Wed, Aug 5, 2020 6:31 PM

Ethereum 2.0: Final Public Testnet Launched

Coin Jhones choose ETH \m/

On August 4, the Ethereum Foundation developers launched Medalla, the final Ethereum 2.0 testnet. The network is designed to increase throughput and prepare Ethereum for transition to a Proof-of-Stake consensus mechanism

To run the testnet, active participants, validators, are required. Validators are looking for errors and are rewarded for actions that help the network reach consensus. To become a validator, you have to make a minimum deposit of 32 ETH.

According to Beaconcha.in statistics, more than 20,000 validators have joined the network and placed over 16,000 bets, exceeding the minimum deposit amount  524,288 test ETH.

Earlier, to prepare validators for staking, the Ethereum Foundation and ConsenSys launched a test version of the Launchpad platform. 

Medalla does not use real ETH and does not allow staking rewards its task is to prepare the blockchain for the largest update.

However, the process didn't go so well. Not all participants launched the validator program and the participation rate was only 57% instead of the expected 80%. But later the number reached 67%. However, this means that 13% of this network's tokens are not used to verify it.

Due to the built-in mechanism, the network itself will solve the problem because inactive validators will be removed. 

Shortly before Medalla's launch, the Ethereum Foundation began to build a dedicated team to count potential cyber threats to ETH 2.0. The tasks include: fuzzing, bounty hunting, pager duty, crypto economy modeling, applied cryptanalysis, formal verification.

The developers also inspect the clients problems.

The Medalla will be running 5 different clients: Prysmatic Labs 'Prysm, ChainSafe's Lodestar, PegaSys' Teku, Status 'Nimbus and Sigma Prime's Lighthouse.

You can find out more info on the official GitHub of the testnet.

The testnet was activated on block # 1596546008 at 13:00 UTC. More than 1,700 people followed the launch.