The Ethereum developer community is about to launch Ethereum 2.0, which will become an important milestone this blockchain network has been expecting for many years. Ethereum 2.0 will mark the beginning of the transformation of Ethereum from a proof-of-work (PoW) consensus algorithm that miners rely on to a proof-of-stake (PoS) algorithm. In the PoS system, there is no need for miners to mine blocks and verify transactions. Instead, the user will verify the data on the blockchain.
According to Afri Schoedon, coordinator of the Ethereum 2.0 testnet, there is currently no specific date for the release of Ethereum 2.0. Schoedon said, "The final specification has not been implemented in any client, and we have not yet launched a coordinated testnet."
Ethereum co-founder Vitalik Buterin also clarified the development pace of Ethereum 2.0, but if client-side developers expect Ethereum 2.0 to be completed in the third quarter of 2020, it will be completed at this point in time. In other words, all progress depends on the progress of the client developer. However, three key indicators show that investors and users highly hope to achieve the integration of Ethereum 2.0 by the end of the year. These indicators include the growth in the number of Ethereum addresses, the increased demand for Ethereum (ETH) in the market, and the surge in user activity on the chain.