Bitcoin

OkEx becomes validator of the Ethereum 2.0 test network

OkEx Pool, the setting arm of the OkEx conglomerateannounced that joined an Ethereum 2.0 test network as evidence of the deployment validator.

As announced in a post on April 29, OkEx validates blocks in the Ethereum 2.0 test network, Topaz, launched by Prysmatic Labs. Alysa Xu, chief strategy officer at OkEx, said the stock market believes in Ethereum’s potential and role in the industry.

He also announced that the exchange plans to promote the development of Ethereum after “already working with Prysmatic Labs”.

OkEx becomes validator of the Ethereum 2.0 test network
OkEx becomes validator of the Ethereum 2.0 test network

Prysmatic Labs is one of several companies working on a client for Ethereum 2.0.

Independent test networks

For Ethereum 2.0, the Ethereum Foundation enables many independent projects to create their own customers. This is the software that defines how a blockchain works, and it is important that all implementations are compatible with each other.

The test network Topaz is a new iteration of the Prysmatic Labs test environment, released on April 16. It replaced the previous version released in 2019 called Sapphire. One of the most noticeable changes between the two versions is the minimum wagering requirement, which has been increased from 3.2 ETH to a full 32 ETH.

In order to be able to access the Topaz test network, you have to deposit the ETH in the Goerli test network, which works with the Ethereum 1.0 standard. This connection is required to test one of the key components of Ethereum 2.0, the Deposit Agreement. This smart contract manages all betting activities and is an integral part of the planned Ethereum Phase 0 update.

As Cointelegraph reported in January, The Ethereum Foundation granted grants to developers from Nimbus, another Ethereum 2.0 customer.

It is not yet clear when Ethereum 2.0 can see an official release. The developers previously assured the community that the first phase is expected to take place before the end of 2020.

Exchange as validators

In proof-of-stake systems, exchanges often dominate the block production process because they control user stocks.

While this was used for political purposes in the Steem acquisition scandal, other blockchains seem to have a more symbiotic relationship with the exchange.

As Cointelegraph previously reported, not all exchanges allow their users to vote or benefit from the effort, although OkEx is an exception.

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