Posted by Several Ethereum developer teams have been working tirelessly in preparing for Ethereum 2.0, the proof-of-stake platform designed to make the blockchain’s transactions faster, cheaper, and less energy-intensive.
Although the Eth 2.0 hasn’t been launched yet, the first major testnet is, providing the public with a look into how the network may soon function.
Tim Beiko, who coordinates the Ethereum core developers, announced the Kintsugi testnet today on the Ethereum Foundation blog.
Kintsugi is a Japanese word signifying the process in which gold is used to repair broken objects without attempting to hide the damage; the word evokes a sense of transparency about something’s history.
Over the past few months, client teams have been working tirelessly to implement a new set of merge milestones.
They are now live on a new testnet: Kintsugi 🍵!
Ethereum 2.0 would not follow the proof-of-work system like Bitcoin’s, which has “miners” validate transactions, but would have a proof-of-stake system that lets people secure the network by locking up some of their ETH into the protocol.
While both miners and stakers get rewards, Ethereum’s proof-of-stake system also scales up the space available on the network.