The long-awaited latest version of Ethereum 2.0 is literally one step away from launch, the provisional launch date of the planned public test network has been announced.
“After long discussions with customers, the next multi-user test network will be released on August 4. Details about the premiere will be made public in a few days. “
– said Danny Ryan, coordinator of work on the platform.
Phase 0 ETH 2.0 tests were carried out on various levels. It is the first stage of the long-awaited update to the Proof-of-stake version, and has been converged, among other things, to speed up transactions.
The Beacon Chain was launched during the first tests of the sapphire network in April, using smaller deposits up to 3.2 ETH. Following its success, 32 ETH nodes have already been launched during the creation of the Topaz test network.
The Onyx test network was launched in June and until the end of the month it was stable with 20,000 validators. Finally, in July, the developers opened the network to Phase 0 to ensure stability prior to testing with private users.
Quantstamp, a blockchain and audit company, approved the ETH 2.0 project last week, and nothing stands in the way of launching official public tests for multiple customers simultaneously.
Layer 2.0 is designed to solve the scalability problem. This is undoubtedly a priority for Ethereum. In order for it to realize its vision, it must handle financial transactions, smart contracts and decentralized applications in its network quite quickly. Initially, Ethereum could only process 5-15 transactions per second. This prevented it from competing with payment systems such as Visa or MasterCard, which at the same time handle up to 2,000 transactions.
So it was decided to start work on a network update called Istanbul, which aims to significantly increase scalability. When introduced, this network allowed Ethereum to process 9,000 transactions per second.
However, the difficulty of mining Ether increased earlier than expected. As a result, the network called Muir Glacier had to be updated. It took place on January 2, 2020. This solution delayed the increase in ETC mining difficulty by another 4 million blocks (approximately 611 days).