After only around two years of development, Ethereum (ETH), the world’s largest smart contracts platform, has launched the first-ever public testnet for the full proof-of-stake (PoS) upgrade known as “The Merge.”
Tim Beiko, an Ethereum core engineer, reported the new development on Twitter a few hours ago. According to the core developer in a blog post, while client development and UX are still being developed, users are encouraged to begin utilising Kintsugi to become acquainted with the Ethereum network.
Tim Beiko tweeted, “Over the past few months, client teams have been working tirelessly to implement a new set of merge milestones. They are now living on a new testnet: Kintsugi.”
According to the analysis, there will be little change for application developers. Additionally, tooling that just interacts with the consensus or execution layers is mostly impacted. Although the infrastructure that relies on both levels will almost certainly need to be modified to support The Merge.
“We recommend most projects begin testing and prototyping on Kintsugi to surface any potential issues soon. This way, changes can more easily be incorporated in future client and specification versions,” Tim Beiko stated.
The Merge eliminates miners’ ability to participate in the Ethereum network. The significant update will require validation to be conducted by stakeholders who deposit 32 ETH.
72,000 validators have already deposited 2.3 million testnet ETH on the new network, indicating that the community is significantly prepared for the probably biggest update in the crypto world.
The genuine Beacon chain currently has 8.7 million ETH staked, worth $33 billion, by 272,000 validators. When the upgrade is fully implemented on the mainnet in 2022, these validators will run the Ethereum network instead of miners.
The improvement is expected to minimise Ethereum’s environmental effect by 99.9% and cut its inflammation rate from roughly 4% per year to between 0.25% and 1% per year.