Sunday, June 23, 2024

Ethereum 2.0 is just around the corner: Kintsugi’s testnet in place


Another testnet closer to V2 – Ethereum (ETH) you are about to undergo a major upgrade with the change to your V2. This transition, started in December 2020, should accelerate during the first quarter of 2022, with the merger between Ethereum 1.0 and Ethereum 2.0.

Ethereum 2.0 and “The Merge”: The Long-awaited Update

This is not news to anyone: Ethereum he is a victim of his own success. In fact, for the last 2 years, the network has been the cradle of the latest trends. In 2020, the network welcomed the creation and rise of DEFI Crypto (DeFi). In 2021, it was the turn of NFT to become Ethereum’s flagship attraction.

Obviously, when you say boom, there is a massive influx of users. However, the Ethereum blockchain can only process around 20 transactions per second. Consequently, the excess of transactions published in the network has involved a major congestion.

Therefore, it seems that it has become normal to spend several tens to hundreds of dollars to complete a transaction or interact with a smart contract on Ethereum. One of the solutions to this congestion problem is to switch to proof of stake (PoS). This transition in the consensus algorithm should partially mitigate the problem, increasing the throughput of the network.

Phase 0 of the transition to Ethereum 2.0 started in december 2020, with the launch of the beacon chain. As a reminder, the beacon chain will be the backbone of Ethereum 2.0. This ensures consensus and will coordinate the various shards planned for phase 2 of Ethereum 2.0.

The next phase, phase 1, is called “The fusion”. This is intended to connect the Ethereum application layer as we know it with the Ethereum 2.0 consensus layer. This step planned for the first quarter 2022 it will mark the transition to PoS.

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Kintsugi: A First Testnet for The Merge

The Merge is right around the corner. For several months, the developers responsible for their design have deployed different devnets to monitor its operation.

Monday December 20 Team Beiko, coordinator of the transition to Ethereum 2.0, a advertisement the deployment ofyour main testnet Ethereum 2.0 open to the public. Baptized “Kintsugi”, the latter will allow the entire community to test Ethereum 2.0 after the deployment of The Merge.

Tim Beiko Post – Source: Twitter

“After 4 short-lived devnets, Kintsugi, a longer-lived public testnet, is now online. While customer development and user experience continue to refine, we encourage the community to start using Kintsugi to become familiar with Ethereum in a post-merger context. “

Team Beiko

From now on, the community will test Ethereum 2.0 after the merge and report any bugs so that fixes can be made.

While Ethereum developers make security a keyword, the same is not true for dApps developers. In fact, they are the victims of numerous attacks. Recently, the protocol BadgerDAO suffered $ 120 million in attack losses.

Will you support the Ethereum revolution? It’s up to you to get on the crypto train! To do this, and begin to familiarize yourself with this exciting world, do not wait create an account on Binance, the reference Bitcoin and cryptocurrency exchange (affiliate link).

Ebenezer Robbins
Ebenezer Robbins
Introvert. Beer guru. Communicator. Travel fanatic. Web advocate. Certified alcohol geek. Tv buff. Subtly charming internet aficionado.

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