ETH 2.0 Testnet goes live in preparation for the upcoming merge https://ift.tt/3yKXIuF

TL;DR Breakdown

• Kintsugi testnet goes live as ETH prepares to receive the upcoming merge.
• ETH will receive its PoS mechanism as the developers prepare it for the merge.

The ETH 2.0 development team works around the clock days after one of them, under username Eric M said through discord that the PoS merge would happen soon. Today, the kintsugi testnet went live as part of the network’s preparation to receive the upgrade.

The PoS aims at making ETH’s network more economical and faster However it will cut the pay of its miners since the mining activities will become obsolete soon. Despite this controversy, the network is preparing for its ETH 2.0 rollout, centred on the community rather than the miners.

Kintsugi testnet goes live as ETH prepares for PoS integration

ETH 2.0 is an upgrade in the Ethereum network that is long-awaited. This upgrade will change the functioning of Ethereum radically by eradicating the PoW mechanism that requires miners to compete for blocks and verify them. Using the PoS mechanism allows for the random picking of the nodes to verify a transaction.

The upgrade will significantly affect the network; however, it won’t be a new coin, and the investors will not change their wallet addresses. This upgrade will make Ethereum reduce power consumption, increase transaction speeds and reduce the spiking gas fees. However, the network is not ready to receive the complete upgrade yet.

It is still in the preparation stage, and the testnet for the merge is already functional. This test net provides the public with a glimpse of how the upcoming project will function. Per Tim Beiko, the coordinator of ETH’s core developers, the testnet went live today and was announced through the ETH blog site.

ETH 2.0 rollout and more about Kintsugi testnet

Kintsugi is a Japanese word that stands for the act of using gold to repair broken objects without attempting to hide the damage. It invokes the transparency of the history of something. Even though ETH is not yet broken, its success is weighing it down. The blockchain applications running on its software are making it congested, thus increasing the gas fees and slowing its transaction speed.

The ETH 2.0 is here to solve these issues facing the second-largest cryptocurrency. The network’s developers have already come up with working solutions for the project. Phase 0 of the project began in December 2020 after the launch of the beacon chain. This chain will be the mainchain of the ETH 2.0

The developers then rolled out four temporary testnets to simulate the working of the ETH 2.0. Now the permanent test net Kintsugi is here and is also available for the public. Per Beiko, they encourage the public to use the testnet to familiarize themselves with the upcoming ETH 2.0. He added that most people hope that others are ready to succeed in the testing process. He continued to note that once everything is stable, the ETH mainnet will transition to PoS.