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- Prysmatic Labs, a team of software engineers responsible for building the code for Ethereum, have launched its test network – Onyx.
- Depositors will soon be able to migrate on the 2.0 version from ETH in exchange for rewards.
- Improved stake and sharding are the key features that miners are looking for in Ethereum 2.0.
Prysmatic Labs, a team of software engineers responsible for building the code for Ethereum (ETH), have launched its test network – Onyx. It was officially launched on 14th June 2020, which generated Slot 0 (Genesis Block). A total of 16,776 validators are present to download Ethereum 2.0 Beacon Chain block data. It is a huge improvement from the Topaz Testnet, which was running previously. It is the final testnet before the launch of Ethereum 2.0. With 80+ contributors, it will support various client software distributions. It may be regarded as the mirror image of the final product i.e., Ethereum 2.0.
Onyx Will Aid In The Migration to Ethereum 2.0
The testnet has improved message handling for all miners. Depositors will soon be able to migrate on the 2.0 version from ETH in exchange for rewards. There is a need to have a minimum amount of coins to participate in the staking of Ethereum. Onyx is a mainnet scale network that includes running of Casper Proof Of Stake. It runs on an eth2 node implemented called Prysm. There is a minimum requirement of transference of 32.0 ETH to a validator deposit contract. According to sources, there has been a removal of consensus bugs and improvement of eth1 data handling. The test network is welcoming genesis deposits once everyone is up to date with v0.12.1. It uses a Prysm version, which goes by v1.0.0-alpha10.
Improved Staking, An Opportunity For ETH Miners
As it is a test network, it never sends real ETH instead of treats Goerli ETH as real ETH. Improved stake and sharding are the key features that miners are looking for in Ethereum 2.0. It provides a new opportunity for traders to earn rewards and maintain the network. However, ETH’s price is likely to crash if there are no improvements in the issues of scalability and sharding. Processing 15 transactions per second, Ethereum is the second most popular cryptocurrency in the industry. Stakeholders do not have to migrate to ETH 2.0, as it is not a new coin. It’s just a better version of Ethereum. It will go live in phases such as Phase 0 being the initial one. It will be succeeded by Phase 1 (including Phase 1.5), Phase 2, etc. Miners who are interested in staking- here’s an opportunity for them to earn rewards.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
