On Wednesday, Ethereum Foundation announced that the Kintsugi testingnet was launched. It will allow developers access to new smart contracts as well as decentralised applications. This network is an improvement on Frontier and has many more features to make development simpler for developers.
The “japanese kintsugi” is a traditional Japanese art that involves repairing broken pottery with gold. In order to improve security on their network, the Ethereum Foundation launched the Kintsugi Testnet.
Tim Beiko, the Ethereum Foundation’s chief executive officer, has officially announced the launch the Kintsugi Testnet. This will allow users to place stakes on the Ethereum network.
Over the past few months, client teams have worked hard to create a new set merging milestones. Kintsugi, the new testnet is now operational!
Here’s how to join the testnet and contribute to the testing: ARDezguzXE https://t.co/ARDezguzXE
Christmas arrived this year early!
December 20, 2021 — Tim Beiko | timbeiko.eth (@TimBeiko)
The Kintsugi testnet makes it easier for Ethereum to convert from a proof-of-work to a proof-of-stake network, reducing the network’s high energy consumption mining concerns.
Ethereum 2.0 is the second edition of Ethereum.
The Kintsugi Testnet was built by Ethereum developers in order to enable Ethereum 2.0. This proof-of-stake system mechanism will ensure faster, cheaper, and more efficient transactions.
According to the official blog article, the Kintsugi testingnet is currently active on the network. Developers and potential projects are encouraged to start testing, and to report any issues they discover so that the network can be made more stable in the future.
“The Kintsugi testnet allows the community to experiment with post-merge Ethereum and start identifying any flaws,” according to the statement.
The Kintsugi testnet makes it easier for Ethereum 2.0’s “merge” to take place. The present Ethereum mainnet, which processes transactions, will be merged with Ethereum’s beacon chain, which oversees staking. This will secure Ethereum’s transition to a proof of stake mechanism, which will allow users to stake on Ethereum, if it is properly built.
Kintsugi testnet takes its name from an ancient Japanese pottery craft in which artists use gold to mend damaged pottery, showcasing the repairs as part of the item’s history rather than as something to hide.
Ethereum’s proof-of-stake transition will enable users to safeguard the network by staking, or locking ETH into the protocol. Users will be able to receive additional crypto rewards for confirming transactions on other networks.
The 2022 Ethereum 2.0 merger is planned.
Ethereum’s mainnet and beacon chains are expected to converge in Q1 2022. The network will move into its next phase of development following the merger. This will include sharding which will increase scalability through low fees and fast transaction processing.
According to a November estimate by Consensys, Ethereum’s beacon chain has over 8.3 million ETH invested in it, worth about $35 billion.
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