Vitalik Buterin on stage at RadicalXchange 2019. (Credit: Christine Kim for CoinDesk)
Vitalik Buterin said the Ethereum 2.0 protocol upgrade, which will change the consensus mechanism to proof-of-stake (PoS), is well on its way to launching sometime in July.
Kicking off the event Monday, the founder of Ethereum told CoinDesk’s Michael Casey and Zack Seward the testnet for Ethereum 2.0 was already live and the first phases of implementation began about a week ago.
The Ethereum community started talking about replacing its proof-of-work (PoW) system – which is based on “work” done by miners and is also employed by the Bitcoin protocol – with PoS almost as soon as the network launched back in 2015.
Sometimes known as Serenity, Ethereum 2.0 has long been subject to delays. Although for January 2020, it was pushed back to Q2, and then again to Q3 2020. July has been a for developers since the beginning of the year. Many appear to be eyeing a debut for July 30 to coincide with Ethereum’s fifth anniversary.