Cardano Founder Announces Ethereum 2.0 Is Not As Early As You Think

  • Ethereum founder Vitalik Buterin claimed that the public can expect Eth 2.0 this year only. The expected month given by him is somewhere around August.
  • Hoskinson, the founder of Cardano disagrees with the statement. He said that the public should expect it to be merged in around 2023.
  • After the statement of Cardano’s founder, the Ethereum prices dropped down 2.67% in a single day.

In a podcast with Simon Bogdanowicz, the founder of the Ethereum network Vitalik Buterin and Cardano’s founder Hoskinson expressed their views about the new version of Ethereum, commonly known as Eth 2.0.

The Statement By Cardano Founders On Eth 2.0

Ethereum’s co-founder Vitalik Buterin has openly talked about the topic “When are they shifting to Eth 2.0”. He has given the public the hope that the company is working very passionately on the particular problem and they can expect the merge this year only. The expected month given by him is somewhere around August.

On the other hand, Hoskinson, the founder of Cardano disagrees with the proposition. He said that the public should expect it to be merged in around 2023 as the earliest time frame.

He also went as far as to say there is a possibility that it is going to be delayed till 2024.

If what he said is true, this is going to be a huge disappointment for Ethereum investors.

ALSO READ – Ethereum Suffers A Drop Of 24% As Staked Assets De-pegs

Why Eth 2.0 In The First Place?

Like every person, every product has some drawbacks and faults. Slowly, as they grow in life, or in this analogy, a programmer develops them, they become more productive, efficient, and useful. That developed child is Eth 2.0

Ethereum 1.0 solved a lot of problems that bitcoin initially faced. The biggest factor was that Bitcoin is meant to be a digital store of value. You cannot do anything with it, whereas Ethereum is a programmable blockchain where you can make dapps and enable decentralized finance, play games, and a lot more.

The problem with these currencies is that they are not environmentally friendly. It refers to the fact that currently, according to estimates, Ethereum, which has the most transactions compared to all other cryptocurrencies, consumes as much electricity as the entire country of Kazakhstan in a year.

This is due to a protocol named proof-of-work which requires an inefficient amount of energy as well as time. 

The Eth 2.0 will be based on Proof-of-stake which will cut down the required energy by 95%!

After the statement of Cardano’s founder, the Ethereum prices dropped down 2.67% in a single day. This is because the investors who blocked their Ethereum holdings cannot unblock it before 2024. Ethereum also has a reputation to push forward the deadlines to do their projects.

Nancy J. Allen
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