Developers of Ethereum announce the release of the phase zero testnet on Ethereum 2.0, which the features highlighted the users to stake Ethereum and become validators on the network. Prysmatic Labs, an Ethereum enhancement team focused on imposing Ethereum 2.0, containing a full proof of stake, and has launched a public testnet for phase 0 of it. This is an exceptional objective as phase 0 testnet that will allow users on the network to upright ETH and become validators. The testnet is a single client Prysm-only network.
Vitalik Buterin a Co-founder of ETH, revealed back in 2017 that the blockchain would be making a switch from its ongoing Proof of work(PoW) protocol to Proof of stake( PoS). Since then developers have been running on structure the new blockchain called Ethereum 2.0. Last Tuesday, May 7, Prysmatic Labs publicize a blog post announcing that it has released the phase 0 testnet, a crucial highlight for the PoS network. The phase 0 purpose will accept the users to stake cryptocurrencies and perform as validators
The organization explained that operators interested in becoming validators on the network and will require storing 3.2 ETH from the Goerli testnet. Keeping the coins and acting as validators in the updated system would allow them to save rewards via the staking consensus. The builders explained that each validator would returns and penalties on the network contingent on their behavior. The PoS System is one that upgrades liveness, which make sure that the blockchain can keep even if the majority of validators are offline. Nevertheless, a validator that is offline for an extended period would cause deposits to be corrected and would see the affected individuals lose funds as a result.
Flexibility remains one of the biggest challenges facing the Ethereum blockchain, and PoS would assist to enhance that, ETH 2.0 is being improved with the idea of shards, which are corresponding to the beacon chain, since phase 0 and ETH 2.0 implements this beacon chain, it will have shards which allow level of versatility on the blockchain. Hence, transactions can be carried out on the new chain parallel to the ongoing ETH PoW network. The builders discussed both the present abilities and the hindrances of phase 0. At the moment Prism is the only client for the testnet. Despite that upgrading, it to a multi-client system is a critical step the developers would take in the future. Adding on that, the team assured the ETH community that the testnet is not a simulation and is openly accessible. Nevertheless, it also has some drawbacks such as the fact that the network is currently not optimized to handle a wide number of validators. Even without the super-optimal LMD GHOST fork – choice rule, confirmation aggregation, and a few other features, ETH 2.0 can only host a limited number of validators at the testnet stage.
Testnet doesn’t have smart contracts or EVM roles yet as those will come when phase 2 of ETH 2.0 is launched. Testnet also doesn’t include transfer and withdrawal services, which will come later on the beacon chain. Vitalic Buterin has been a champ of ETH moving to PoS protocol. Last April 2019 he suggested that the network should adopt a higher staking reward when the PoS protocol is executed, allowing his proposal 2,097,152 ETH would be issued annually when 134,217,728 ETH coins are staked. This would assure that stakers get a yearly refund of 1.56%