This is article talks about how the Ethereum team just launched their latest public Testnet, Kintsugi, which will serve as a bridge to their upcoming move to Proof-of-Stake
Ethereum’s original roadmap included plans to move the world’s second-largest blockchain from a proof-of-work (PoW) consensus model to a proof-of-stake (PoS) system, but the project has been slow to implement this change. The Testnet version of Kintsugi, unveiled today by Ethereum developer Piper Merriam, is designed as a replacement for the existing PoW chain and is set to be deployed in a few days.
Ethereum Serenity Testnet Kintsugi
Kintsugi, named after the Japanese art of repairing broken pottery with gold, is a form of Japanese pottery that literally means “golden joinery.” The art of Kintsugi involves joining broken pieces of pottery with gold to emphasize the history and character of the object, rather than hiding it. When applied to blockchain technology, Kintsugi represents an opportunity for Ethereum Classic to learn from its past mistakes and become stronger in the process.Implementation of Ethereum’s next major release will include Proof-of-Stake. With so many variables at play in a Protocol upgrade as large as Serenity, we thought it would be prudent to test the waters on a Testnet first. We are not rushing this process and want to take ample time to get things right. This means we can’t give an exact date for when the Mainnet will launch but we can confirm that.
Ethereum 2.0 Over 7% Of ETH Supply Staked
The Ethereum blockchain is set to undergo a fairly significant overhaul as part of a move towards a Proof-of-Stake (PoS) consensus algorithm, with over 7% of the coin’s supply already staked for the upgrade.Ethereum co-founder Vitalik Buterin has issued a warning about Staking too much ETH on the Network, claiming that it is not wise for users to stake large amounts of Ether as Stakers will receive an “inefficient” reward. The developer posted his thoughts on the Ethereum subreddit in a recent post, wherein he wrote that staking is a good idea only if you are highly confident that you will hold your ether for several years.
Ethereum Moving Towards The Merge
Ethereum Moving Towards The Merge of Its Sharding into Casper Ethereum is moving towards the merge of its sharding into Casper. Vitalik Buterin, Ethereum’s co-founder, in a recent talk during an event hosted by Stanford University explained that the shift will lead to the development of a scalable blockchain network.Ethereum is heading towards an upgrade that aims to increase the capacity of its blockchain and make it more scalable by adding a new concept called Proof of Stake, or PoS. The Ethereum Improvement Proposal (EIP) 1011 was accepted by the core developers which will allow the addition of sharding to the network.
You’ve probably heard about the Ethereum blockchain becoming faster and more efficient due to the implementation of the PoS consensus protocol. While this is certainly a positive development for the network, it won’t be enough to save Ethereum from running into scalability issues in the future. The next step that developers plan on taking with Ethereum is exploring sidechains, which will enable them to work on the upgrades without affecting or slowing down its operations.