CRYPTO NEWS AGREGATOR
Tue, Dec 21, 2021 7:17 PM by Max E.

Kintsugi Testnet Launch On The Way To Ethereum 2.0

Ethereum Testnet 2.0 Kintsugi

Ethereum developers have launched Kintsugi, a testnet for Ethereum 2.0. The test aims to find out what the consequences of the merge of PoS and PoW blockchains will be. The network functionality is already available through the RPC proxy. After the merge, the full Ethereum client consists of a Beacon node (ETH 2.0 phase zero network) and an execution engine handled by an existing ETH 1.0 client. Both tiers support API endpoints and P2P connections to fulfill their role.

Ethereum 2.0 testnet

Ethereum key developers’ coordinator Tim Beiko wrote on social media that the team recommends starting testing and prototyping on Kintsugi. All data for work was placed on a separate site. The issues identified will require changes to the specifications and future versions of the client, Beiko said. After that, the final version of the testnets will be launched.

Kintsugi is a Japanese ceramic restoration technique. The broken dishes are glued back together, but the cracks are not masked. On the contrary, each of them is emphasized, fastening the fragments with varnish with the addition of precious metal – gold.

The current testnet includes a number of products – a test cryptocurrency distributor, a statistics monitor, a block explorer, and others.

In the future, all testnets will merge. If the final iteration turns out to be stable, the transition of the main blockchain to the PoS algorithm will begin. Ethereum 2.0 will reduce transaction costs and energy consumption. Now, due to the high cost of gas, the network is becoming less and less accessible to ordinary users. 

Discussions about gas prices erupted with renewed vigor after an emotional Twitter post by the head of Three Arrows Capital, Su Zhu, in late November. He criticized Ethereum for its high fees and said he was abandoning it "despite having supported it in the past."

The launch of the second iteration of the network is expected to take place in the second or third quarter of 2022. The launch of Ethereum 2.0 will be primarily a testnet for testing the PoS consensus algorithm system.

Most of the economic activity and smart contracts will continue to function on the original Ethereum network, which will run as a parallel system to Ethereum 2.0. The developers will implement the possibility of transition of Eth1 to Eth2, but the opposite will be impossible.

Against the background of the Kintsugi launch news, the ETH rate showed positive dynamics and again broke through the level of $ 4 thousand.


The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research. This text is not a guide to action. The author's opinion may not coincide with the opinion of CoinJoy.

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