Vitalik Refutes the Rumours About the One-Year Postponement of ETH2.0

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Vitalik Buterin, the creator of Ethereum, has emerged from a self-imposed Twitter hibernation, as he put it on his personal account. Buterin analysed some of the ideas, proposals, and opinions from the previous decade in his first post of 2022 to see if he still holds the same viewpoint as when he originally discussed them.

Vitalik Refutes The Rumours About The One-Year Postponement Of Eth2.0
Vitalik Refutes the Rumours About the One-Year Postponement of ETH2.0

Buterin believes that in order for the crypto business to “thrive,” it must combine technological resilience, public legitimacy, and decentralisation. A completely hostile atmosphere, on the other hand, might bring Bitcoin and other cryptocurrencies to a halt. In contrast, Ethereum’s creator confessed in 2015 that his predictions about when the cryptocurrency will be able to shift to a Proof-of-Stake (PoS) system were incorrect.

Buterin predicted that Ethereum would shift in 6 months or a year at the time. With the implementation of the Beacon Chain, a PoS blockchain that will support Eth 2.0, scheduled for 2020, the conversion took substantially longer.

Buterin has shed some light on the stages that Ethereum will go through on his proposed roadmap. The phases left for the network to pass through, according to Buterin’s roadmap, are “the merge,” “the surge,” “the verge,” “the purge,” and “the splurge.”

Ethereum 2.0 would provide Ethereum with the ability to fulfil many of the functions that other Layer 2 solutions already do. To put it another way, Ethereum would acquire a larger share of the activity on its blockchain, potentially increasing its value as more projects are hosted on it.

Rumours about a one-year delay in the release of ETH2.0 emerged among Chinese miners, and Vitalik responded in Chinese. Vitalik is competent in Chinese and can even give lectures in the language.

Mining, trading, and converting cryptocurrency to fiat money are all prohibited in China. There is no secure way to sell or buy an NFT the way it is done outside of China without legal access to ETH.

“If someone wants to build NFTs in China, they have to be divorced from international cryptocurrencies or even blockchain technology like Ethereum,” said Jay Si, a Shanghai-based attorney at Zhong Lun.
The Chinese government’s aversion to financial risks is the fundamental cause of this disparity. Cryptocurrencies are known for their unpredictable values, which encourages speculation; they also give new avenues for money laundering and capital flight from China. China’s former top central banker, Zhou Xiaochuan, openly stated in June that crypto is not an acceptable payment mechanism because it has also been exchanged as a sort of digital asset.

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Aadrika Sharma

I enjoy writing and try to learn new things every passing day!