Everyone knows it, Ethereum is facing serious congestion problems. As a result, transaction costs on the blockchain to smart contracts have skyrocketed in recent months. Faced with this problem, the whole community is impatiently awaiting the arrival of Ethereum 2.0.
Ethereum 2.0: a step-by-step update
Imagined several years ago, the update Ethereum 2.0 is actually a series of updates. These aim to develop the network on very specific points.
Three distinct phases make up this update:
- Phase 0: The Beacon Chain;
- Phase 1: The Shards Chains;
- Phase 2: The Docker.
The launch of the beacon chain in December 2021 launched phase 0 itself. As a reminder, the beacon chain is the chain that acts as the backbone of the Ethereum 2.0 network. This manages a foundation of the network, namely the consensus in Proof of Stake.
Following disagreements between miners and developers during the year 2021, the Ethereum teams have decided to review the Ethereum 2.0 launch program.
Thus, phase 2, aimed at connecting Ethereum with Ethereum 2.0 has been prioritized over phase 1. The mechanism which aims to interconnect Ethereum 1.0 and Ethereum 2.0 is commonly called “The Merge”.
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The Merge: we finally have a date!
In December 2021, the different teams working on The Merge deployed Kintsugi, the first testnet for the community to test Ethereum 2.0 after the deployment of The Merge.
Faced with the success of the latter, the developers were finally able to announce a date for its deployment on the mainnet.
So, on January 10, @Superphiz, the community health consultant for Ethereum’s Beacon Channel, announced the deployment of The Merge for June 22, 2022.
In other words, Ethereum should go from Proof of Work to Proof of Stake around this date.
“The Ethereum merger will take place around June 22, but it won’t impact the transaction fees you pay. After the merger, the focus will likely be on fees, but you can be proactive right now using tools like Polygon, Gnosis Chain, Arbiturm, Optimism, and zksync. “
However, the move to Proof of Stake will not end the expense problems encountered through the network.
We will therefore have to wait for the deployment of Shards Chains to see transaction fees return to correct levels on Ethereum. In the meantime, Superphiz encourages users to look to second-layer solutions. For the moment, these are the only viable solutions to deal with transaction costs in the short and medium term.
In the meantime, developers continue to look for other, more short-term solutions to the fee problem. So Vitalik Buterin recently published a proposal to once again change the fee system on Ethereum.
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