Ethereum 2.0 is finally making way into the market. The final testnet launch has been set for 4th August, said, Danny Ryan, the launch coordinator of Ethereum.

The news about Ethereum creating and launching a new platform 2.0 using the Proof of Stake model is something we’ve known for a while. It has been one of the much-awaited launches that promised a safer, faster, and a better platform for crypto trading.

While the wait will continue for a few more months, we do have good news about the progress of the platform development. Sharing the news on Discord, Danny Ryan said that after discussing with the client teams, the next testnet will be having the ‘a min genesis time of August 4th.’

The multi-client testnet includes mainnet configuration with the minimum number for validators required for the same. Ryan mentioned that if all the conditions are suitable, the launch would likely be around 1 PM or 2 PM on 4th Aug. He also said that more information will be shared with the public in the next few days.

This is to be the final public testnet that would allow Ethereum to not just provide to and accommodate various use cases but also to grow enough for decentralized finance (DeFi). DeFi, in simple terms, is a term used for various tools Ethereum is building to allow anybody on the internet to borrow, lend, and use banking services without having to go through middlemen.

2.0 Launch in November

Based on what the developers have mentioned earlier, the testnets would have to run for at least 3 months before the actual launch is performed. Based on that, we can predict that Ethereum 2.0 is likely to be launched on 4th November or a bit later.

Phase 0, which is the first stage in upgrading the platform from PoW (Proof of Work) to PoS (Proof of Stake) is already running on different testnets. Ethereum 2.0 will have validators (instead of miners), who will have to invest 32 ETH take to become eligible to operate in the validator mode.

In April 2020, Beacon Chain, the genesis block developed for Ethereum 2.0, first went live on the testnet called Sapphire. It made use of small 3.2 ETH deposits and proved to be successful. Closely following this was the full mode with 32 ETH on Topaz testnet in May.

This was followed by testing on the Onyx testnet in June. It gained around 20,000 validators through the month. And in July, Altona had coordinated a multi-client testnet for Phase 0.

The above steps were taken to ensure that everything was in place before the platform was declared ready for public testnets. The latest testing was handled by Prysmatic Labs. The blockchain auditing is complete and Ethereum 2.0 received its security and auditing approval from Quantstamp.

At the beginning of the week, Attackents were launched by the team to allow hackers to test the platform.

However, people are getting impatient as the existing platform is reaching its technical limit.


Want to learn more? This article might be of interest to you:

Andreas Antonopoulos Says Bitcoin Will Not Be Private

Share This