Ethereum is currently undergoing a major switch. The blockchain network is moving from a proof-of-work (PoW) protocol to a proof-of-stake (PoS) protocol. That should make the network faster, safer and more economical, but Buterin admits that it all takes longer than he thought:
“At first I thought we could do a blockchain in three months, but we found out that it takes 18 months to complete. We thought it would take a year to do proof-of-stake, but it actually takes six years.
If you’re doing something complex that you think will take a while, it will probably take a lot longer. It’s something a lot of people will tell you, but if you haven’t done a project yourself, you might not believe it – but it really is.”
Buterin also admits that it was not so much technical problems that were an obstacle, but mainly the internal problems in the team:
“One of the biggest problems with our project is not the technical problems, but the problems with people. Ethereum is now in a better economic position, but it took us five years to get to where we are today. We’ve had a lot of internal team conflicts in these five years. When you build a team, it’s important to know who you’re working with.”
Is that a swipe at Cardano (ADA) founder Charles Hoskinson? Hoskinson was kicked out of the Ethereum team years ago. The Ethereum 2.0 network launched late last year with the Beacon Chain. At some point, the merge or merger will take place between the current Ethereum network and the new one.
However, it now looks like this may not be until next year. In the meantime, layer-2 scaling solutions like Optimism and EIP-1559 will need to upgrade the network this summer to deal with the massive crowds. Yesterday it was revealed that the Ethereum 2.0 deposit contract now contains more than 5 million ETH worth about $14 trillion.