Ethereum 2.0 Medalla Testnet Progressing Fine, 1.8 Million Plus GöETH Staked

  • More than 1.8 million testnet Ethereum have been staked on Medalla after the testnet run encountered a failure earlier this month.
  • An ETH 2.0 Phase 1 prototype has been demonstrated successfully.
  • While the failure aspect will be discussed later, it’s also important to talk about the impressive progress it has been making of late.

The biggest event this year for Ethereum enthusiasts would be the highly anticipated launch of Eth 2.0, tentatively slated for 2020 end. The Medalla Testnet– a multiclient network designed to implement Ethereum 2.0’s proof-of-stake Blockchain upgrade-was launched recently to work on the ambitious project. Unfortunately, the test run by Prysmatic Labs failed due to a bug that hindered the node’s synchronization. While the failure aspect will be discussed later, it’s also important to talk about the impressive progress it has been making of late.

Medalla Testnet: Latest Developments

The good news for Ethereum enthusiasts is that Ethereum 2.0 Medalla testnet is still progressing according to plans, as the number of simulated staked Ethereum has move towards the two million mark. Data from Medalla analytics platform says that there have been over 1.1 million Ethereum staked on the testnet since its launch earlier this month. Another positive sign is that there are currently 37,490 validators taking part in the testnet. The official ETH 2.0 Launchpad dashboard also reports that more than 1.8 million GöETH have been staked so far.

Why did the Testnet crash earlier?

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The  Ethereum 2.0 upgrade is aimed at evolving from the existing Proof-of-Work (PoW) network to a Proof-of-Stake (PoS) model, and the new version’s launch is expected to be phase 0 of a multiyear overhauls. 

In the testnet’s run earlier this month, an erroneous time portrayal by Cloudflare Roughtime, a third-party kit, had misled network participants to process blocks incorrectly. As a result, the number of people who were successfully validating blocks in the medulla testnet dropped from 75% to nearly 5%. The testnet run was like a dress rehearsal before the final Ethereum 2.0 launch, so naturally, the bug led to confusion and disappointment in the crypto world.

Expectations from Ethereum 2.0

The biggest advantage Medalla offers is a public network where validators are not controlled by developer teams.

As of now, the testnet is not giving any reason for developers to worry about. On August 27, lead developer Danny Rayn retweeted a demonstration of Phase 1 that has been tested with a prototype capable of performing any ETH 1.0 transaction in an ETH 2.0 environment.

While the Ethereum community is keeping the fingers crossed so that there are no security issues ahead, the ongoing progress of the medulla testnet is creating positive expectations in the minds of crypto enthusiasts to expect a successful upgrade of Ethereum soon.

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Piyasi Mitra
Piyasi Mitra is a journalist, features writer and copy editor who has worked with The Times of India and the ABP Group, and is currently exploring content creation in the digital space.

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