Ethereum’s Medalla testnet finally goes live, marking three months until the launch of ETH 2.0 as we are reading more in the latest Ethereum news.
Ethereum’s Medalla testnet marks the last few steps leading up to ETH 2.0 public launch. Validators are using the testnet as a “dress rehearsal” for ETH 2.0 mainnet launch which is expected in November. The testnet doesn’t involve real value as the users who want to earn rewards right now should use another blockchain.
Ethereum developers launched the Medalla testnet which is the last step before the ETH 2.0 mainnet launch. The testnet went live today at 1 PM UTC as node operators staked sufficient ETH to activate the network one day before the launch. ETH 2.0 will be an important upgrade as it will improve Ethereum’s scalability and efficiency by offering staking rewards to all users. The Medalla testnet matters because it includes a few key features in a real working environment as the ETH developer Danny Ryan wrote:
“The launch of Medalla is a huge milestone in the development of eth2 – if Medalla proves stable, mainnet launch is next – and represents years of hardwork by countless engineers, researchers, and community members. We hope you are as excited as we are :).”
The testnet does not handle any real value and it also doesn’t allow validator nodes to earn profits. Instead, it is bean used to organized ETH validators as a practice or “dress rehearsal” for the ETH 2.0 mainnet launch. The launch is projected for November. Five different clients are powering the testnet: Nimbus by Status, Lodestar by ChainSafe Systems, Lighthouse By Sigma Prime, Prysm by Prysmatic Labs, and Teku by ConsenSys.
3 minutes until the Eth 2.0 Medella multi-client testnet launch! Tune in live here: https://t.co/sMDoVxCfKB
— Ethereum (@ethereum) August 4, 2020
ETH users that want to run a validator node will have to follow a technical process and keep their nodes always online. They will also have to obtain testnet ETH from faucets such as Slock.it or Mudit. Other users that will want to stake on ETH without having to run a nod should join a third-party staking pool such as RocketPool. These services will manage the stakes for small fees and you will not be required to invest in a small number of coins but you will have to stay online.
Other platforms are also offering staking including Cardano’s new Shelley mainnet as well as Cosmos, Tron, Algorand, and Tezos. Yield farming on ETH provides a way to earn investment interest before the ETH 2.0 launch.
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