Cryptocurrency News Today – Headlines for July 2

ethereum ecosystem
  • Ethereum will soon start processing 100,000 transactions per secVitalik Buterin
  • Ethereum founder is preparing to improve the network’s throughput
  • ETH 2.0 update is well on the way and will Ethereum’s scalability and performance

Ethereum News Today – it appears that the Ethereum network has set a new target for itself. At least that’s what the network’s co-founder claims. According to Vitalik Buterin, Ethereum’s co-founder, the Blockchain network is preparing to supercharge its throughput as its developers continue to make progress in the development of the long-awaited ETH 2.0 upgrade.

The Ethereum 2.0 protocol is designed to improve scalability and performance on the Ethereum Blockchain network as ETH shifts from the PoW (proof-of-work) to the PoS (proof-of-stake) consensus mechanism. Buterin claims that Ethereum will target the milestone of processing no less than 100,000 transactions per second after launching ETH 2.0. The Ethereum co-founder announced the social media space Twitter.

Buterin Says Switch to ETH 2.0 Won’t Happen Overnight

In a tweet, Ethereum’s co-founder, said the switch to the ETH 2.0 update will not happen overnight. He also added that the switch will ensure that the network succeeds in scaling up its capabilities and handle up to 100,000 transactions per second. Buterin claims that the Ethereum network will likely depend on rollups as it transitions to ETH 2.0. This means that second-layer solutions will improve the network’s transaction speed before the upgrades are implemented directly. Here is how he put it:

ETH 2.0 scaling for data is going to make available before ETH 2.0 scaling for general computation. Meaning, rollups will become the dominant scaling protocol fora couple of years at least: first -2-3k TPS with ETH 1.0 as a data layer, then -100k TPS with ETH2.0 (phase 1).”

No Clear Launch Date for the ETH 2.0 Upgrade

According to reports, the launch date of the ETH 2.0 update remains unclear at press time. This doesn’t come as a surprise as there have been rumors of delays in scheduled deployment on the network regarding ETH 2.0. Recall that the initial rollout date for the protocol was originally set to start in January, however, researchers opted to push it back. The team behind the protocol has announced that the ETH 2.0 update will be rolled out in different phases.

Per the report, in May, Afri Schoedon, the ETH 2.0 testnet coordinator said that going by the current rate of progress of the protocol, phase 0 will probably happen by this year’s end or from the beginning of next year. The initial phase of the ETH 2.0 upgrade will launch the beacon chain. The beacon chain will reportedly implement the PoS (proof of stake) consensus mechanism.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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