Ethereum 2.0 - a Concern? | Bitcointalksearch.org

sgenuine

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Ethereum will continue to evolve, no doubt about it. Ethereum 2.0 was designed with security and scalability in mind. I hope that soon all our questions will be answered, all problems will remain in the past.

We will be able to fully work with ETH, and the network will continue to develop. Now that transactions are very expensive and slow, many people are leaving for other alternative crypto. But as soon as the 2.0 updates are introduced, users will return to the Ethereum network again. Cool

MishaSER

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Quote from: zasad@ on February 27, 2021, 02:09:24 PM

Quote from: NatureMoves on February 27, 2021, 12:02:35 PM

If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

Ethereum 2.0 phase 0 has already kicked off on December 1st. Ethereum 2.0 phase 0 does not yet allow the creation of wallets on the Ethereum 2.0 blockchain. This feature will be added in Phase 1.
Eth2.0 = Eth1.0. 2 parallel blockchains will work on different POS and POW algorithms.
https://launchpad.ethereum.org/
"What is eth2 phase 0?
Transitioning from proof-of-work (PoW) to proof-of-stake (PoS), eth2 will be launched in at least 4 phases. The idea is to break up this transition into phases each focusing on a different aspect of eth2.
Phase 0 contains all of the machinery behind eth2's PoS consensus, it tracks the validators and their balances.
Phase 1 handles adding, storing, and retrieving the data associated with eth2's shards.
Phase 1.5 updates Ethereum as we know it today from PoW to PoS by making it a shard under eth2.
Phase 2 Phase 2 adds execution to the remaining eth2 shards which enables smart contracts to run on all of the shards."

I want to understand, all tokens that are in Ethereum will they be available in Ethereum 2.0? I just can't figure it out if there will be 2 different blockchains?

RealMalatesta

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Quote from: NatureMoves on February 27, 2021, 12:02:35 PM

If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

Basically it is going to be awesome for people who will be using ETH and it would be horrible for miners adn nothing more. The moment 2.0 hits the market we are going to see at least 5k on ethereum, you know why?

Because, all those miners that sell their coins to cover their costs will be gone, think about it there are millions of dollars worth of ethereum sold every single day because miners have to pay their super high electricity bills, all of that will be gone and we are not going to have all those people selling, the moment that is cut and those miners are finally gone, ETH will actually become good, all the bad things about ETH is stemmed from those hungry and greedy miners. This is why eth 2.0 is a concern for miners because they will not make this much money, whereas it will be a huge profit for every single other person that will make a profit from this.

JeffBrad12

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Quote from: NatureMoves on February 27, 2021, 12:02:35 PM

If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

No more fork coin from ethereum blockchain and you will never see that happen again. it's clearly stated by ethereum core developers in the past if ethereum classic will be the first and last fork coin caused by the DAO.
You will not get a new coin dude. Ethereum core developers already anticipated it to happen again.

aryana42

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Quote from: NatureMoves on February 27, 2021, 12:02:35 PM

If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

I never thought that Ethereum 2.0 was a new token, but Ethereum 2.0 is a further development from Ethereum itself or from existing Ethereum and there will obviously be no effect on Ethereum and Ethereum Classic on any exchange, because the price issue is always depending on supply and demand in all exchanges.

DapanasFruit

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In other words, Ethereum 2.0 will not mean that we have to swap the "old" coins as this will not be affected at all. Hopefully, when the Eth 2.0 is gonna be implemented in its entirety it can solve the question of scalability, decongest the whole network and most important to all of its loyal users can bring down the cost of all transactions away from the incredibly so high fees we are slapped right now. Success on these concerns can mean that more growth for the Ethereum is coming, but failure can mean otherwise. I am still looking at Ethereum as the number 1 altcoin though I am mad at the required fees to transfer even some tokens to the exchanges...so I even stopped transferring those that have already some value because at the end it will just be a negative undertaking.

shinratensei_

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Quote from: ?? on ??

This is different and this is just an update with the current system of ETH which can improve a lot of things on its platform. ETH and ETC are both different not, and of course ETH is way better. The 2.0 version are meant to increase the quality of ETH, to improve every transactions and hopefully to address the fees as well.

People are thinking too far about ethereum 2.0 while they didn't even see if there's a party that will prevent it to happen. The big miners start to oppose this solution and ethereum holders must have shown their power.
If this update will be prevented by the miners and ethereum will always be congested like this time. I personally think if it will be a very difficult thing to be implemented consider there are lots of miners against it.
You can say anything about that when the miners wanna supporting this update but the fact totally different.

agustina2

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Quote from: NatureMoves on February 27, 2021, 12:02:35 PM

If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

Ethereum 2.0 in layman's terms is simply an upgrade to Ethereum Blockchain. When it says upgrade, it involves transaction speeds, scalability, and many good features that are needed to ease the congestion on the network. I don't know if it can lower the current gas fees we are facing but people are willing to pay the current gas price if in return it will always be a smooth transaction.

There is no new coin and it doesn't have to do with its market price.

Jackl87

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Quote from: NatureMoves on February 27, 2021, 12:02:35 PM

If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

It won't be a separate coin. ETH 2.0 just means that it switches from proof-of-work to proof-of-stake and as others already mentioned phase 0 of ETH 2.0 is already ongoing.
So it's definitely not a reason for concern but, especially in this times with the extreme high gas fees withing the ETH-Network, a thinkg to look forward to as it should increase the scaleability of ETH a lot and therefore also bring the transaction fees down.

optimisticcm

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Quote from: NatureMoves on February 27, 2021, 12:02:35 PM

If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

I do not think value will drop because the coin will remain the same, infact im super bullish because of the fact that the largest and the most popular smart contracts and tokenization blockchain network will become efficient and will be able to handle large amount of transactions secondly some percentage of the network revenue will be used to buy back and burn eth supply so eth will become a deflationary model that is absolutely bullish model.

disconnectme

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It will surely be a different coin because it is a new chain entirely, there is no disagreement with the development so far so I expect no fork from anywhere but we all know how the space work, there will certainly be an interest someone decided to keep mining the chain and keep it alive especially if it has the backing of some miners and exchanges

zasad@

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Quote from: RussianEnglishTranslation on February 28, 2021, 01:04:40 AM

Quote from: NatureMoves on February 27, 2021, 12:02:35 PM

If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

Most of the top smart contract cryptos these days are just forks of Ethereum. I suppose it's possible that at EIP1559 miners fork Ethereum but most people will stick with ETH. ETC doesn't look like it's going anywhere. They were unable to solve their hashrate security problems.

This is a test eip1559
https://hackmd.io/@abdelhamidbakhta/eip1559-perf-update#Results
"22 hours non-stop test
6426 blocks processed
41 M gas/block average
More than 12 millions transactions executed
2139 average transactions per block
95% of blocks were at least 15M worth of gas"

This eip greatly speeds up Ethereum and increases the number of transactions per block. Why are miners unhappy?
There are currently 200-300 transactions in 1 block of Ethereum.

RussianEnglishTranslation

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Quote from: NatureMoves on February 27, 2021, 12:02:35 PM

If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

Most of the top smart contract cryptos these days are just forks of Ethereum. I suppose it's possible that at EIP1559 miners fork Ethereum but most people will stick with ETH. ETC doesn't look like it's going anywhere. They were unable to solve their hashrate security problems.

tbct_mt2

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Quote from: JeromeTash on February 27, 2021, 03:30:38 PM

It will be using a proof of stake algorithm instead of the old Proof of work algo. This is meant to ease on the current network congestion and high transactions fees.

The reduction on transaction fees with Ethereum 2.0 is not simply come from its algorithm. Proof of work or Proof of Stake, they can all give expensive transaction fees. Ethereum team decided and built up their algorithm for the Ethereum 2.0 network to reduce the fee.

How Ethereum 2.0 Will Address Gas Issues

Quote

The migration from ETH 1.0 to ETH 2.0 will of course be a gradual one, so I don't think it will have a big impact on the price in overtime. I think it will even be positive since so many projects are avoiding to launch on ethereum network due to the high fees.

A lot of phases to be finished Ethereum 2.0. Projects and people are trying to switch to Binance Smart Chain for their transactions or their projects. Time does not wait for anyone or any project, Ethereum need to be fast with their upgrades.

NatureMoves

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Thanks for the assurance. Hopefully Ethereum has a bright future ahead because I am looking to hold it for about 5 to 8 years. And when I make profit, planning to sell and put the money in my index fund.

Baofeng

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Quote from: NatureMoves on February 27, 2021, 12:02:35 PM

If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

1. No, there will be no new coins when Ethereum 2.0 comes up, it will be a disaster if they do that. And as others have pointed out, a gradual transition to Proof of Stake, much better in terms of: (a) security, (b) scalability, and (c) energy.

2. It will not have any effect on Ethereum Classic.

shinratensei_

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Quote from: NatureMoves on February 27, 2021, 12:02:35 PM

If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

There will be no fork coin or separate coin from ethereum. Ethereum POW will be only converted into the POS coin. The POS coin of ethereum is alive now. Fork coin gives a very bad reputation to the platform and that's why a lot of people didn't even wanna see that to happen.
Nothing happens with ETC in the future.

goaldigger

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Quote from: NatureMoves on February 27, 2021, 12:02:35 PM

If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

This is the most anticipated update with ETH and a fork, actually it already started phase by phase and hopefully to address some issues with a higher fees and a slower transactions. The updates should bring the good luck to the project especially if its successful and as far as I know, it has nothing to do with ETC so you can stop thinking about it. We have to see this updates over time, and I’m hoping for this to succeed so we can see a better ETH platform than ever.

BlinkInDie

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ETH 2.0 will be the same ETH that you're holding now. And for me personally, there's only 2 things that I'm concerned about -

1. If there will be no issues as their devs work on it along the way.
2. The amount of time to develop it - 1~2~3 years possibly?

There's already millions of ETHs staked to support their launch and miners have already agreed to EIP 1559 proposal. There's really nothing that you should be concerned about but instead have fun with other side of things in the crypto space. DeFi and NFT are booming right now, and there are DeFi+NFT games where you can pre-register to get massive rewards in NFTs.

If you're the kind of long-term HODLER, I'd recommend to just sit back, and have fun watching Ethereum develop

JeromeTash

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Heisenberg

It will be using a proof of stake algorithm instead of the old Proof of work algo. This is meant to ease on the current network congestion and high transactions fees. The migration from ETH 1.0 to ETH 2.0 will of course be a gradual one, so I don't think it will have a big impact on the price in overtime. I think it will even be positive since so many projects are avoiding to launch on ethereum network due to the high fees.

ETC has nothing to do with Ethereum. ETC is now a different blockchain from Ethereum.

zasad@

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Quote from: NatureMoves on February 27, 2021, 12:02:35 PM

If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

Ethereum 2.0 phase 0 has already kicked off on December 1st. Ethereum 2.0 phase 0 does not yet allow the creation of wallets on the Ethereum 2.0 blockchain. This feature will be added in Phase 1.
Eth2.0 = Eth1.0. 2 parallel blockchains will work on different POS and POW algorithms.
https://launchpad.ethereum.org/
"What is eth2 phase 0?
Transitioning from proof-of-work (PoW) to proof-of-stake (PoS), eth2 will be launched in at least 4 phases. The idea is to break up this transition into phases each focusing on a different aspect of eth2.
Phase 0 contains all of the machinery behind eth2's PoS consensus, it tracks the validators and their balances.
Phase 1 handles adding, storing, and retrieving the data associated with eth2's shards.
Phase 1.5 updates Ethereum as we know it today from PoW to PoS by making it a shard under eth2.
Phase 2 Phase 2 adds execution to the remaining eth2 shards which enables smart contracts to run on all of the shards."

NatureMoves

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If Ethereum 2.0 comes out, will that be a new separate coin and will it bring down the value of Ethereum and Ethereum Classic that is currently in Coinbase or Gemini? Huh

Topic: Ethereum 2.0 - a Concern? (Read 260 times)