Ethereum Launches the Kintsugi Testnet
On Monday, December 20th, Ethereum announced the launch of the Kintsugi testnet in preparation for the launch of ETH 2.0. Kintsugi is a Japanese word that refers to the art of repairing broken pottery with gold lacquer. The same process Ethereum is hoping to undertake.
According to Ethereum, the testnet will help developers merge the network’s mainnet with the Beacon chain. In addition, Ethereum has announced that the merged network will be a more efficient and scalable blockchain.
According to the announcement, the Kintsugi Testnet is merely a beta phase of the experiment. Developers will test Kintsugi throughout the period, providing feedback before the ETH 2.0 Testnet is officially launched in Q2 of 2022.
By transitioning to a proof-of-stake consensus mechanism, ETH 2.0 will scale up the available space on the network. With more space, the Ethereum network is predicted to be faster and more efficient, effectively ending the high transaction fees that have riddled the network for years.
ETH Rallies After the News
Following the announcement, Ether has embarked on quite a rally, gaining by more than 7% over the last 24 hours, reclaiming $4,000 in value in the process. At the time of writing, ETH is now trading at $4,016, with a $477.2 billion market cap.
The 24 hours price chart for Ethereum (ETH). Source: Tradingview
On the Flipside
- Initially launched on December 1st, 2020, the transition to proof-of-stake, which has taken a long time, has led many developers to leave the network.
Why You Should Care
With Ethereum 2.0 billed to solve many of the problems that have plagued the network, the long-awaited upgrade could be the final piece of the puzzle to ensure Ethereum’s dominance.