By now, the entire world must be well aware of the Ethereum. It currently ranks as the second highest valued cryptocurrency with the second highest capitalization in the crypto-market. Being 2nd only to Bitcoin (BTC), Ethereum (ETH) has proven to be one of the most unique and technologically advanced programs that not only allows users to mine or trade ETH, but it also lets users/programmers create their own Ethereumblockchain-based currencies as well as decentralized applications.
However, as the saying goes, with big reputations come big challenges. Same has been the case with Ethereum (ETH) as somewhere along the way, the Etherumblockchain started to face challenges related to transaction delays, network disconnections, cyber-attacks, cyber-security and operational consensus protocols.
After trying so hard to make amendments and fixes to the initial Ethereum (ETH) blockchain, the Ethereum team decided to introduce another entity known as Ethereum 2.0. Ethereum 2.0 would be pre-loaded with all the necessary functionality tools to help strengthen the position of the Ethereum (ETH) blockchain in the crypto-world. This move will take it to the next level by revolutionizing the global economy by getting adopted by the developed countries and the ones with potential.
Therefore, the Ethereum team started working on the development of the Ethereum 2.0 blockchain that would run on the new Proof-of-Stake (PoS) Consensus Protocol, instead of the Proof-of-Work (PoW) Consensus Protocol. The parent Ethereumblockchain followed the latter protocol. The most concerning thing for the Ethereum users from the Ethereum 2.0’s perspective is that they will not be able to perform mining on the new blockchain. Instead, they will be required to sign up on Ethereum 2.0 platform as new stake users.
After working so hard on the new platform, Ethereum was finally able to launch their Ethereum 2.0 testnets, which they named as Spadina on 29th of September, 2020. It has been announced that the testing is set to last for 72 hours in order to identify any abnormalities and apply fixes before the final version of Ethereum 2.0 can be launched.
The Ethereum team, however, announced that for the first round of the Ethereum 2.0 testing, they had expected the number of logged in clients to be above 80%. However, they were surprised to see that only 34% of the clients participated. The Ethereum team did mention that the reason behind the clients not coming online at the time of the testing is that they are aware that there will be no penalties or fines for not joining the test phase.
Even with such a low number of participants, the Ethereum 2.0 development team have announced that they are fully satisfied with the testing and are 90% close to the launch of the Ethereum 2.0 platform.