Ethereum 2.0 Proof of Stake Testnet Blockchain is Live
Ethereum 2.0 Proof-of-Stake (PoS) testnet beacon blockchain is now live. Co-founder of sharding development firm Prysmatic Labs, Preston Van announced the development in a Medium Post on 7 May.
Ethereum 2.0 is an upgraded version of the Ethereum Blockchain that provides more security, scalability and decentralization. Users are able to transfer from Proof-of-Work (PoW) to Proof-of-Stake (PoS) via a Smart Contract. Ethereum 2.0 upgrade is not introduced by a Hardfork means there are no chain split or new coin generation.
The announcement explains that shards are the core concept behind Ethereum 2.0. Shards are individual chains that transactions, smart contracts and coordinated by a root chain known as beacon chain.
Van Loon explains the advantages of sharding in the medium post:
“Having shards allows for horizontal scalability of the system, as transactions can be processed in parallel compared to the current Ethereum Proof-of-Work chain.”
Loon further added that the testnet is available for public and users can learn how to start stacking from their website. The current version of the testnet blockchain does not support smart contracts, that has only one configuration that is far different from what is expected from Ethereum 2.0.
Earlier Ethereum Core developers said that the code for the first transition on Proof-of-Stake (PoS) chain could be completed by the end of June.
