Ethereum 2.0: are we getting closer to the final migration?

ethereum

According to Vitalik Buterin, the transition from Ethereum to Proof of Stake should be done by June. What is certain is that the updates necessary for this migration are a frontal attack on the mining industry.

When is the transition to ETH 2.0?

Ethereum network congestion has not improved with the NFT boom. During the summer of 2021, transactions on Opensea were such that it ended up clogging the network and leading to higher transaction fees (up to $200). To prevent the situation from repeating itself, Vitalik Buterin decided to change the architecture of Ethereum. However, the transition from Proof of Work to Proof of Stake took time and could not be done on any condition.

Indeed, the change must in no way affect the security of the network. This is also why the founder of Ethereum chose to use sharding to ensure scalability, security and decentralization at the same time. The implementation of the Beacon Chain, the first step towards Ethereum 2.0, was made in December 2020. Since then, ETH 1.0 and ETH 2.0 coexist and other updates are expected so that the migration to ETH 2.0 is effective.

If miners validate the update, they will be able to get rid of their graphics card for good.

The Merge revamps mining

Many wonder if the migration to ETH 2.0 means the disappearance of layers 2. Installed since 2019 on the blockchain, these solutions help improve scability and allow you to buy ethereum with lower transaction fees. According to Vitalik Buterin, Polygon, Arbitrum, Optimism, and MetisDAO are key to lightening the mainnet.

However, the transition to Proof of Stake will not be smooth. The Merge update, which will be released in June, can be seen as a declaration of war on miners. If the minors do not validate the update, the transition to Proof of Stake will be compromised. If some of them refuse then a fork could appear and with it, two Ethereum blockchains. Result: some of the NFTs hosted on Ethereum could disappear. If miners validate the update, they will be able to get rid of their graphics card for good.

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