The launch of the Ethereum 2.0 multi-client public testnet with its validators is just a few days away, which will kick off the first phase of the most anticipated update in the crypto ecosystem.
Recently, Danny Ryan, Update Release Coordinator Ethereum 2.0, also known as Serenity, announced on his official Twitter account that there were few validators missing to start the creation of the genesis block of the multi-client testnet. At the time of his publication, Ryan invited users to continue actively participating in the Medalla multi-client testnet and become ETH 2.0 validators.
Now, on the Medalla web portal, we can see that the test network already has more than 466 thousand ETH deposited, for a total of 14.578 active validators, as of this writing. Only 1.806 validators are missing to start the construction of the genesis block, which is scheduled for August 4 and requires a minimum of 16.384 validators and 524.288 ETH deposited.
The Medalla multi-client test version aims to instruct the network's validators on how the new Ethereum update works, as well as educate them on the network roadmap, the reward system, the possible risks that exist and the associated responsibilities that each of the users who become ETH 2.0 validators will have. Likewise, the test network also aims to test the network's security system.
It may interest you: Ethereum 2.0 will launch its latest testnet in early August
The new concepts introduced by Ethereum 2.0
Ethereum 2.0 will be an update that will allow the Ethereum network to migrate from the current protocol Proof of Work (PoW) towards the protocol of Proof of Participation (PoS), removing the function of mining nodes by validators, who will be responsible for confirming the transactions carried out within the network.
To become a validator, users are required to deposit a total of 32 ETH into the ETH deposit contract. Göerli for each node that is to be implemented. These funds must remain in staking to be able to participate as validators and at the same time receive rewards from the network, in addition to maintaining honest behavior and high activity when confirming transactions.
Learn with Bit2Me Academy: What is staking?
In simple terms, validators on the ETH 2.0 network must hold a minimum of 32 ETH on the blockchain to earn the right to vote and validate transactions on the network. In the case of the Medalla multi-client network, validators must deposit 32 GöETH, the native token of Göerli and equivalent to 32 ETH.
On the other hand, validators on the ETH 2.0 network will receive rewards for doing the work of validating and confirming transactions, although the amount that validators receive will be dynamic, and not a fixed amount as occurs in PoW. Similarly, the ETH 2.0 developers indicate that “Only validators who actively participate in the consensus receive rewards”For this reason, validators must remain active within the network if they wish to receive earnings; otherwise, the developers clarify that inactive validators will receive a penalty equal to the reward they will receive for remaining active within the network.
ETH 2.0, the next step for developers
With the successful implementation of the new multi-client testnet, which corresponds to phase 0 in the ETH 2.0 roadmap, Beacon ChainThe next step for the developers will be the implementation of Ethereum 2.0 or Serenity. It will be a progressive process composed of 3 phases, which will begin to migrate the current Ethereum network to the PoS protocol, where the validators will be responsible for securing the network and ensuring that it reaches consensus to validate and confirm transactions, receiving a reward for doing so.
On the other hand, developers emphasize the need for validators to maintain ownership over their private keys, since these are the ones that will allow the validators to actively participate in the network and withdraw the rewards received, or where appropriate, the deposited funds when they decide to cease their functions as validators. Similarly, the developers clarify that, until phase 1 is reached, which will implement the fragmentation chains or shards chains, validators will not be able to make transfers between each other. It is estimated that phase 1 will be implemented by November, after 3 to 4 months of testing the multi-client network.
About Ethereum 2.0
Ethereum 2.0 is the next evolution of the Ethereum network that will allow for improved network processing levels, allowing thousands of transactions to be processed per second, instead of just around 20 transactions per second. It is an ambitious project that seeks to improve the scalability of the network, as well as the security and programmability of Ethereum, all without compromising the decentralization of the network.
Continue reading: Ether (ETH) exceeds $300 USD. What is the reason for this rise in its price?
