The Journey Towards Proof of Stake: Ethereum 2.0 Phase 0 Testnet Released
Prysmatic Labs, an Ethereum development team focused on implementing Ethereum 2.0, including full proof-of-stake and sharding, has launched a public testnet for phase 0 of it.
This is a significant milestone as phase 0 testnet will allow users on the network to stake their ETH and become validators. The testnet is a single client Prysm-only network.
Phase Zero Ready for Testing
Ethereum’s co-founder, Vitalik Buterin, announced back in 2017 that the blockchain would be making a switch from its current Proof of Work (PoW) protocol to Proof of Stake (PoS). Ever since, developers have been working on building the new blockchain called Ethereum 2.0.
On Tuesday, May 7, Prysmatic Labs published a blog post announcing that it has released the phase 0 testnet, an essential milestone for the PoS network. The phase 0 functionality will allow users to stake cryptocurrencies and act as validators in the network while earning rewards in the process.
In the blog post, the team explained that users interested in becoming validators on the network will need to store 3.2 Ether from the Goerli testnet. Storing the coins and acting as validators in the new system would allow them to earn rewards via the staking consensus.
The developers explained that each validator would accrue returns and penalties on the network depending on their behavior. The PoS mechanism is one that promotes liveness, which makes sure that the blockchain can continue even if the majority of validators are offline. However, a validator that is offline for an extended period would cause deposits to be penalized and would see the affected individuals lose funds as a result.
Scalability remains one of the biggest challenges facing the Ethereum blockchain, and PoS would help to improve that. Ethereum 2.0 is being developed with the idea of shards, which are coordinated by the beacon chain. Since phase 0 and Ethereum 2.0 implements this beacon chain, it will have shards which allow horizontal scalability on the blockchain. Thus, transactions can be carried out on the new chain parallel to the current Ethereum PoW network.
Original link: https://blokt.com/news/the-journey-towards-proof-of-stake-protocol-ethereum-2-0-phase-0-testnet-released