- Ethereum’s shift to PoS has been slow
- The biggest Ethereum 2.0 testnet gets 22,000 validators
- Shift to Ethereum 2.0 will shake up the network
Ethereum News Today – The benefits of the Proof-of-stake consensus mechanism cannot be overstated. No wonder crypto networks are embracing this protocol. Ethereum, home of the second largest digital asset by market capitalization has since announced a shift from the Proof-of-Work (PoW) to the Proof-of-stake (PoS) protocol. Normally, everything is supposed to been completed by now, but this isn’t the case with Ethereum.
The network’s shift from a PoW model to the PoS network has been very slow. Ethereum’s major upgrade to Ethereum 2.0 hasn’t moved as fast as it should have started for a long time now. A launch date hasn’t been revealed. But it is safe to say that the network is currently moving in that direction. We can agree that it has achieved some level of success in that regard so far.
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The Ethereum 2.0 Testnets Have Been Taken Online for Probing
As a result of the slow process, the testnets for the Ethereum 2.0 upgrade have been taken online for probing by interested parties. Prysmatic Labs have reportedly launched one of the biggest testnets for the network that has been operating since January 9, 2020. Users can now be a part of the testnet to probe staking mechanisms in the upgrade.
The Ethereum 2.0 testnet reportedly saw an enormous number of participants according to Prestan van Loon. Loon is a developer at Prysmatic. According to him, the network saw 100% participation from 22,000 active validators. Loon also revealed that because there’re 22,000 validating keys, it is difficult to know who is in control of the keys as well as who is observing. He also believes that there are at least “5 to 10 individual operators.”
The Change in Protocol will Thoroughly Shake the Network
At the testnet level, Ethereum 2.0 team has opened the doors to hackers to try to exploit the network for weaknesses. This is to test the strength of the latest upgrade. The change to Ethereum 2.0 will thoroughly shake the network. Experts agree that the shift would have a serious impact on the network’s gaming, financial, and trading ecosystems. The result of this could be a situation where the number of Ethereum 2.0 upgrade supporters becomes low at the start. However, the Ethereum 2.0 upgrade will operate on a PoS model so the outcome might be better than what many expect.