ETH 2.0 : Vitalik Outlines 2 year Transformation plan for ETH 2.0
ETH 2.0 is slated for the launch of its Beacon Chain on December 1st, 2020 that would mark the commencement of Phase 0 of ETH 2.0 rollout. Phase 1 and Phase 2 rollout are believed to commence by 2021 end. Ethereum’s transition from a Proof-of-work mining consensus to a Proof-of-stake mining consensus is being dubbed as the biggest update since its existence.
ETH 2.0 is slated to perform on-par with centralized money processing giants offering high transaction verification capabilities at a minimal transaction cost. As the days of the Beacon Chain launch nears the attention around ETH 2.0 is only growing, where the community is constantly monitoring every small and big update leading up to the launch. Vitalik Buterin, the co-founder of Ethereum took to Reddit to answer a few queries of the community in a Reddit AMA yesterday and touched upon numerous aspects of ETH 2.0.
Highlighting a comment I made in the reddit AMA yesterday that got buried but I think expresses something important: pic.twitter.com/NR2Y7GWY9U
— vitalik.eth (@VitalikButerin) November 19, 2020
During the AMA Buterin highlighted that for the next two years ethereum ecosystem would be under rapid transformation to include several technological changes to the blockchain where
“the hex trie is being replaced with a binary trie, Pow is being ripped out and replaced with PoS, we’re adding an unprecedented new technology called “data availability sampling”, and on top of that the economics are being radically revamped on three fronts: (i) POW > Pos, (i) EIP 1559, (m) user activity moving from 1 to L2.”
What is the Maximum Supply of ETH?
One of the Redditors enquired about the maximum supply of ETH on the new Proof-of-stake Ethereum chain to which Buterin responded that the issuance schedule has been set for 4.7 million ETH per year for a couple of years or whatever amount of time it takes to make the merger. Once the merger is complete anywhere between 0-2 million ETH without the burn fee once the complete PoS integration is done. He said,
The issuance schedule is -4.7M per year for the next -1-2 years or however long it takes until the merge, and then-0-2M per year minus burned fees (which could be even greater than the Issuancel) once Pos is fully in place.
Buterin however maintained that it’s not productive to throw in different numbers as the ETH 2.0 has been scheduled for rollout in phases. With every phase rollout, the risks involved in the transition would decrease.
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