- The Kiln testnet was launched last weekend and is the final testnet prior to the merge.
- The roadmap specifies the merge date for Q1 itself, but the exact date is not specified yet.
- According to the Launchpad Tracker, Ethererum staking has crossed the mark of 10 Million.
The Kiln is the final testnet before the Proof-of-Stake transition, was launched last week to replicate Ethereum’s Proof-of-Work chain with the Beacon chain, now called the consensus layer.
One of the most prominent blockchain networks, Ethereum, would be merging the current Ethereum mainnet with the Beacon chain of the Ethereum 2.0 system. Ethereum node operators and developers have been testing the Merge on Kiln lately over the weekend. And it seems to be operating smoothly.
This Kiln Testnet came after the Kintsugi testnet that was launched in December last year to enable the initial merge testing.
According to developer Marius Van Der Wijden, the network was still in the PoW model, and a merge on Kiln testnet would probably happen this week. Beacon Chain community health consultant, Superphiz recently cited that currently, the Kiln testnet is functioning as a short-lived PoW chain along with the PoS chain similar to their current mainnet situation. And that this week, Kiln will execute a merge to model that maneuver.
He further added that telling honestly. The kiln is one of the most significant milestones for the Ethereum Merge. Although the exact date for the merge is not disclosed yet because the complete testing is still pending, the roadmap indicates it to be done in the first quarter itself; hence, it might occur in the next month or so.
The Beacon Chain Kiln Explorer data specifies the amount of the ETH staked on the testnet, which is 3.39 million, and the number of active validators is around 106,000 currently. Whereas according to the Launchpad tracker, Ethereum Staking has recently surpassed the 10 million mark
As the European Union seems to be not very favorable of the ones utilizing the Proof-of-Work consensus algorithm as it is less energy efficient, the time of this merge and testnet bringing out seems to be accurate. The voting needs to be done by the European Union on March 14 on the Markets in Crypto Assets (MiCA) bill, which might result in a ban on mining operations in the region.
Ethereum is a network currently working at the Proof-of-Work model but is gradually shifting to the Proof-of-Stake. It is to look forward to how the coin performs after entirely moving to the PoS algorithm.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.