Ethereum 2.0 'On Track' To Launch Very Soon, Quantstamp Says

Quantstamp, a company in the business of auditing smart contracts, said Ethereum 2.0 is nearly ready to launch after the firm completed the audit of Teku, the Ethereum 2.0 client developed by ConsenSys.

“Ethereum 2.0 is on track to deliver Phase 0 in the very near future,” Quantstamp CEO Richard Ma said in a statement, news outlet Decrypt reported.

The goal of the entire Ethereum community is to launch Ethereum 2.0’s Phase 0 before 2020 ends. In response to this, Quantstamp did its best to finish auditing Teku so that Ethereum 2.0 can be released before this deadline.

Auditing is done to ensure the network does not have any bugs or problems before it gets shipped. For the Teku audit, this involves enforcing consensus rules and maintaining controls that are required for penalties and rewards.

Quantstamp published its findings post-audit, revealing that the codebase of Teku was “of the highest quality.” The company also said that Teku developers fixed issues quickly after they were discovered by the auditing team. Some of these issues that were resolved were messaging queues that could be used for DDoS attacks and errors that could put validators out of sync.

Ethereum runs on a proof-of-work mechanism, with miners validating every transaction. With more applications being built on top of Ethereum and more users trying to get their transaction confirmed, it resulted in a clogging of the network and high transaction fees.

Ethereum 2.0 aims to address this scalability issue by switching the entire network from proof-of-work to proof-of-stake mechanism. Those who stake their Ethers can become validators and be the one to confirm and validate transactions instead of miners doing that.

Ethereum 2.0 is set to launch in three phases. The Beacon Chain will launch in Phase 0 and will exist side by side the current Ethereum 1.0 blockchain after launch. In this way, developers and applications on 1.0 would be able to observe how 2.0 will operate.

Phase 1 will involve the integration of proof-of-stake shard chains that would scale the network’s speed in confirming transactions.

Whether or not this announcement has already been absorbed by the market remains to be seen as Ethereum is currently down to $392 after spending the last four days above $400.