The long-awaited update of the Ethereum 2.0 network has gone one step further for starting with a Announced provisional date for the planned final public test network.
Platform launch coordinator Danny Ryan (@djrtwo) shared the news on the test network discussion forum on discord.
“After talking to customer teams, the next multi-tenant test network (core network configuration including minimal validation numbers) will have a minimal Genesis time of August 4th.”
More details will be released in a few days, the Ethereum developer added.
Phase 0 of ETH 2.0 has been running in various test networks since Beacon Chain created the Genesis block in April. Phase 0 is the first phase of the long awaited proof-of-stake update and it will dramatically increase the speed of transactions.
Instead of the current proof of work system in which miners are involved, The ETH 2.0 is secured by the users by using at least 32 ETH to execute a validation node.
Three months of successful testing
Beacon Chain was launched in April in the first test network called Sapphire with small 3.2 ETH deposits. After his success In May, 32 ETH nodes were activated in the Topaz test network and stake awards were made.
The Onyx test network started in June and worked continuously with around 20,000 validators at the end of the month. Finally Altona, the coordinated multi-client test network for phase 0, was put into operation in early July to ensure stability before a public test network could be deployed.
Prysmatic Labs has performed most of the tests above. The Prysm ETH 2.0 client was successfully tested by the security and testing firm Quantstamp last week. An entry on the Prysmatic blog made over the weekend confirmed that it was Developers are “very close” to launching a newest multi-tenant public test network.
The network under pressure
Ethereum has recently been under increased pressure due to the increasing spending of stable coins and the DeFi boom. Gas consumption and network rates have risen to record levels, leaving the platform open to criticism from critics.
In the meantime, layer 2 escalation solutions could remove these bottlenecks and bring gas prices back down to a sustainable level. But in the long run, there is a lot at stake in Ethereum 2.0.
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