Ethereum 2.0: Reasons Why ‘Next Month’s’ Upgrade May Be Delayed

Share This Post

Ethereum 2.0 struggles merging over stubborn bugs keeping miners on-chain

Aware of the ecological issues blockchain has brought to Web3, Ethereum has joined forces with Beacon Chain to create a new version of its blockchain, Ethereum 2.0. The plans include new mechanisms to make the network more scalable, secure, and sustainable.

For years, Ethereum has been promising to transition into a more energy-efficient system by switching to Beacon Chain’s Proof-of-Stake (POS) and ditching Proof-of-Work (POW). Finally, the network set its upgrade to transpire next month. However, the proposition delays yet again. Why? Over struggling booting out miners over recently found bugs.

TROUBLES BEHIND THE TRANSITION

Since day dot, Ethereum uses a unique code, ‘the difficulty bomb’, to erase miners from the blockchain. The bomb increases computing issues of underlying mining tokens, eventually making mining impossible.

The blockchain network planned on turning on the bomb yesterday to eliminate miners before Beacon Chain’s POS system slowly takes over to create Ethereum 2.0. However, developers found numerous bugs buried within the network when attempting to do so.

CONSEQUENCES OF THE DELAY

Ethereum’s developers have decided to delay turning the bomb on until having the know-how to iron out the bugs buried within the network. Unfortunately, this isn’t the first time they have detained the staking plans.

Concerning continuous false hope, crypto enthusiasts aren’t taking the news of the set-back lightly:

According to Bloomberg, the errors could push the transition back until September or October. Let’s hope the change rolls out soon; otherwise, Ethereum’s reputation could be on the line.

Subscribe to the NFT Lately newsletter to receive news covering the latest NFT drops, releases, reviews and more.

spot_img

Related Posts

Blockchain Bandicoot: Retro NFTs With Real-World Value

Join the pre-sale of Blockchain Bandicoot for the chance...

Author Tim Ferriss ‘Cockpunch’ NFT Collection Saw $4.7M In 24H Volume

Tim Ferriss's 'Cockpunch' recently leveraged a sold-out mint into...

Coinbase Puts Bored Ape Movie Trilogy on Hold

Reasons for Coinbase putting its Bored Ape movie trilogy...

What is NFT Staking? | A Comprehensive Guide

NFT staking is a relatively new concept in the...

Ledger Launches Stax, a New Hardware Wallet for NFTs: What You Need to Know

Ledger, a digital asset security company, has announced the...

The Memes by 6529 Review – Are Memes The New NFT Meta?

Memes have been an important part of popular culture...

Related Posts

Mattel Launches an NFT Marketplace With Hot Wheels Collection

Mattel announced a new NFT marketplace as it expanded...

What You Need to Know About This NFT Market Crash

NFTs have already changed the world. Now it's time...

What is USDTe? A Full Guide to Avalanche Tether

USDTe is a stablecoin on the Avalanche blockchain that...

Blockchain Bandicoot: Retro NFTs With Real-World Value

Join the pre-sale of Blockchain Bandicoot for the chance...

Stripe Launches Fiat-to-Crypto Payment Service for Web3 Companies

Stripe, a payment processing business, unveiled a "fiat-to-crypto on-ramp"...

Porsche Makes Its Web3 Debut With Its First NFT Collection

The luxury sports car manufacturer announced its official entry...