Ethereum 2.0 Is Entering the Final Stage of Testing
The finishing stage of testing Ethereum 2.0 is ready and will come into the daylight on August 4. As the developers claim, all the conditions of testing the network’s upgrade are met and ready to go live.
The launch of Ethereum 2.0 is considered to be one of the most anticipated events in the cryptocurrency industry this year, marking the network’s transition from Proof of Work (PoW) to Proof of Stake (PoS) protocol.
The new version of the Ethereum network is said to significantly lower the network’s congestion, speed up the transaction time, and improve the throughput. The current variant of Ethereum network, which starts counting its sixth year these days, is reaching its limits especially with the prosperous Decentralized Finance (DeFi) industry based on it and the transaction volumes breaking the all-time highs.
According to the Discord post of Ethereum 2.0 launch coordinator Danny Ryan, the public testnet’s launch date comes in an earliest possible way and after discussions with multiple network’s clients:
After discussions with client teams, the next multi-client testnet (mainnet config including min validator numbers) will have a min genesis time of August 4.
He further added that “Launchpad”, the educational deposit interface aimed at hobbyists, will be released together with testnet and that more details will be announced in the nearest time.
The long-awaited launch of Ethereum network’s upgrade has been planned for this July and delayed a few times already. In the meantime, it is clear that the upgrade will start with the initial stage known as Phase 0, which includes the launch of Beacon Chain and the implementation of the PoS mechanism on the Ethereum network.
The next Phase 1 will introduce Shard Chains to improve the network’s performance and increase its scalability and efficiency. And only then, at Phase 1.5 the current Ethereum network and the Ethereum 2.0 will be fully integrated, with Proof of Stake (PoS) algorithm becoming the only underlying mechanism.
The official date of much-anticipated Ethereum 2.0 is not announced yet. However, having in mind that running a testnet might take a few months at least, the preliminary date of launching the first stage of the update could be the third quarter of the year.