The Ethereum 2.0 launch is getting closer to launch date with a preliminary date set for the final public testnet, on 4 August.
The launch coordinator of the platform, Danny Ryan, announced:
After discussions with client teams, the next multi-client testnet (mainnet config including min validator numbers) will have a min genesis time of August 4th.
Phase 0 of the ETH 2.0 has been operating on many testnets since the creation of the genesis block for Beacon Chain in April. Phase 0 is the first stage of an upgrade to proof-of-stake. It is expected to increase the speed transaction.
ETH 2.0 will not present proof-of-work system which involves minors. Instead of that, it will be secured by users putting up a 32 ETH stake to operate a validating node.
Beacon Chain went live on the initial testnet Sapphire in April and it used smaller 3.2 ETH deposits. After that a full 32 ETH nodes were released next month on the Topaz testnet.
The Onyx testnet started in June and operated about 20,000 validators by the end of it. Altona coordinated multi-client testnet for Phase 0 also became operational in the beginning of July to ensure stability before a public testnet could be emerge.
There has been building pressure against Ethereum from the rise in the issuance of stablecoins and the DeFi boom. Gas usage and network fees have hit record highs which has prompted criticism from the platform’s detractors.
Decrypt report stated:
ETH 2.0 has long been in development, and the Ethereum network is currently being pushed to its technical limits as the booming DeFi sector drives transaction volumes upward, potentially slowing the network down.
