News: Despite Crypto Comeback, Prominent Investor Doesn’t Expect Ethereum 2.0 Until 2021
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0:00:00 Despite Crypto Comeback, Prominent Investor Doesn’t Expect Ethereum 2.0 Until 2021
0:00:06 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:12 Over the past weeks, crypto has returned to the limelight.
0:00:16 Bitcoin, Ethereum, amongst other digital assets have absolutely surged.
0:00:21 While no specific fundamental factors have been pinned to the recent rally, it is widely believed that certain bits of news, like Fidelity’s institutional platform and Ethereum starting a Proof of Stake integration, has boosted the price.
0:00:34 But one notable commentator claims that one key development, Ethereum’s transition to PoS may not occur as soon as optimists expect.
0:00:41 Per CoinTelegraph, during a panel headlined “The Smart Contract War Is Coming”, Ryan Selkis of data analytics startup Messari drew attention to the shortcomings of PoS.
0:00:51 He claimed that the consensus mechanism, which gets rid of energy-chomping miners for entitled full nodes that can process Ethereum blocks, is “not proven to work.” Selkis, who is the CEO of the aforementioned firm, adds that Ethereum’s current Proof of Work system may be “even good enough” for long-term scaling.
0:01:08 This news comes after Justin Drake of the Ethereum Foundation remarked last week that code specifications for phase zero are “on track” to see finalization by June 30th.
0:01:17 Once finalization occurs, developers can begin building code around said specifications, as they ensure that everyone is on the same page.
0:01:25 For those unaware, phase zero, also dubbed “Beacon Chain,” will allow for validators, rather than miners, stake Ether and vote on improvement proposals.
0:01:34 Funnily enough, however, Selkis seems to be entirely bullish on Ethereum and its prospects in the short to medium-term.
0:01:41 In a recent tweet, the long-time industry insider remarked that with all the things expected to happen during New York City’s Blockchain Week, “you’d have to be insane to short”.
0:01:50 He then asserted that the bear market is “over”, and explained that the next “epic bull run”, for Bitcoin and Ethereum, is on the verge of arriving.
0:01:57 Thanks for checking out this video!
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