Monday, May 10, 2021

Another Milestone Recorded as Ethereum 2.0 Launchpad Testnet Goes Live

The Ethereum 2.0 research team, ConsenSys, and DeepWork studio, have partnered to launch the testnet version of the ETH 2.0 validator, Launchpad, in the journey toward a better, more scalable, secure and robust network.

According to a published blog post, the Launchpad will enable interested entities to become ETH 2.0 validators without compromising on security and education.

The team noted:

“Unlike third-party services, running your own validator comes with the responsibility of managing your own keys. This responsibility brings with it an inescapable tradeoff between ease-of-use, security, and education.”

Launchpad Prepares Validators for the Launch of Medalla Multi-Client Testnet

The release of the Ethereum 2.0 validator testnet will allow prospective validators to keep track of the upcoming Medalla multi-client testnet and make deposits into it.

Medalla testnet is slated to go live on 4th August 2020 and it’s meant to be maintained by the Ethereum community, unlike earlier testnets operated by developers and members of the Ethereum Foundation.

Also, the team pointed out that the validator Launchpad testnet will give the prospective validators the means to understand the in-depth of Ethereum 2.0 and the necessities of validators for the success of the network.

The validators of Ethereum 2.0 will get to know the most important aspects of the phases and timelines of the rollout of ETH 2.0, including the rewards they could get from remaining active on the network. According to the team, the validator rewards vary, because it’s determined by the total number of staked ETH.

Additionally, the Launchpad testnet will make validators understand their responsibilities and penalties from failing to carry out their duties suitably.

Thousands of ETH Sent to the Ethereum 2.0 Testnet Deposit Contract

There have been tons of transactions into the Ethereum 2.0 testnet deposit contract within a few days after it launched, as the community prepares for the final stage of the biggest ETH upgrade.

About 5,000 deposits of relatively 32 ETH have been made, indicating that 5,000 stakers are ready for the launch of the testnet on 4th August 2020.

According to the Ethereum 2.0 coordinator, Danny Ryan, at least 16,384 validators (524,288 ETH) are required before this can start.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest Articles