Ethereum has launched its Kintsugi testnet for replacing its PoW (Proof of Work) consensus mechanism with the PoS (Proof of Stake) mechanism.
Ethereum has launched its Kintsugi testnet for replacing its PoW (Proof of Work) consensus mechanism with PoS (Proof of Stake) mechanism.
Tim Beiko, a member of the Ethereum Foundation, announced that the Kintsugi testnet has been made LIVE, thereby providing the community with the opportunity of experimenting with “post-merge Ethereum and begin to identify any issues”.
The launch of Kintsugi is encouraging because it will help in preparing for the merge of Ethereum 2.0. As per the merger, the current mainnet of Ethereum will get merged with the beacon chain of Ethereum 2.0. While the beacon chain handles staking, the current mainnet handles transactions. If the merger becomes successful then the Proof of Stake mechanism will replace the existing Proof of Work consensus mechanism of Ethereum. Once it does, it’ll end the ongoing energy-intensive mining process.
Beiko went on to say that the Kintsugi testnet will live longer despite the fact that there are shorter-lived “ephemeral devnets”. Reports say that the Kintsugi Testnet went live several days before the announcement was done by Ethereum Foundation member Tim Beiko.
The “Phase 0” of Ethereum 2.0 went live in Dec 2020. This step included beacon chain launch, introducing staking as a reward generation means for node operators. Staking hasn’t been employed here for consensus purposes. Reports say that the merger of mainnet and beacon chain (known as Phase 1.5) is going to take place either in the first or second quarter of 2022. Ethereum 2.0 will move toward “Phase 2” only when the merger becomes successful. Once this happens, a scalability feature called sharding will be introduced, which will then improve fees as well as the time of transactions. The sharding feature in Ethereum is likely to arrive by 2022-end.
ConsenSys report says that more than 8.4 million ETH are staked on the beacon chain of Ethereum 2.0.