In a post Ethereum founder described what transition of platform from ETH1 to ETH2 would look like. He said that ETH1 will be valueless and eventually die after the transition. However, the transition is at least two years away. The ETH2 would work on Proof of Stakes while ETH1 chain will run parallel at the same time. Vitalik informed that during the transition period withdrawls will be prohibited.
According to the post the transition process to phase 2 will be smooth. He added that the entire process will happen in the background. He wrote that from a user’s point of view, Ethereum would feel the same pre and post transition except it would be smoother. Post transition, a witness data will be added to any new transaction which will process it on the new chain.
Earleir crypto community backlashed on the founders of Ethereum after Joseph Lubin and Vitalik Buterin admitted that they knew that blcokchain was not built to scale as a transaction platform. In the orignal ICO documents it was mentioned that the platform was scalable. Butrein also mentioned that ETH1 would primarly live inside ETH2, which addressed the ongoing FUD regarding the transition.
ICO prospectus: "Build scalable apps on Ethereum."
Mod: "Youre saying the concept of launching something that doesn't scale then rebuilding it as something thats scalable was part of initial the plan."
Lubin: "We knew it wasn't going to be scalable for sure."
Vitalik: *nods* pic.twitter.com/MBSFkQeugj
— grubles (@notgrubles) September 20, 2019