The Ethereum team has announced the successful dismantling and validation of the Ethereum 2.0 gene block on a testnet. Vitalik Buterin and the entire development team are working tirelessly to ensure that Ethereum’s transition from Proof of Work to Proof of Stake (PoS) consensus algorithm will be a reality by July. It looks like the goal is indeed within reach.
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Ethereum comes a little closer to the Proof of Stake again
Prysmatic Labs, one of the Ethereum development teams, had announced the introduction of the ETH 2.0 Topaz test network as a replacement for the previous Sapphire test network and has now successfully delivered it. The Topaz test network is representing a further step towards the introduction of the long-awaited Ethereum 2.0.
With this, the Ethereum team has reached another important milestone on its way to ETH 2.0 by April 17th, 2020. The Genesis block has been successfully dismantled and validated.
Why has the whole thing only run on a test network so far? A test network is an environment that is only intended for test purposes. It allows application developers to experiment without destroying the network. Especially with a “working product” like Ethereum, a changeover is very complex and has to be done with great care.
Ethereum 2.0 is designed to make everything better
Ethereum is primarily an open-source platform with its own blockchain for processing self-executing intelligent contracts. In short, smart contracts. Fees for the transactions of the smart contracts are paid with the in-house cryptocurrency ether (ETH). ETH is the “gas that powers the Ethereum machinery” and has developed into the second-largest cryptocurrency by market capitalization in recent years.
For people who may not yet know: Ethereum 2.0 is designed to convert the number 1 blockchain for smart contracts into a Proof of Stake (PoS) consensus algorithm and replace the current computationally intensive Proof of Work (POW) system.
In addition, ETH 2.0 will eliminate all problems that plague the Ethereum network. These include limited scalability and security. In addition, it will implement the ability to stack Ether (ETH) to validate transactions on the network and earn additional tokens as payment.
Furthermore, Ethereum 2.0 will be faster and more robust because it supports sharding. Sharding is an approach that divides the processes in the Ethereum network into smaller nodes so that it can handle more transactions.
Currently, the Ethereum network can only handle 15 transactions per second (TpS), which is anything but a lot. However, the team is now planning to change this with ETH 2.0.
The original launch date in January 2020 has been postponed due to a change in the sharding plan. However, if everything continues as planned, ETH 2.0 is expected to start later in July 2020.
Although, further delays should be better expected. Nevertheless, everything seems to be going in the right direction. At the beginning of March 2020, ETH 2.0 passed a security audit by Least Authority, a block chain security consulting company. At the moment, the Genesis block has been successfully removed and validated on the test network. So it looks like things are moving forward!
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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