For years the transition to Ethereum 2.0 has been discussed, where Ethereum (ETH) will become much more scalable via transitioning to a Proof of Stake (PoS) blockchain. However, month after month passes by, and up until now there was not even a tentative schedule for when Ethereum 2.0 would launch. 

That is changing now thanks to Ethereum Core Developer Danny Ryan, who has just officially submitted a proposal for transitioning from a Proof of Work (PoW) blockchain to PoS, and once it is approved, an official time for the rollout of the Beacon Chain, also known as Serenity Phase 0 will be put in place. 

As of now, it seems the tentative launch date for this first phase of Ethereum 2.0 is later this year, or early 2021 by the latest. 

Notably, this is just the first phase of the Ethereum 2.0 transition, and many more phases will occur afterwards throughout 2021. That being said, this is one of the most critical phases since sharding will be introduced, which will massively increase Ethereum’s (ETH) scalability. 

Indeed, the likely reason that the Ethereum 2.0 timetable is finally coming into focus is Ethereum’s (ETH) recent scalability crisis, where transaction fees spiked to $10-$20, and the fees for more complex transactions involving smart contracts went well over $100. 

These extreme transaction fees crippled Ethereum’s (ETH) usability, and likely caused an exodus of users. Also, the transaction fee crisis likely played a big role in the reversal of the Ethereum (ETH) market from a big rally to a crash in recent weeks.

Essentially, Ethereum (ETH) desperately needs to become more scalable, or it’s ecosystem cannot grow any further, and that’s exactly what Ethereum 2.0 will accomplish. 

Ethereum 2.0 has taken a long time to arrive, but due to Ethereum’s (ETH) critical scalability issues, the Ethereum Core Developers are finally starting to set a timetable for Ethereum 2.0.  Once Ethereum 2.0 is launched Ethereum (ETH) will become infinitely scalable, paving the way for the Ethereum (ETH) ecosystem and market to grow.