Ethereum Foundation co-founder and developer Vitalik Buterin has shed light on the shifting deadlines at play in almost all of his plans for improving and expanding the cryptocurrency.
Speaking at the Virtual Fintech Forum, part of the StartmeupHK Festival 2021 in Hong Kong, Buterin said what he originally estimated to be a three-month project in the case of ETH1, turned out to take 18 months.
Likewise, ETH2 is already taking much longer than expected, he admitted. The team thought that they would start with a proof-of-work concept and then shift to a proof-of-stake algorithm, but it has taken more than the anticipated one year to complete. In fact, Ethereum has been transitioning to ETH2 for the past six years.
“We thought it would take one year to do the proof of stake, but it actually takes six years. If you are doing a complex thing that you think will take a while, it’s actually very likely to take a lot more time”, he said.
Buterin added that on some occasions internal strife had stifled progress. However, he remained optimistic that ETH2 would come with a type of scalability that would ultimately benefit the entire ecosystem.
Based on the current ETH2 roadmap, the improved blockchain protocol should be arriving in late 2021 or the end of 2022, marking the end of the six-year journey Ethereum is currently on.
The developer and world’s youngest billionaire similarly noted that ETH had become a “victim of its own success”, with demand pushing gas fees so high that people have been eager to find a solution, or looking for two-layer protocols sorting out transactions much cheaper than the Ethereum blockchain.
ETH2’s arrival is good news for the gaming community, too. With gamers amassing riches at Bitcasino, 1xBit and FortuneJack, many would be happy to know that they can transact their winnings out of those casinos at much cheaper costs once ETH2 hits.