Vitalik Buterin recently shared details about the transition of Ethereum to Ethereum 2.0 after some crypto buffs called the upgrade a scam. At the recent Ethereum Developer Conference (Devcon), the developers talked about some alarming questions regarding the forthcoming big transition from the Proof of Work protocol to the Proof of Stake protocol. The fear, uncertainty, and doubt (FUD) around Ethereum 1.0 and Ethereum 2.0, the release date of the network, the state of the network, and other related questions have grown enormously over the past couple of days.
The community blamed Vitalik Buterin and Lubin – the lead developers – for selling the ETH scam after accepting the knowledge of scaling limitations. They also raised another doubt on the state of Ethereum 1.0 chain after the transition. These debates have split crypto-Twitter into two camps, Ethereum backers and haters.
They even blamed the Foundation for not explaining the process clearly. As a result, the lead developer and co-founder of Ethereum – Vitalik Buterin – has released details about the transition to add clarity. Buterin updated the community on the transition process. He said, after the process,
“The Ethereum 1.0 chain technically continues but it is valueless; eventually it will die off when the difficulty ice age hits.”
The actual transition would take place in six hours, but the schedule for the occurrence could be in the next two years. Meanwhile, the Ethereum Foundation would work on the implementation of phase 2. The first phase would start with Proof of Stake and the Ethereum 1.0 would be running simultaneously with it.
Vitalik Buterin also added that the whole process would take place in the background. He said:
“From a user’s point of view, Ethereum would feel the same pre-and post-transition (except that post-transition it would feel smoother due to PoS and EIP 1559).”
Ethereum 1.0 Would Primarily Live Inside Ethereum 2.0
Buterin said that the Ethereum 1.0 system would primarily live inside Ethereum 2.0. He said that this would put an end to the FUD around the hard fork like economic situation because of the existence of two chains. He said, “You go to sleep and when you wake up, the transition has happened.” However, the process starting in November would finally initiate Proof of Stake on Ethereum. The test version is already out.