Odaily Frontline | Ethereum 2.0 is coming, but enterprise adoption is still years away

This article comes fromCointelegraphby RACHEL WOLFSON

Odaily Translator |

This article comes from

by RACHEL WOLFSON

Many members of the blockchain community have been anxiously awaiting the arrival of Ethereum 2.0 — a major upgrade to the Ethereum blockchain that will be released in multiple phases. Phase 0 is the first anticipated release of the Ethereum 2.0 roadmap, scheduled for release this year.

While speculation about a specific release date remains, Ethereum co-founder and founder of software firm ConsenSys Joseph Lubin recently revealed in an interview with the YouTube channel "Baseline Protocol" that Ethereum 2.0 is indeed coming soon: "Ethereum 2.0 Ethereum 2.0 is coming. We are now in the middle of the final testnet. Among the many Ethereum 2.0 clients built by different teams, we have many smooth operations on the testnet."

Lubin further commented that he was worried about whether the mainnet could launch the Ethereum 2.0 beacon chain as scheduled if the final testnet of Ethereum 2.0 "Medalla" was not resolved.

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Medalla event recap

Prysmatic Labs subsequently stated that Medalla has not completely failed, and as long as the verification rate exceeds 66%, the network will achieve stability again. He also believes that this incident will not affect the release time of the Ethereum 2.0 mainnet, and it is recommended to maintain the release schedule of eth2. It believes that launching the mainnet 2-3 months after Medalla is still an ideal timetable.

On August 20, Medalla, the Ethereum 2.0 testnet, resumed operation.

On September 2, the official Ethereum blog posted that since the incident on August 14, the Medalla testnet has progressed very smoothly. Additionally, the client team is working hard to ensure that switching clients is easy and safe. When a single client fails, easy-to-change software will allow the community to resolve the issue more quickly (like the Medalla incident). The article also pointed out that one of the main goals of eth2 is to reach the 1.5 stage (that is, the merger stage), when the consensus of the existing Ethereum chain will be integrated into eth2.

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Lubin also mentioned in the interview that Ethereum 1.0 will always exist. The reason is that Ethereum 2.0 is just a natural transition to Ethereum 1.0: "Ethereum 1.0 will never go away and is evolving into Ethereum 1.5, which will exist in a stateless form and be easily absorbed by Ethereum 2.0 .”

According to Lubin, Ethereum 1.0 is a staking platform that will support the launch of Ethereum 2.0, which uses a proof-of-stake consensus mechanism. Therefore, the two platforms will be closely linked: "Ethereum 2.0 will go back to Ethereum 1.0 and finalize the blocks there, thereby improving the security and yield of block issues on Ethereum 1.0." Lubin further mentioned, Ethereum 2.0 will be the "largest and most complex DeFi application" on Ethereum 1.0.

In addition, Ethereum 2.0 will also provide the Ethereum public mainnet with features such as enhanced scalability, throughput, and security, all of which were lacking in Ethereum 1.0. The highly anticipated Beacon Chain will serve as the backbone of Ethereum 2.0.

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Will Enterprises Adopt Ethereum 2.0?

While the progress of Ethereum 2.0 cannot be ignored, it should be noted that it may take some time for enterprises to adopt it. Lubin commented that the third phase of Ethereum 2.0 will take place sometime in late 2021 or 2022. Once this happens, the organizations involved will be able to smoothly onboard clients from Ethereum 1.0.

Dan Burnett, executive director of the Enterprise Ethereum Alliance, told Cointelegraph that interest in Ethereum 2.0 is relatively high:

“Many of our members see this as strong evidence of a larger vision for the Ethereum network, providing greater internal support for their investment in Ethereum. Members’ main interest appears to be the growing validation market, and some tools and access."

In terms of deploying ethereum 2.0, Burnett said that most enterprise ethereum alliance members mainly focus on higher-level areas such as security, data privacy, data custody and token management. “We expect members to focus more on Ethereum 2.0 adoption once tooling and support services make using an ETH 2.0 node easier and more straightforward,” he explained.

As such, solutions like the Baseline Protocol and other tools that support transactional privacy and confidentiality will continue to advance as enterprise adoption becomes a reality in the coming years.

Note: Baseline Protocol, an enterprise-level protocol based on Ethereum, is an open source project of OASIS, which can deliver secure private business processes at low cost through the Ethereum main network. The protocol is jointly developed by ConsenSys, accounting firm Ernst & Young, and Microsoft. Baseline Protocol allows enterprise customers to access services built on the Ethereum blockchain without disclosing private information, thereby solving the problem of synchronizing data with partners.

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Will enterprises participate in staking ETH?

While enterprise adoption of Ethereum 2.0 may take a few years, it is interesting that the idea of ​​staking is gaining traction. Ben Edgington, head of product at Teku, an ethereum 2.0 client designed for enterprise and institutional stakers, told Cointelegraph: