For over a year ether The community got the start of ETH 2.0that many expect to bring big changes to the network. final The long awaited ETH 2.0 was introduced with the introduction of. brought one step closer to success Kintsugi, a public test network.
Ethereum launches Kintsugi-Testnet
On Monday, December 20th, Ethereum announced the launch of. on Kintsugi test network to prepare for Introduction of ETH 2.0. Kintsugi is a Japanese word for the art of repairing broken ceramics with golden lacquer. The same process that Ethereum is hoping to adopt.
According to Ethereum, the testnet will help the developers to bring the network’s mainnet together Signal chain. In addition, Ethereum has announced that the merged network will be a more scalable and efficient blockchain.
According to the announcement, Kintsugi Testnet is only in beta testing. Developers will test Kintsugi during this time and give feedback before the ETH 2.0 testnet officially starts in the second quarter of 2022.
By switching to a proof-of-stake consensus mechanism, ETH 2.0 expands the available space in the network. With more space, the Ethereum network is expected to be faster and more efficient, effectively putting an end to the high transaction fees that have plagued the network for years.
ETH rallies after the news
Following the announcement, Ether started a fairly strong rally that rose more than 7% in the past 24 hours, bringing in $ 4,000 in the process. At the time of writing, ETH is currently trading at $ 4,016, with a market cap of $ 477.2 billion.
Why should you care?
With Ethereum 2.0 being billed to solve many of the problems that plagued the network, the long-awaited upgrade could be the final piece of the puzzle to ensure Ethereum dominance.