Ethereum Devs Plan To Reduce Cryptocurrency Emissions 10 Times In 2021
The emission of Ethereum is reduced 10 times in two years, reports Trustnodes.
Ethereum developer Justin Drake outlined key timelines, stating the following:
January 2020: beacon chain launch. June 2020: eth2 light clients production-ready. November 2020: eth1 fork #1 to have its fork choice rule honour eth2 finality (conservatively, no issuance reduced). March 2021: eth1 fork #2 to reduce issuance by 10x.
It was assumed the reduction in the reward for the block from 2 ETH to 0.22 ETH (that is, almost 10 times) will occur after a complete rejection of the Proof-of-Work (PoW). However, the publication states that the chances that this will happen already in 2021 are small. Since a transitional period is needed to transfer smart contracts and other components to the Beacon chain with sharding support.
The launch of a full sharding is expected in 2021. However, after this, the ecosystem will need another few years to completely abandon PoW.
It is not excluded that next year a separate Ethereum chain will be launched, to which users will be able to send their ETH coins for staking. At the same time, the possibility of reverse transfer of coins to the PoW-chain at this stage is not yet provided.
Recall that at the end of June, Ethereum developers approved two changes to the code for the hard fork Istanbul.