Ethereum Jumps as ETH 2.0 Testnet Nears Launch

Ethereum has risen more than bitcoin for once, up by around 5% from $170 to more than $180.

Bitcoin in contrast has not moved much, down just -0.14%. Suggesting the move is related to eth specific factors especially as ethereum’s ratio has risen against bitcoin by 7%.

One such reason may be the Interop Meeting of all ethereum 2.0 teams and an auditing company with one eth 2.0 client stating:

“Team Artemis has brought 45 people from across client dev teams, ethereum, and Whiteblock to work on interoperability in ETH2 in a week-long event.”

The event was organized by ConsenSys all the way back in May with one team stating:

“The purpose of the event was for all the client implementers to get together to try plugging their implementations together.”

In other words, they’re hopping to get out a cross-client testnet after months of the main teams having their own client-specific testnet.

It’s unclear whether a cross-client testnet will come out of this meeting, but Adrian Manning of Lighthouse said: “Pre-interop Lighthouse update. I imagine the next one is going to be quite exciting.” He was referring to:

So it looks like the testnet is now somewhat imminent. If that’s the case, they may well meet the target date of January 3rd 2020 for the launch of the eth 2.0 genesis block as the testnet would have been running for months.

The genesis block launch starts with just proof of stake to begin with, the process so initiated at Devcon next month when the deposit contract launches.

At least three million eth need to be locked up, with it unclear what the uptake will be because the transfer is one way.

Those that stake are rewarded in eth with a varied rate of return between 5% to 8% depending on just how many eth are staked.

Initially they will be validating just the Proof of Work (PoW) block headers and the staking itself, with it described by ethereum co-founder Vitalik Buterin as halfway between a testnet and mainnet.

Three quarters of the way is phase 1 when storage or the data layer is added sometime next year, with the full launch of sharding and a completed eth 2.0 expected sometime in 2021.

At that point, if all goes well, ethereum will be able to handle 1024x current capacity as it will start off with 1024 shards, each shard so being a copy clone of the current eth network, linked together through cross-sharding.

Copyrights Trustnodes.com