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Ethereum (ETH) Rallies, as Kintsugi Testnet Goes Live in Preparation of ETH 2.0 -Breaking

by Mike Robinson

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Ethereum (ETH), Rallies as Kintsugi testnet goes live in preparation for ETH 2.0

Over a year has passed since the community hoped for ETH 2.0’s launch. This will bring about many changes in the network. The long-awaited ETH 2.0 is finally closer thanks to the release of Kintsugi (a public testnet).

Ethereum launches the Kintsugi Testnet

Tuesday, December 21st was the day Ethereum officially launched Kintsugi’s testnet to prepare for the launch of ETH 2.0. Kintsugi, a Japanese term that means the art of fixing broken pottery using gold lacquer is Kintsugi. It is the exact same procedure Ethereum hopes to adopt.

According to Ethereum, the testnet will help developers merge the network’s mainnet with the Beacon chain. Ethereum announced, in addition to this announcement that the newly merged network will offer a faster and more scalable blockchain.

According to the announcement the Kintsugi Testnet will only be used for a preliminary phase. The Kintsugi Testnet will be tested by developers who will provide feedback to the ETH 2.0 Testnet before it officially launches in Q2-2022.

The ETH 2.0 will expand the amount of space that is available by transitioning to proof-of stake. Ethereum 2.0 will increase the space available on the network, resulting in a faster and more efficient network. It also eliminates the transaction fees which have plagued the network for many years.

ETH rallies after the news

Ether launched a rally following the announcement. It gained more than 7 percent in 24 hours and regained $4,000 during the course of the rally. ETH currently trades at $4.016, having a market cap of $477.2 million.

Chart of Ethereum’s 24 Hour Price (ETH) Source: Tradingview

To The Flipside

  • Initially launched December 1, 2020. The transition to proof of stake took a while and many developers have left the network.

Why you should care

With Ethereum 2.0 billed to solve many of the problems that have plagued the network, this long-awaited upgrade could be the last piece of the puzzle for Ethereum’s dominance.

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