Ethereum 2.0, the upcoming PoS blockchain that promises to be faster and cheaper than the current network, is set to be deployed.
As part of the ETH Global Scaling Hackathon project called Rayonism, several developers in the Ethereum software lab launched what a researcher today describes as a “super-experimental Eth1-Eth2 post-convergence test network.” The process was completed successfully.
Testnet, known as Steklo, aims to discover a new way of executing and finalizing transactions. Ethereum’s consensus mechanism (verifying transactions and adding new blocks to the blockchain) has been mimicking Bitcoin since its inception.
Both Bitcoin and Ethereum require users to “mine” tokens. This means solving difficult cryptographic puzzles with computing powers. The first to solve the network will be rewarded with token and transaction fees.
Ethereum 2.0, which was launched in December but is not yet a functional network, changes that. The new proof-of-stake blockchain, currently under development, will rely on users to unlock their Ethereum as a way to verify the legitimacy of transactions. Validators who are connected to the network and help secure the network earn ETH as a reward. Those who try to attack the network or fail to stay online can lose their “staked” coins.
While the first thought of ETH core developers is to continue to add upgrades to Ethereum 2.0 until the existing Ethereum network is replaced, the new “Rayonism” approach – if adopted – will protect and unify two different systems: the reconciliation or conclusion of these transactions while transactions occur on the existing network It will take place on the network we currently consider as Ethereum 2.0.
However, to test the concept, developers first need a test net. Steklo also comes into play here. The study was conducted in collaboration with three ETH clients: Geth and Besu and Nethermind. However, Eth2 clients also needed Teku, Prysm, Lighthouse and Nimbus to participate.
This testnet for Ethereum 2.0 will take a short time
Sajida Zouarhi, senior product manager for Besu, according to the information in Decrypt, said that “everything is part of a better networking process and something teams are excited about joining. He also added:
What we hope to learn through the Rayonism Hackathon is how to scale Ethereum. So what do we need to reach Ethereum 2.0 in terms of features, performance and development? To solve this, we are trying the Eth1-Eth2 tesnedollarserver.
However, “Steklo will be a short-lived testnet. It won’t take more than a day. “According to Ethereum Foundation researcher Diederik Loerakker, a testnet that will be active for a longer time will be launched next week.