20,000 Approvers are in 2 Days!

The – Ethereum (ETH) test network was welcomed with nearly 20,000 approvers, just two days after its launch on April 18. The number of approvers that appeared shortly after the successful removal of the Genesis block triggered interest in the new network.

Ethereum 2.0 test network breaks down

The huge excitement in the launch of the Ethereum 2.0 test network stems from the groundbreaking features of the second largest cryptocurrency in terms of market value. The new development, officially known as the Ethereum Topaz test network, was created by Prysmatic Labs, an engineering team focused on building a new blockchain architecture for Ethereum. Topaz infrastructure will replace the existing Sapphire test network.

Topaz test network is an important step forward for Ethereum, which aims to switch from network proof-of-work (PoW) to proof-of-stake (PoS) protocol. With this change, miners will move from a system that requires verification of blocks through complex mathematical calculations to a more energy efficient system.

Under the Topaz PoS model, miners will include users who have Ether (ETH) stakeholders to facilitate validation of transactions or validation of new blocks. Therefore, while miner rewards require strong computing under the PoW model, this model will be given to stakeholders. The Topaz model will also improve decentralization, as users must share at least 32 ETHs to be approvers when the main network goes live.

The main network launch in July 2020

The successful launch of the Ethereum test network opened the doors for the main network launch, scheduled for July this year. When the Topaz test network is considered successful, the transition to the PoS model is expected to take place in six stages. Various changes will be implemented at each stage to ensure the smooth transition of the Ethereum 2.0 upgrade.

The news that Etheruem founder Vitalik Buterin retweeted about the launch of the new testnet shows that the Topaz network may be Multiclient Testnet, which should start a new era for the blockchain.

Mainnet-configuration eth2 testnet.

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

– vitalik.eth (@VitalikButerin) April 14, 2020

The launch plan in the July network seems to be on the right route as interest continues. According to Etherscan data, there are 19764 active approvers at the time of writing. Test network efficiency is very active; this shows that the PoS model is gathered under it. Now, all that’s left is to learn the finer details with the official Ethereum 2.0 mainnet upgrade.

Follow us on Twitter, join our Telegram channel and follow our Facebook page to be instantly informed of the latest news!


What do you think?

0 points
Upvote Downvote

New Crypto Ponzi Scheme Takes Off in China

FinTop Consulting Appoints Jason Gibson as Board Advisor