The Ethereum developer team is working hard in preparation for Ethereum 2.0, a proof-of-stake platform that aims to make blockchain transactions faster, cheaper and uses less energy. However, while Eth2 is not yet fully prepared, their first major testnet is to help the public understand how the network could soon work.
Ethereum Developer Announces Kintsugi Testnet Launch
According to an announcement on the Ethereum Foundation blog on December 20, Tim Beiko, who coordinates the core developers of Ethereum, announced the Kintsugi testnet. Kintsugi is a Japanese word that means to repair objects broken with gold without hiding the damage; this word signifies a sense of transparency on the network part.
Although the Ethereum network was not destroyed in its current state, it is a victim of its success. After pioneering decentralized financial applications, NFTs, and even blockchain-based games, network transaction costs put some users off. Exchanging assets on a peer-to-peer basis or bidding on digital collectibles down the chain requires some of the power of the network – to make transactions relatively quick, people have to pay higher fees or wait for activity on the Blockchain to reduce.
Ethereum 2.0 solves this problem. It transforms the network from a proof-of-work system like Bitcoin, which allows miners to verify transactions, to a proof-of-stake system that allows people to protect the network by locking up some of their ETH into the protocol. While both miners and validators are rewarded, Ethereum’s proof-of-stake system has also expanded the available space on the network.
Developers have made a big step towards Eth2
With the launch of the beacon chain last December, phase 0 of the upgrade went live and will eventually be used to connect the current network to the new network. Billions of dollars from ETH were invested in the new network.
In preparation for the merge, the developers have introduced four short-term testnet that are intended to simulate how the network will function after proof-of-stake. Kintsugi will continue to exist and is not only aimed at well-known developers, but also the general public.
Beiko stated that although client development and UX continue to improve, they encourage the community to use Kintsugi to familiarize themselves with Ethereum in the combined environment.
Most people want things to be good enough to make testing the merge a quick process so that other testnets like Görli and Rinkeby can be used to simulate the transition.
Beiko mentioned that as soon as the upgrades and stabilizations have been carried out, the next step is the transition from the Ethereum mainnet to the Proof-of-Stake.