Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $2,120 trillion. Bitcoin is up by nearly 4% in comparison with last Sunday. Ethereum lost 2% in value over the week. XRP is down by roughly 4% after a troublesome week. Most altcoins, except Avalanche, have traded in the red for most of the week. The DeFi sector gained almost $1.4 billion from the…
Ethereum Co-founder Vitalik Buterin has hinted that there could be delays in the transition of Ethereum to the Proof-of-Stake protocol. This was revealed during a question and answer section with community members on Reddit.
Ethereum Is Slowly Moving Towards Proof-of-Stake
The slow and complicated transition from Ethereum to Proof-of-Stake has long been chronicled. The project has been caught up in issues that have caused delays. However, Buterin believes that developers need to take their time before deploying a new version of Ethereum.
The creator of Ethereum explains in a Reddit thread that the implementation of sharding is problematic for the network. He also further spoke at length about the highly anticipated transition to Proof-of-Stake.
Buterin believes that the fundamental work on the Proof-of-Stake protocol must convince the entire Ethereum community. “The Ethereum community as a whole, including main Eth1 developers, block explorers, exchanges, etc., must be convinced that the Proof-of-Stake is sufficiently risk-free and that a full transition can now be made. ” He said.
No Implementation of Proof-of-Stake before November 2021
Buterin also stated that investing in Ethereum is a matter of faith and confidence in the blockchain protocol’s future. Buterin further concluded that the transition from Ethereum to Proof-of-Stake would not take place before November 2021 at the earliest. “I would say that less than a year is not realistic. Even if a full merge implementation magically arrived in February, I would still recommend waiting until around November.
Ethereum is regarded as the top smart contract protocol in the blockchain industry but has been plagued with scalability problems and rising gas fees. Ethereum 2.0 is seen by many as a crucial update for the blockchain to achieve scalability.
So far, the response to the smart deposit contract opened for staking has been impressive. Today, 108,704 ETH had been staked out of the 524,888 ETH required to be locked for the mainnet to launch. Phase 0 of Ethereum 2.0 will be initiated in early December, and it remains to be seen whether the community will show sufficient confidence and patience in the project.