• The creator fo Ethereum sheds some light on the upcoming Istanbul upgrade.
  • Users won’t notice any difference, while the technical transition will take about six hours.

Ethereum founder Vitalik Buterin tried to dispel doubts about the long-term future of the platform by shedding light on the upcoming transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) and the final transition to Ethereum 2.0.

This question was one of the most discussed at the rrecent cryptocurrency conference Devcon5 in Osaka, Japan. Moreover, when Vitalik Buterin and Ethereum co-founder Joseph Lubin admitted that they knew about the scalability issues from the start, the community accused them of fraud.

Meanwhile, at this stage crypto trraders are concerned about the timeline of the transition to Ethereum 2.0 and the status of the existing network after the fork. Buterin tried to clarify those questions in his recent post on ethresear.ch.

He believes that the transition take about six hours. However, the actual implementation may take up to tow years. During this time, the Ethereum Foundation will work on the implementation of phase 0-2. It will be launched with the introduction of PoS algorithm; ETH 1.0 will be operational at this stage, but the withdrawal of funds will be unavailable.

Most users won’t notice any difference except for that witness data will be added with each new transaction, which will allow them to be processed on ETH2. network.

Earlier in August Ethereum developers approved the final details of the upcoming Istanbul hard fork. It will be activated in two steps. The first step will include six major upgrades; it is expected to be activated in November.

The second step will take place in the first quarter of 2020. It will include changes that still require more work and testing, like new ProgPoW mining algorithm.

At the same time, representatives of some projects fear that hard fork will lead to disruptions of many decentralized applications (dApps).

In late September, Istanbul was activated in the Ropsten test network, however, it happened earlier than planned and led to the division of the network into two separate chains.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin is three steps away from $14000

Yesterday at the close of the US trading session, the BTC/USD pair broke above the long-term downward trend line and immediately shot up to the $10000 level.

More Cryptocurrencies News

XRP/USD to target at daily SMA200, if $0.2100 holds

Ripple’s XRP settled above $0.2100 amid strong bullish momentum on the cryptocurrency market. At the time of writing, XRP/USD is changing hands at $0.2111. 

More Ripple News

BTC/USD holds above $10,000 ahead of another breakout

Bitcoin price shot above $10,000 for the first time since the first week of May. A day before halving, Bitcoin dumped massively to levels close to $8,000.

More Bitcoin News

ETC/USD has a potential to reach $8.00 if move above $7.00 is sustained

ETC discovered a bug that led to desynchronization of Parity Ethereum with ETC blockchain. The team has released a hotfix and asks all OpenEthereum node operators using this software to update to the latest version.

More Ethereum Classic News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC/USD bulls fight for every inch of the ground on their way to $10,000

After a sharp sell-off at the beginning of the week, BTC/USD climbed back above $9,000 and made its way above another important resistance $9,300.

Read the weekly forecast

BTC

ETH

XRP