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Ethereum Price (ETH) Facing Uphill Task Vs Rising Bitcoin (BTC)

Ethereum Price Chart Analysis ETH BTC Chart

Ethereum price recovered
recently, but struggled near the 0.0282 resistance against bitcoin. ETH to BTC
is currently correcting lower and remains at a risk of more losses.

Key Talking Points

  • Ethereum price started a decent recovery against
    bitcoin, but struggled above the 0.0280 level.
  • There is a key ascending channel forming with support
    at 0.0260BTC on the 4-hours chart of the ETH/BTC pair (data feed from Poloniex).
  • The pair could either extend losses below the
    0.0260BTC support or it could climb again towards 0.0280BTC.

Ethereum Price Chart Analysis

After a strong decline, Ethereum price found support near 0.0245 against bitcoin. ETH to BTC started an upward move above the 0.0270BTC resistance, but it struggled to gain momentum above the 0.0280BTC level.

Ethereum Price Chart Analysis ETH BTC Chart

Looking at the chart, the price formed a swing low near 0.0245BTC and started a decent recovery. There was a break above the 0.0260BTC resistance level to start an upward move.

Moreover, there was a break above
the 50% Fib retracement level of the last drop from the 0.0298BTC high to 0.0245BTC
swing low. The price even pierced the 0.0280BTC level, but it struggled to
continue higher.

It faced a strong resistance near
0.0282BTC and the 100 simple moving average (4-hours). Besides, the 61.8% Fib
retracement level of the last drop from the 0.0298BTC high to 0.0245BTC swing
low also acted as a resistance.

As a result, there was a fresh
decline in Ethereum price below the 0.0275BTC and 0.0270BTC level. It is
currently trading near the 0.0260BTC support area. More importantly, there is a
key ascending channel forming with support at 0.0260BTC on the 4-hours chart of
the ETH/BTC pair.

If there is a downside break
below the channel support, the price could move back in a bearish zone and it
is likely to test the 0.0250BTC or 0.0245BTC support level.

Conversely, Ethereum could bounce
back from the 0.0260BTC support. However, on the upside, there are many hurdles
for ETH near the 0.0275BTC, 0.0280BTC and 0.0282BTC levels. Only a close above
the 0.0282BTC level and the 100 SMA might accelerate gains in the near term.

 The market data is provided by TradingView.

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Ethereum Update: Amazon Purchases in The Radar, +60% Growth this Month, ETH 2.0 by Early 2020s

Ethereum is having a very positive week, not only in terms of prices but also in terms of usability and technological evolution.

Ether (ETH) Loogking Good On Charts

Ether (ETH) —the blockchain’s native cryptocurrency— is having a phenomenal performance so far in June. An increase of 63% following the trend established by Bitcoin (BTC) has caused the token to reach 270$.

Ethereum has shown a +60% gain this month
Courtesy: Coinlib

The token’s behavior follows the bullish trend that began last May after a correction experienced at the beginnings of June due to the sharp fall of Bitcoin (BTC) prices attributed by several analysts to a practice of price manipulation.

However, after approaching $226,
ETH managed to recover, starting again a strong escalation replicated by other
cryptocurrencies.

The Heikin Ashi candles allow reducing the “noise” in the graphs, showing a clear bullish trend after having reached the minimums of the month. This trend is confirmed by nice MACD that shows a possible end of the correction and an optimistic future for the Ethereum Market.

Ethereum 2.0 to be Launched on
the 3rd of January 2020

According to information by Trust Nodes, the Ethereum development team has already set a date for the release of the long-awaited Ethereum 2.0: January 3, 2020.

Vitalik Buterin Speaking about Ethereum 2.0 at San Francisco

Justin Drake –one of the developers– said they chose that date for several reasons, one of which was that they wanted to honor the launch of the Bitcoin (BTC) genesis block on January 3, 2009.

The evolution of Ethereum has several characteristics, however the most important is the migration from a PoW algorithm to a brand new Proof of Stake alg. With this, the blockchain would be more effective, resource efficient and more resistant to possible 51% attacks — at least theoretically.

The “transition” process could start between October 8th and 11th of this year at Devcon, although there are already some Ethereum 2.0 clients running testnet.

As reported by Crypto Crimson, it is expected that once implemented -and with all parallel developments fully operational- Ethereum will be able to support about 1 million transactions per second.

Using Ethereum (ETH) for Amazon Purchases Will be Possible Thanks to a Partnership Between CLIC Technology and Opporty

An official press release shared by CLIC Technology revealed that they partnered with Opporty to work on the development of a browser extension “which will revolutionize the e-commerce industry, allowing consumers to make everyday purchases on Amazon using the open source, public, blockchain-based distributed computing platform Ethereum.

Roman Bond, CEO at CLIC
Technology shared his enthusiasm at the possibility of promoting the e-commerce
marketplace and the adoption of cryptocurrencies:

“Bringing cryptocurrency to the e-commerce marketplace is the merging of two next-generation industries … We’re excited to be working on this project with Opporty, and to move forward on a number of other ambitious projects with them as well.

As reported by Ethereum World News; last month, the tech startup Moon announced the development of an extension that allows payments on Amazon with Bitcoin (BTC) through Lightning Network.

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Vitalik Buterin: “Bitcoin SV is a Complete Scam”

Vitalik Buterin is not particularly a fan of Bitcoin SV. For the creator of Ethereum, the fork of Bitcoin Cash (BCH) is nothing more than a scam created to enrich its promoters.

In an interview with Grey Jabesi, Buterin responded with no regrets when asked his opinion about Bitcoin SV:

“Yeah, like, obviously BSV is a complete scam”

Vitalik did not comment further on this and preferred to talk about other issues he considered more important, such as the power of exchanges and the future of trading on Dexes.

This was not the only time Buterin downplayed BSV’s importance. In fact, not only has Buterin attacked BSV but Craig Wright directly, saying he does not believe that his claims to be Satoshi Nakamoto are true, calling him a fraud on different occasions:

The tension between Craig Wright and an important number of personalities in the crypto-verse has escalated considerably since Mr. Wright started a series of legal claims against those who voiced doubts about the veracity of his arguments.

In the letters, he demanded that skeptics remove the comments, publish an apology, and testify in court that Wright is Satoshi Nakamoto (even though he had not yet provided reliable proof of his identity, following the demands of the community).

Vitalik Buterin Bets on Decentralized Exchanges

In the same interview, Vitalik Buterin commented that he found more interesting the debate that followed CZ‘s announcement that Bitcoin SV was being delisted from the exchange because of the unethical conduct of Craig Wright and Calvin Ayre.

He noted that Binance should not be judged by a single decision given the important role it has played in promoting and growing the ecosystem:

“The delisting from Binance, that was interesting. There are arguments in favor of it but then there’s also arguments like this is an exchange that’s yielding a lot of centralized power, but realistically, Binance is as an exchange that has a lot of power and is buidling it in a lot of ways … So it gets we were to kind of criticize like that one decision without looking at all their others”.

Buterin has also strongly criticized centralized exchanges, even commenting at a time that he wished they all “burned in hell.” He expects decentralized exchanges to acquire a greater presence in the ecosystem, becoming the platforms of preference among traders around the world.

Full interview available here:

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How Bitcoin (BTC) Gets to $30,000 by Year-End, ETH and XRP in Tow

Bitcoin could be trading at $30,000 by year-end.

Powering the price higher will be the “mindshare” boost from the giants of finance and tech getting onboard and the looming halvening in block rewards next year.

So says Jehan Chu, co-founder and managing partner of Hong Kong-based venture capital outfit Kenetic, in a recent Bloomberg interview.

“We’re starting to see the story become reality,” says Chu.

“What people are really seeing now is that cryptocurrency is
not going away.

“You don’t have to take my word for it: it’s Facebook, it’s Jamie Dimon, it’s Rakuten, it’s Fidelity; all of which are getting into the space, either with building infrastructure or providing services. So that’s first – it’s going to drive mindshare, it’s going to drive adoption.”

Fidelity is one of the largest asset managers in the world and its digital asset division is now providing custody services.

Jamie Dimon is the chief executive of JP Morgan and once upon time said bitcoin was a fraud, but has changed his tune in more recent times as his firm builds out its very own stablecoin crypto.

And Rakuten, although not that well-known in the West, is a Japanese e-commerce giant that opened its own crypto exchange in April as it readies for a world of crypto-secured digital cash.

And of course Facebook’s “GlobalCoin” threatens to upend remittance and payments worldwide and has got banks and tech competitors taking notice.

Bitcoin is a new tech story to replace the old

Then there’s the “counter-cyclical” leg of Chu’s thinking.

“Second, what we are seeing is counter-cyclical arguments
with the recent disappointments over Uber and Lyft IPOing in the market,” Chu
reminds his host.

With private equity and VCs sucking the value out of tech firms before they go public, the opportunities for retail investors are meagre indeed.

“People are looking for a different type of tech story; one
that’s perhaps accessible to all.”

And it is not just the tech scene that is looking less of a sure bet these days.

Global equity markets have lost $4 trillion in value over the past month as sentiment does an about turn in the light of the worsening (and widening) trade war, spiced up by Trump’s unpredictable behaviour.

With most investors now being forced to consider revisiting their portfolio asset allocation, the revival in the bitcoin market couldn’t have come at a better time. Even if only a tiny fraction of those reallocated funds comes crypto’s way, it will have a massive impact on prices.

Constrained bitcoin (BTC) supply, rising demand

And that relates to Chu’s third price driver in the march to
$30,000.

“Finally, the bitcoin halving is coming and that’s traditionally pushed the price in double-digit percentages, so a combination of these three factors will see us get from where we are now to $30,000.”

With supply constrained and institutions and high net worth individual buying accelerating – judging by Grayscale Investments for one reportedly acquiring 21% of monthly supply – demand will continue to strengthen prices.

And Chu is quick to point out that it isn’t just a bitcoin story.

Bitcoin (BTC) to $30,000 by year-end. Log chart, month-view, BTCUSD on Bitfinex (Chart courtesy TradingView)

Ethereum (ETH) “definitely a bullish call…, interested to see what Ripple (XRP) does”

“Bitcoin is the biggest brand… has the centre of gravity… is
going to pull up the rest of the market. But others [altcoins] are developing
their own story and have their own utility.

“Ethereum is the lead, the rate of adoption and developing a
decentralised global computer  is just
astounding. People say it’s going away – it’s not going away.”

“I think Vitalik Buterin, the 24-year-old founder of Ethereum,
being on stage with Satya Nadella at the recent Microsoft conference really
shows not just how much traction there is on the ground but also with the major
institutions who are determining the future of technology.

“So Ethereum is definitely a bullish call and I’m interested to see what Ripple does,… it’s made great headway in different currencies with major banks around the world.”

As reported previously by EWN, Max Keiser recently reiterated a price target of $28,000 for bitcoin (although there was no time range given in his tweet but let’s assume year-end) on the back of what he sees as the developing second leg of the global economic crisis that began in 2008.

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Ethereum is Back in the Game: Daily Transactions Reach Yearly Highs. Smart Contracts and DApps Gain Popularity

While it is true that Bitcoin is grabbing everyone’s attention after its strong bullish spree, Ethereum is not lagging, and after a dark stage, it seems to be arousing the interest of users around the world.

Following a positive performance in term of prices, Ethereum proved that
it defeated the bearish sentiment. In recent days its usability has exploded
beyond the economic dimension, reaching a record of daily transactions never
seen in the whole year.

According to Etherscan, the number of daily transactions recorded in Ethereum was 908,208 on May 16, 2019. This figure had not been reached since May 4, 2018.

Ethereum is showing a peak in daily transactions

However, it is important to note that while last year’s peak was a trend
anomaly, which then recorded a sharp decline, now the number of Ethereum’s
daily transactions seems to have a sustained upward trend that began in
February of this year.

The gradient of this trend is very similar to that recorded in 2017 when Ethereum became very popular.

There are similarities in how fast Ethereum is growing. Comparison between 2017 and 2019
There are similarities in how fast Ethereum is growing. Comparison between 2017 and 2019

An Increase in DApps and Smart Contracts Show that Ethereum Has More Use Cases Besides Financial Transactions

While the number of transactions is proof of the increasing public interest in this blockchain another important fact to consider is that of how much Gas users consumed. As it is known, Ethereum is a blockchain oriented to the development of DApps and Smart Contracts and the more complex these developments are, the more Gas they will consume.

According to Etherscan the total daily Gas used on the Ethereum network exceeds 45 billion Gas, with a peak of almost 50 Billion by May 7, 2018. This represents 133% compared to February.

The amount of GAS consumed suggest that more complex tx are happening
The amount of GAS consumed suggest that more complex tx are happening

Also, ETH Gas Station shows that an average transaction requires a consumption close to 21000 GAS, however, the average of Gas consumed during the month strongly exceeds this amount.

This could show that beyond simple economic transactions, the public is
using more DApps and Smart contracts that require higher consumption because of
their complexity.

So far, Ethereum is the blockchain with the most active developments. Recently Joe Lubin (co-founder of Ethereum) and Jimmy Song (Bitcoin evangelist) made a bet on the adoption of DApps within 5 years. Lubin believes that by that time Dapps will be extremely popular, while Song believes that this trend will be a failure. 

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BlockFi Slashes Ethereum (ETH) Interest Rate, Bumps BTC

Ethereum ETH Bitcoin BTC Blockfi 2019

Cryptocurrency lending firm BlockFi has announced an update to their interest rates for Bitcoin and Ethereum, with the latter experiencing a severe cutback.

According to the monthly update published on May 21, BlockFi reports that the month has been “fantastic” for the crypto ecosystem, and predicts the bear cycle is likely reaching its end. The company highlights the thousands of fans, traders and entrepreneurs who attended the 2019 Blockchain Week held in New York City as a testament to the industry’s growth. In addition, BlockFi reports that that their interest account now commands over $100 million in digital assets being managed, marking a substantial milestone for the financial product since its launch earlier this year.

BlockFi.com

Last week BlockFi published an article outlining the market forces driving their ability to lend cryptocurrency and the metrics they use for generating interest rate returns. Citing that guideline, the lending company reports that the demand for Bitcoin borrowing and lending has been on the rise, describing it as a “vibrant and growing field.” However, BlockFi claims that interest in Ethereum, in terms of the market for loaning ETH, has been lackluster in comparison and points to other cryptocurrency lending platforms who have drastically scaled back on the market for Ether,

“Ether lending market over the last couple quarters has become as stagnant as we’ve ever seen it. According to the Q1 report put out by Genesis Capital last month, just 3% of their overall loan portfolio is in ETH. Additionally, platforms like Poloniex and Compound are offering borrowing rates on ETH as low at 0.01%.”

As a result of falling market demand in Ether borrowing, BlockFi has announced a slashing of the Ethereum interest rate, while providing a slight bump in BTC. According to the new guidelines found in the official post:

  • BTC Balances above 25 BTC will earn 2.15% interest (up from 2% previously). All balances between 0.5 BTC and 25 BTC will continue to earn 6.2% Annual Percentage Yield (APY)
  • ETH Deposits between 25 ETH and 100 ETH will change from 6.2% to 3.25% APY. Balances above 100 ETH will earn 0.2% APY

BlockFi’s announcement comes as a disappointing setback for Ethereum investors who were hoping to make secure and somewhat guaranteed annual returns on their coins. While the crypto markets throughout 2019 have produced 105 percent and 86 percent returns for Bitcoin and Ethereum, respectively, BlockFi provides an additional boost in ROI for investors not looking to cash their coins in any time soon. Instead, crypto investors are able to lend to would-be borrowers through BlockFi, as opposed to keeping their currency dormant in wallets or exchanges.

BlockFi’s monthly dispatch also reports updates coming to their dashboard in the next few days. Including the ability to view interest earned to date, total account balance in USD, and calculators forecasting potential earnings. BlockFi utilizes Gemini for its custodial services in storing and securing client cryptocurrency.

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Ethereum (ETH) Foundation Publishes Blueprint for 2019 Development

Ethereum ETH Foundation 2019 Update

The Ethereum Foundation has published its official Spring 2019 update, shedding details on the planned development for the next coming year.

In particular, the report focuses on how the second largest cryptocurrency by market capitalization plans on allocating the $30 million designated for use by the Foundation in further developing the currency. The foundation reports “tremendous progress” being made for the currency over the last twelve months, and congratulates the collective efforts of developers, entrepreneurs and users of ETH. Despite growing competition with TRON (TRX) and EOS, the Foundation also claims Ethereum to be the “de-facto platform for decentralized applications,”–although research has revealed that ETH’s stranglehold on the DApp marketplace is slipping.

Interestingly, the Foundation reports having a shift in attitude towards its mission statement, owing to a refinement in focus. Compared to previous years, the line “Doing what is best for Ethereum” no longer means “trying to do everything for the currency.” Instead, the Foundation claims to be keyed in on affecting change where it can add the most value, while leaving the remainder for developers and innovators more attuned to tackle the problems they are effective in solving. The Ethereum Foundation claims its updated role is now “a resource allocator, a voice in the ecosystem, and an advocate for Ethereum to the world.”

According to the latest report, the Ethereum Foundation is in control of 0.6% of all ETH, in addition to holding cash reserves. However, the group claims that their resources will decline over time, with the largest valuation being invested into “critical work” across the ETH ecosystem. The Foundation also relays to investors that they understand the importance of the capital they command, and intend to use it wisely,

“It is our responsibility to ensure that every last dollar and wei is spent effectively.”

The 2019 update also includes an initiative to grow the Ethereum ecosystem’s funding base beyond the Foundation, which they define as,

“Encouraging other organizations besides the Foundation to support high-priority projects, and supporting innovative mechanisms for funding, including Gitcoin grants and MolochDAO. Efforts like these give us better leverage from our existing resources, and help build a sustainable path for funding vital projects far into the future.”

While cryptocurrency projects tend to tip-toe around the issue of decentralization, the Ethereum Foundation factors itself as a benefit to the currency and potential voice of authority. Writing to investors,

“We understand that many look to the Foundation as a valued voice even as we move to proactively empower others. That voice is a resource that can be used effectively to advance Ethereum. We are able to, for instance, bring attention to important but relatively unknown projects, share valuable information about Ethereum’s progress with the public, and encourage the growth of regional Ethereum communities.”

The Foundation also reports an intention to be a “more active” voice in the Ethereum community moving forward, and has recognized the need to take more initiative in growing the cryptocurrency. The 2019 update outlines increasing on-boarding for developers and improving the developer experience as two potential in-roads for the Ethereum Foundation to tackle in the coming year, particularly as the currency undergoes its massive 2.0 update.

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Joe Lubin y Jimmy Song Formalize a Bet On the Future of DApps. Who Will Win?

After more than a year of discussions,  ConsenSYS
founder Joe Lubin and BTC evangelist Jimmy Song finally materialized a bet in
which the future of the DApps will determine the winner.

Joe Lubin Believes Dapps will revolutionize the World Wide Web
Joseph Lubin

The two famous crypto influencers talked face to face during Consensus 2019, which takes place from May 12 to 15. Coindesk’s mediator managed to put both of them in agreement on the terms of the bet.

According to the proposed terms, if Ethereum is successful
enough to have at least 15 applications with 10000 active users per day and
100000 active users per month for a period of 6 months and before May 23,
2023, Jimmy Song will send 69.74 BTC to Lubin. If the conditions are not met,
Lubin will pay Jimmy Song 810.8 ETH.

The price gap is large because they used the referential
price of each token during last year. The average amount in fiat was about
500,000 to 600,000 dollars in both cryptos, however, neither Song nor Lubin
wanted to renegotiate these amounts.

In order to guarantee transparency, they proposed an escrow
on which there was also an agreement, however; they did not reveal their name
because at the time of the interview this anonymous person had not yet
consulted on their willingness to fulfill this role.

The bet had been postponed several times because of
communication difficulties. Lubin expressed that this was a higher priority for
Song than for him, but he never refused to bet. The nonconformities arose at
the moment of determining what they could consider as an active user and
what defined a “successful” DApp.

Jimmy Song doesn't believe DApps have a future
Jimmy Song

Song wanted to define an active user as the person who paid for using the DApp, however, Lubin explained that this was unfair since there are many applications (such as Facebook) which are free to use. Finally, they agreed that the user did not have to carry out the transaction, as the DApp administrator could assume it (but there should always be an expense or tx in the blockchain).

The bet happened because Song doesn’t believe that DApps should exist. From his point of view, it is always easier and more efficient to develop a centralized application than a Dapp, and any DApp can achieve the same results using central servers. For this reason, he believes that over time these developments will disappear.

For his part, Lubin defends Ethereum and is sure that Dapps will revolutionize the way the world sees the world wide web. This idea is reinforced by the advances around Ethereum 2.0, a technology that promises to improve the efficiency of this blockchain considerably.

The full video of this agreement is available here

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World’s Fifth Largest Electric Company Using Ethereum (ETH) DApp

EDF Ethereum DApp Cryptocurrency

The world’s fifth largest electrical company has announced a partnership with Ethereum app iExec that will involve the company utilizing the decentralized application (DApp) in a project test.

EDF, which operates a $33 billion market capitalization, has launched GPUSH on iExec, a visual simulator software that is now available through the DApp operator. EDF reports that launching there program through a DApp gives them access to the Ethereum Mainnet, which, among other things, will allow them to test the software in the context of a blockchain.

GPUSH involves a simulation software for modeling fluid behavior, which EDF plans to use to study and evaluate the effects of hydroelectric dams and other sources of liquid-based energy. In particular, the company is looking to Ethereum’s mainnet and the feature of blockchain to see if it is able to improve upon the simulator, compared to the standard GPU computing platform.

Speaking in an interview with CoinDesk, EDF blockchain engineer Gilles Deleuze explained that Ethereum’s network features has the potential to improve the utility of the simulator,

“In a wider perspective, […] development of distributed computing is a credible scenario for the future, and blockchain may be a nice lever in this scenario. So, let’s explore it.”

Deleuze also hinted that his company has larger plans for using Ethereum and decentralized applications in testing their projects,

“The plan is to continue with other open scientific codes requiring possibly other types of workerpools.”

iExec is one of the oldest applications on Ethereum’s network, first launching in 2016 as a way to explore the potential of cloud computing on blockchains. Cloud computing, in its current iteration, is largely under the control of massive corporations with a large supply of resources to devote to the technology. iExec wondered if cryptocurrency networks, utilizing blockchain, could provide an economical and efficient method for decentralized cloud computing.

iExec’s Head of Innovation and Adoption Jean-Charles Cabelguen told CoinDesk that their DApp was advantageous for GPUSH and other project simulators, as it allows for a more “clear monitoring of the state and computational power of the app and increased ‘resilience,’” by running on a decentralized network.

However, Cabelguen complained that Ethereum’s network has drawbacks in its present form, particularly in terms of scalability–an issue that is being addressed in the massive Ethereum 2.0 overhaul.

According to Cabelguen,

“The heavy computing is done off-chain and does not overwhelm ethereum. Afterward, blockchain is used to reach a consensus on the validity of computation’s results. A hash of this result is stored on the blockchain.”

With Ethereum’s transition to Proof of Stake and the 2.0 update, scalability should become less of an issue for decentralized applications running on the network. In addition, the DApp market is continuing to rise, even if newcomers TRON and EOS are bringing substantial competition to the space that was once entirely controlled by Ethereum. Within the next few years, DApp-based project launches such as EDF’s GPUSH could be a regular occurrence by industry.

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Ethereum Co-Founder: ETH Scalability Going Exponential Over Next 2 Years

Ethereum 2.0 Update Scalability 2019

Ethereum co-founder Joseph Lubin has made the claim that his currency will achieve an exponential increase in scalability over the coming years.

Speaking in an interview with CoinTelegraph, Lubin stated that ETH scalability–the most prominent issue to be addressed in the massive Ethereum 2.0 overhaul–will improve by 1,000 times in the next 18 to 24 months. Lubin highlighted the Ethereum 2.0 update, also codenamed Serenity, as the primary driver for the increase in scalability.

Despite the growing landscape for cryptocurrency, the majority of top coin projects such as Ethereum and Bitcoin still suffer from an inability to scale to levels necessary for mainstream adoption. ETH, in particular, is facing an issue of handling the load of mercantile transactions, in addition to other network features such as smart contracts and DApp developments. Ethereum 2.0 seeks to solve the issue of scalability–among a number of proposed solutions–by switching the currency from its historic Proof of Work algorithm to Proof of Stake. Through staking, the currency will utilize the resources of users pledging “staked” coins in order to improve the user experience and efficiency of the overall Ethereum network.

Lubin gave further updates on the development timeline for Ethereum 2.0, sharing his belief that the project will have an operational testnet in the coming months, with a Phase 0 launch to follow before the end of the year,

“In a small number of months, we should have a fully operational testnet and possibly, by the end of this year we’ll have a fully operational phase 0 Ethereum 2.0.”

The co-founder’s time-table for Ethereum 2.0 stands in stark contrast to comments made by Messari CEO Ryan Selkis, who claimed last week that the update would take much longer than what ETH devs are predicting. Rather than being completed by the end of next calendar year, Selkis predicted that Ethereum 2.0 would not be fully operational until 2021 at the earliest,

“I don’t expect Proof of Stake and Ethereum 2.0 to happen before the end of 2021 at the earliest.”

Lubin did shed some light on how Ethereum developers are planning to manage the currency’s transition without implementing a hard fork, which has been the traditional approach to massive coin overhauls. Rather than forking the blockchain into multiple currencies, Lubin claims that the new chain could be merged with the old, allowing tokens to move through “bidirectional mechanisms” onto the Proof of Stake platform.

Ethereum’s co-founder also defended the security of Proof of Stake, debating another point that was raised by Selkis. While Proof of Work has been rigorously tested as the algorithm of Bitcoin and other major cryptocurrencies, Proof of Stake has yet to be implemented on a similar level of scale. Lubin stated that PoS was thoroughly researched by teams prior to ETH devs making the decision to transition away from PoW, and claims that Etherum 2.0 will be adding new features to the blockchain to make it more compatible than previous iterations.

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