Kintsugi is a public testnet for developers to experiment with Ethereum 2.0. The platform proof of stake (proof of stake) designed to make transactions faster, cheaper and less energy intensive.
Beiko Team, who coordinates the main developers of Ethereum, announced today the Kintsugi testnet on the blog of the Ethereum Foundation. Kintsugi It is a Japanese word that designates the use of gold to repair broken objects without trying to hide the damage; the word evokes a sense of transparency about the history of something.
Kintsugi is the first step in migrating the network to Ethereum 2.
Although the network Ethereum in its present state it is not broken, it is a victim of its success. The huge user entry in 2021 with NFTs and NFT-based games like Axie Infinity they have raised transaction costs. The reason is that exchanging assets between peers or bidding for digital collectibles on the chain requires some of the power of the network, for transactions to be carried out relatively quickly, people must pay higher fees or wait until there are fewer activity on the blockchain. Causing the migration of users to other networks such as Solana.
Ethereum 2.0 wants to solve this problem. The network goes from a proof-of-work system like Bitcoin’s, in which ‘miners’ validate transactions, to a proof-of-stake system that allows people to secure the network by blocking part of their ETH in the protocol. While both miners and stackers earn rewards, Ethereum’s proof-of-stake system also expands the available space on the network.
The phase 0 The update went live this December with the launch of the Beacon Chain. Finally it will be used to link the current network with the new one. For this, several million dollars in ETH have been invested in the new network.
To prepare for the merger, the developers have introduced four networks short trial runs designed to simulate how the network will perform once it passes the proof of stake. But nevertheless, Kintsugi It is here to stay, and is designed not only for expert developers to use, but for all audiences as well.
Ethereum team statements
“While customer development and UX continue to refine, we encourage the community to start using Kintsugi to become familiar with Ethereum in a post-merger context.”, wrote Beiko.
Most hope that things are good enough that “#testingthemerge” is a quick process, so that other testnets – such as Görli and Rinkeby – can be used to simulate the transition.
“Once these have been updated and are stable”, continued Beiko, “Next is the transition from Ethereum mainnet to proof of stake.”
Will this improvement of the Ethereum network be enough to win back users or have networks like Solana or Binance been left with a piece of the pie, in the Web3 market?
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Kintsugi, the Ethereum 2.0 testnet