The Ethereum Improvement Proposal (EIP) 3675 has now launched on GitHub. EIP-3675 contains the ETH 2.0 proof of stake merge that is coming to the network. Although this does not mean that the move to proof of stake is happening anytime soon, it is bringing the Ethereum network one step closer to the move from proof of work to proof of stake.
Consensus researcher Mikhail Kalinin creating a pull request for the EIP-3675 on GitHub formalized the chain merge as an improvement proposal for the first time ever. The pull request was made on Thursday 22nd July 2021.
Ethereum developers continue to work towards the merging of the Ethereum Mainnet with the already up and running Beacon Chain, which would mark the final step for the move to proof of stake.
The EIP-3675 is meant to set the stage for “The Merge,” which is slated to be discussed at a core developers’ meeting that will be held on Friday, July 23rd.
ETH 2.0 Delays
Ethereum co-founder Vitalik Buterin had confirmed that the move to ETH 2.0 had been delayed. But according to the CEO, a couple of factors had contributed to the delay of the project.
Firstly was that they had expected it to take a much shorter time than it would have. When the project was first proposed, the team had believed the move to proof of stake would only take a year. It turned out to be a project that would take at least six years to accomplish.
ETH price shows downwards movement post-recovery | Source: ETHUSD on TradingView.com
Another problem that the Ethereum upgrade had encountered had been team conflicts. It had been speculated that technical difficulties had been the reason for the continuous delays but in the end, Buterin confirmed that the problem was in fact not related to technical problems. One of the major causes for the delays had been with the people working on the project.
One of the biggest problems I’ve found with our project is not the technical problems,” said Buterin. “It’s problems related to people. We have a lot of internal team conflicts in these five years.”
Continous disagreements and team conflicts seem to plague the project. The CEO is quoted saying, “if you are building a team, it is important to know who you are working with.”
Ethereum Progression So Far
Expectations for the network continue to remain high. Ethereum price itself has taken hits over the past months as the crypto market continues to be beaten down by bears. But despite the declining prices, holders continue to stake their coins ahead of the move to proof of stake.
Over 6.3 million ETH have been staked on the Ethereum network, accounting for over 5% of the current circulating supply of ETH.
Investors had hoped shard chains would be rollout this year but this is unlikely as the possible date of launch for the shard chains has now been moved to 2022.
Ethereum’s price continues to trade above $2,000 after the boost it received from Elon Musk. With a current market cap of $234.05B.