The upcoming upgrade is huge, maybe we can see it in just a few months in my opinion this transition from pow to pos is great for ethereum and will make the price pump since a lot of people will need to hold their ethereum in order to get the staking rewards.
Did you read this?
https://github.com/ethereum/eth2.0-specs
Let me make it real simple for you:
Ethereum 2 Phase 0
No smart contract support, all processes will pass in ETH 1.0
Validators will lock their ETH and will validate rewards to each other in ETH 2.0.
Ethereum 2 Phase 1
No smart contract support, all processes will pass in ETH 1.0
Shards will be added, this will slightly increase the throughput in the ETH 2.0
Ethereum 2 Phase 2
Sharding with smart contracts support
How long? Will this work with other smart contracts?
we have not yet launched the official Beacon Chain testnet
https://cointelegraph.com/news/realistic-ethereum-20-multi-client-testnet-targeting-for-june