Vitalik Buterin Is Working Hard On The Ethereum 2.0 Upgrade

The co-founder and main guy behind Ethereum named Vitalik Buterin is working hard on the new upgrade for Ethereum. Things are apparently still going on under the hood as the network moves towards its next major upgrade. The ETH news when it comes to the price of the asset show that Ether is trading at $188 with a 1% decline on the day.

However, what is more important is the fact that Vitalik Buterin is in ‘beast mode’ and has been very busy this week, further documenting the progress made in the development of Ethereum. The first of his posts to the dedicated Ethereum research channel involved the transition from ETH 1.0 to 2.0. It was the documentation for developers and users on what they will have to handle when the transition takes place.

As Buterin explained, dApps, balances and smart contracts will all migrate seamlessly:

“Existing applications will keep running with no change. All account balances, contract code and contract storage (this includes ERC20 balances, active CDPs, etc etc) will carry over.”

He also added that the new code will need to be downloaded and will be larger than the previous upgrades. However, it will essentially be the same process, Vitalik Buterin is certain.

Among the blockchain news and updates now for Ethereum 2.0, we can also point out to the fact that there will also be a in increased gas cost for some code calls. When the new platform finally launches, the Ethereum blockchain will halt for about an hour after which ETH 1 would be functioning as a subsystem inside ETH 2 – instead of being a standalone system.

The documentation that Vitalik Buterin is planning went into much more detail on what may happen when the transition takes place.

“Tokens would be able to exist on all shards, and seamlessly move from one shard to another just like ETH. This can be done with receipts, in the same way that ETH is moved from one shard to another, we can move tokens from one shard to another. There are no fundamental difficulties here,” Buterin added.

Meanwhile, the crypto news on the market show that ETH started out the week with a low of around $170 and climbed an impressive 15% since Monday.