Ethereum launched in 2015 and had a long journey in cryptocurrency world to this date. It introduced smart contracts for the first time, which attracted a lot of organizations and institutions. Although it had a good performance to this day and could be the second strongest crypto, the developers decided to update the network. In fact, Ethereum is going to change its algorithm from Proof-of-Work to Proof-of-Stake. In this article we are going to take look at Ethereum network update. Ethereum had several updates so far, but latest one is experiencing several delays in order to execute.
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Ethereum network update; everything happened as planned so far
It was July 28, 2015, that Ethereum unveiled details about launching its project between July 29 and July 30. Everything happened as planned and Ethereum officially launched on July 30.
After only one year, Ethereum became a successful project and could attract attentions. It became one of the most major players in crypto industry. Meanwhile, Ether, the Ethereum network native token, could be the most valuable token on the market.
Although the performance of this creative crypto was acceptable so far, developers decided to change the algorithm from POW to POS. For this purpose, Ethereum is facing four main steps along its development journey. The steps consist of: Frontier, Homestead, Metropolis and Serenity.
Around Feb 29, 2016 that Ethereum planned to move to Homestead. As we mentioned above, Homestead is the second phase for Ethereum development. It planned that the second phase launches on March 14. Homestead did its job on time and the second phase applied on March 14. Apparently Metropolis comes with delays and that is the reason that the new development phase still did not release.
The Third phase comes with delays
The main reason that Ethereum still did not release its last update is that Metropolis comes with delays. It was expected that the third phase hit the network around September 2017. But, still the network is under development.
The fourth phase of Ethereum, Serenity, also called Ethereum 2.0 is still under development. The launch date expected to be on January 2020, still the development is taking long due to Metropolis delays.