It was towards the end of the year 2020 when Ethereum had announced that it was planning to launch its mainnet for Eth2. At that time, it was revealed that Ethereum was shifting its protocol from proof-of-work (PoW) to proof-of-stake (PoS) consensus protocol.
Ethereum (ETH) announced that it was going to launch the Eth2 protocol somewhere later in the year 2022. Now it seems that Ethereum (ETH) is now fast-tracking its launch of the new PoS Consensus Protocol. It has been reported that Ethereum (ETH) is now planning to launch toe new consensus protocol ahead of its plan.
However, there seems to be good news for the Ethereum (ETH) followers and enthusiasts. It has been revealed that Ethereum (ETH) developers announced that they will be merging the newer version of the Ethereum 2.0 protocol with the existing mainnet.
The sources reveal that the developers are now proposing to merge the protocols and launch the mainnet for the Ethereum (ETH) users by the end of October 2021.
It has been reported that the proposal is coinciding with another proposal that has been made for the improvement of Ethereum. The new Ethereum (ETH) improvement proposal has been dubbed as EIP-3074. The improvement proposal revolves around introducing a number of solutions aimed to reduce the fees of processing transactions.
Ethereum (ETH) developers have predicted that the Ethereum (ETH) improvement proposal will be part of the upgrade planned for London. The upgrade will be taking place in July of 2021, and the upgrade will also be introducing a much-discussed and separate solution.
The London upgrade has been dubbed as EIP-1559 and would help reduce the cost of transaction fees by introducing fixed fees.
Ever since the cryptocurrency industry started picking up pace in the year 2020, the entire cryptocurrency industry experienced a huge surge with respect to price and market capitalization.
Being the second-largest cryptocurrency in the entire world, Ethereum (ETH) gained a lot of success and market capitalization. Similar to Bitcoin (BTC), Ethereum (ETH) also went onto achieving all-time highs in the year 2021.
However, as the price, demand, and market capitalization of Ethereum (ETH) experienced a surge, so did abnormalities and problems. With the rise in the price of Ethereum (ETH), more investments and user-base started moving towards the digital asset.
This resulted in the transaction volumes shooting through the ceilings for Ethereum (ETH) and the transaction fees also went higher than ever. On top of that, the Ethereum (ETH) network also became a victim of transaction delays and fluctuations in the network.
In order to tackle this problem, the developers at Ethereum (ETH) came up with a solution and that was to introduce the second-layer solution in the form of Eth2.