The Ethereum Kintsugi Testnet goes live today and allows people to experiment with 2.0 before merging into the proof-of-stake mechanism. Let’s catch up on our latest Ethereum news today.
The Ethereum Kintsugi testnet was released today after developers released some short-lived testnets to experiment with merging. The release of the public test network should be one of the last steps before ETH 2.0 becomes operational. Ethereum’s development teams have worked hard to prepare for Ethereum 2.0 as a proof-of-stake platform designed to make blockchain transactions faster, less energy-intensive, and cheaper.
Over the past few months, customer teams have worked tirelessly to implement new milestones for the merger. You are now live on a new test network: Kintsugi 🍵!
This is how you can join the testnet and help with testing: https://t.co/ARDezguzXE
Christmas came early!
– Tim Beiko | timbeiko.eth 🍵 (@TimBeiko) December 20, 2021
While ETH2 isn’t finished yet, their first major test network is offering the public a glimpse of how the network might work. Tim Beiko, who coordinates the ETH core developers, announced the Kintsugi test network on the Ethereum Foundation blog. Kintsugi is actually a Japanese word for using gold to repair broken items without trying to hide the damage. The word gives a sense of transparency about the history of something, and while the network is not broken in its current state, it has become a victim of its success. After pioneering popular Defi apps, NFTs, and blockchain-based games, network transaction costs put some users off. Exchanging assets on a peer-to-peer basis or bidding on digital collectibles on the chain requires some of the network’s energy to get the transaction done fairly quickly, so people have to pay higher fees or wait for the blockchain to run out is active.
Ethereum 2.0 will solve this as it transforms the network from a proof-of-work system like Bitcoin, which miners have to validate the transactions, to a proof-of-stake system that allows people to do the Secure your network by including your ETH in the protocol. While both miners and stakers receive rewards, Ethereum’s proof-of-stake system increases the space available on the network. Phase 0 of the upgrade went live in December with the introduction of the Beacon Chain, with which the current network is to be bridged to a new one. To prepare for the merger, the developers rolled out four more test nets to simulate how the network will work once it reaches proof-of-stake. Kintsugi will stay forever, but it is also meant for all members of the public. Tim Beiko wrote:
“While client development and UX will continue to be refined, we encourage the community to use Kintsugi to familiarize themselves with Ethereum in a post-merge context. As soon as these have been updated and are stable, the next step is the transition of the Ethereum mainnet to the Proof of Stake. “
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