Ethereum blockchain (ETH) Kintsugi testnet is now live and allows users to test and experiment on the current proof-of-work (PoW) -based blockchain merger with the proof of stake system ( PoS) of the “Beacon chain”.
One of the main developers of Ethereum, Tim beiko, the news broke on Monday, stating that Kintsugi, “a long-running public testnet,” has finally been released after the deployment of four ephemeral versions of testnets for developers. He also asked the community and projects to familiarize themselves with the post-merger environment in which Ethereum will operate.
“We recommend that most projects prototype on Kintsugi to quickly identify any potential issues. This way changes can more easily be incorporated into future customer and specification versions,” Beiko said.
The transition to PoS – which is expected to make Ethereum blockchain transactions faster, cheaper, and more energy efficient – has always been a key part of the community’s strategy to scale the second largest crypto project on the market. . While it is not yet clear when the update might finally take place, the Kintsugi test network marks an important step towards this goal.
In its current state, Ethereum can process around 13 transactions per second. Historically, this number of transactions has made it possible to meet network demand. However, with the exponential rise of decentralized finance (DeFi) platforms as well as the emergence of non-fungible tokens (NFTs), Ethereum is now struggling with scalability issues, which describes the recent very high gasoline costs of the network.
After the switch from PoW to PoS, also known as the Ethereum 2.0 update, it is estimated that the network can reach a potential of 100,000 transactions per second. For exemple, Visa performs an average of 1,700 transactions per second.
Besides, the update will significantly reduce the power consumption of Ethereum, making the network much more environmentally friendly. Last May, Carl Beekhuizen, developer of Ethereum, estimated that Ethereum’s power consumption would decrease by 99.95% after migrating to PoS.
Earlier this month, an Ethereum developer called on the community to help test “The Merge”, saying it was the best way to contribute to Ethereum.
Regarding future steps, Beiko noted that a final series of testnets will be launched after feedback from it has been incorporated into the client software and specifications.
“After that, the existing test networks will go through the merger. Once these have been upgraded and are stable, the next step will be the transition from the Ethereum mainnet to proof of stake,” Beiko wrote. .
As noted, the merger is expected to take place in the second quarter of 2022.
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Learn more:
– ‘Fiat-Like’ Proof-of-Stake Chains Favor Centralization & Rich Players
– Ethereum Moves Ahead With Plans for Earlier Transition to Proof-of-Stake
– Ethereum Developer Calls for the Community to Test the Merge
– Ethereum Merge Estimated in May-June 2022 – Developers
– Ethereum 2.0’s Phase 0 Goes Live ‘Successfully’, ETH Drops
– Vitalik Buterin Proposes New EIP to Tackle Ethereum’s Sky-High Gas Fees
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