We are now one step closer to the launch of the latest version of Ethereum, ETH 2.0, that is expected to be faster and more scalable than the existing network.Towards the launch of Ethereum 2.0, the first successful mining and validation of a block on a testnet occurred on Friday. Ethereum 2.0 is set to replace the computationally-intensive proof-of-work consensus mechanism for a proof-of-stake one.Large Ethereum holders are hence going to be rewarded for verifying transactions under the new model instead of creating blocks with a large amount of computing power. Scheduled to drop in July, the latest version of Ethereum is expected to be faster and more scalable when launched.Part of the upgrade Ethereum 2.0 comes with is the implementation of shredding, which enables the network to be
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We are now one step closer to the launch of the latest version of Ethereum, ETH 2.0, that is expected to be faster and more scalable than the existing network.
Towards the launch of Ethereum 2.0, the first successful mining and validation of a block on a testnet occurred on Friday. Ethereum 2.0 is set to replace the computationally-intensive proof-of-work consensus mechanism for a proof-of-stake one.
Large Ethereum holders are hence going to be rewarded for verifying transactions under the new model instead of creating blocks with a large amount of computing power. Scheduled to drop in July, the latest version of Ethereum is expected to be faster and more scalable when launched.
Part of the upgrade Ethereum 2.0 comes with is the implementation of shredding, which enables the network to be broken down into smaller parts and process thousands of these smaller transactions at once. Prysmatic Labs, the software engineering firm behind the Ethereum blockchain and developers of Ethereum 2.0 technical infrastructure, launched the Ethereum 2.0 Topaz testnet on April 16. It replaced the former testnet called Sapphire. The testnet enables developers to examine the stability and the functionality of a blockchain before the mainnet or public launch.
The Topaz testnet uses the same mainnet configuration planned for Ethereum 2.0’s initial launch and requires validators to stake the full 32 ETH that will be required with the 2.0 mainnet. Ultimately, the Topaz testnet will enable a final testnet called diamond representing the launch version of Prysmatic’s Ethereum consensus client.
Vitalik Buterin, Ethereum co-founder, however, in a tweet, explained that there are still going to be more restart.
Mainnet-configuration eth2 testnet.
Note that this is likely not quite yet "THE Multiclient Testnet™", as we are likely going to do one or two restarts soon to have more chances to test the genesis mechanism. But still, huge progress and excellent work by @prylabs https://t.co/EmUNnOoL6Q
— vitalik.eth (@VitalikButerin) April 14, 2020
With the launch of Ethereum 2.0 scheduled for July, it would gradually be doled out in six staggered phases to ensure the necessary changes in the overhaul.
Ethereum 2.0 Identified Weakness, Possible Solution
This latest testnet launch comes one month after security consultant Least Authority completed an audit of Ethereum 2.0 and praised its “well thought out” specifications and revealed its weakness at the same time.
Part of the weakness noted to be addressed were potential attack vectors needed to be addressed in the run-up to the mainnet launch or as the six phases were doled out.
In conclusion, Ethereum 2.0 isn’t ready for mainnet launch. However, each testing development perhaps will ensure that it measures up to par when it goes to live.
Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.