team continues to face. However, a good project always suffers setbacks, while delays can be mitigated by ensuring that the dev team works around the clock. Besides, Ethereum co-founder Vitalik Buterin has, from time to time, assured the community that the launch is well on schedule.

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