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Ethereum 2.0, is the ambitious move by the Ethereum network from a Proof-of-Work based mining consensus to a Proof-of-stake based network in order to enhance the scalability and lower the congestion on the platform.The move from current PoW to PoS has been divided into phases and the final hard fork is scheduled to take place in different phases, the final phase of which would commence in the upcoming year.
The Ethereum network has taken one more step towards the launch of PoS based network as Prysmatic Labs launched a testnet for the Ethereum 2.0.The testnet launch was deemed successful as the test net managed to mine the genesis block as well as validate it.
Many in the decentralized space believe that the Proof-of-Work mining consensus is not well suited for a complex network like Ethereum which not only processes normal crypto transactions but also does a plethora of other computational tasks associated with different functionalities of the platform.This makes PoW quite incompetent to manage the load and thus the move towards PoS is being seen as quite progressive.
In PoS instead of every miner putting in their resources to mine the block, the network selects the miner with the best on-chain activity to mine the block.This makes it easier for the network to concentrate only on the necessary resources towards mining.Ethereum proponents believe this change in mining consensus would make the network much faster and efficient.
The new blockchain scheduled to debut in July would also support sharding which would divide the network into several smaller nodes making it possible to process exponentially more transactions than it does as of now.The Topaz Testnet Gains 18,000+ Validators Just Days After The Launch
The new testnet called Topaz was launched on April 16th, replacing the previously active Sapphire testnet.
The genesis block for the new testnet was mined on April 18th and since then the testnet has acquired over 18,600 validators in a matter of a couple of days.
A testnet is the pilot version of the mainnet and the only aim behind is to check the validity and stability of the network so that the mainent is launched without any fault.
In order to become a validator on the testnet, one must stake at least 32 ETH which will be the same as required for the mainent.After the successful testnet of Topaz, the final testnet called Diamond will be launched which will mimic the launch version of Prysmatic’s Ethereum consensus client.Vitalik Buterin , the co-founder of Ethereum said,
“Note that this is likely not quite yet ‘THE Multiclient Testnet™,’ as we are likely going to do one or two restarts soon to have more chances to test the genesis mechanism.But still, huge progress and excellent work by @prylabs.”
He also tweeted after the testnet gained a lot of traction from validators saying,
The mainent launch is yet premature, however, each successful testnet launch would be a right step in that direction.Just In.
