- Ethereum 2.0 testnet has reached 20,000 validators
- The Ethereum 2.0 testnet achieved this in only two days
- Under Topaz’s PoS model, miners will be ordinary participants
Ethereum News Today – The recently launched Ethereum 2.0 testnet has recorded a milestone as the solution was received warmly after it garnered nearly 20,000 validators in only two days following its launch. Recall that the protocol was launched on April 18, 2020.
The network managed to gain a high sum of validators following the mining of the genesis block. This, in turn, is proof that there is a great amount of interest in the new network. This new testnet is known as the Topaz testnet.
About Ethereum 2.0 Testnet
According to the original report about the Ethereum 2.0 testnet is the ability of the protocol to enhance the performance of the network. The main benefit of the Ethereum 2.0 testnet is its potential to become a game-changer for Ethereum’s Blockchain. The most recent development relating to this protocol is called the Ethereum Topaz testnet. This solution was reportedly created by Prysmatic Labs (a development team that creates the new decentralized architecture for Ethereum’s network). Note that the Topaz framework will eventually replace Ethereum’s Sapphire test network that is currently used by the Blockchain.
Topaz is one of Ethereum’s Ways of Facilitating its Shift From PoW to PoS
The new Topaz testnet will be a huge leap for Ethereum in its transition from the PoW (Proof-of-Work) protocol to a PoS (Proof-of-Stake) protocol. This change will let the network shift from a model that needs complex computations to confirm validation to an energy-efficient format.
Under the Topaz Proof-of-Stake system, miners will be ordinary participants. They will be able to stake their ETH to support all transactions and validations on new blocks on the network. This means that miner rewards will be issued to stakeholders instead of miners. This is opposed to the powerful computing that was originally required in the outgoing PoW (Proof-of-Work) model.
The new Topaz 2.0 testnet will be more decentralized. This will allow all users some benefits. For example, users will only need 32 ETH to become validators whenever the network goes live. Topaz’s successful launch is now paving the pathway for the ETH mainnet.
The ETH mainnet is already scheduled for a 2020 launch. It will be launched in July precisely. This will stamp the network’s position as a driving force in the Blockchain and digital currency space. Ethereum founder Vitalik Buterin made a tweet about the news of the latest testnet launch. According to Buterin, while the testnet isn’t quite THE Multiclient Testnet™,” the solution is still huge progress for the Ethereum network.