Ethereum 2.0 Testnet Surpasses One Million ETH – Trustnodes

Ethereum 2.0 Testnet Surpasses One Million ETH

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Ethereum 2.0 testnet eth and validators, August 2020

There are now more than one million testnet eth validating on the new Proof of Stake (PoS) blockchain.

The number of validators has also risen to above 35,000, each of which requires 32 eth.

This makes it a full recovery for the testnet and a continuation of its operations to refine the network for an expected live launch this November.

Ethereum 2.0 testnet running nicely, August 2020
Ethereum 2.0 testnet running nicely, August 2020

As can be seen the testnet has been running nicely now for some time, with epochs – a set of blocks/slots – operating as they should and validator participation at a ‘safe’ circa 75%.

Slots, which are the equivalent of a block, are also coming through like running water, with all this now appearing good and fine.

Whether it will continue to do so remains to be seen in the next two months after a bug seemingly fully tested all of this and its handling overall for a testnet has been successful.

So staking should be coming now in a few weeks when ethereans around the world can send eth to the new Proof of Stake network to gain dividends of most likely 15% a year or more to begin with.

That’s because initially staking deposits are expected to be risky because as with any new things, there can be both know and unknown uknowns that can go wrong.

However, as the live new blockchain is still half-way between a testnet and a mainnet because it won’t have any value exchange, you’d expect tolerance for unconventional code changes to be somewhat high because there wouldn’t necessarily be a weighing between different property rights.

So something like a DAO fork on the brand new network while in this state between testnet and mainnet, would probably not be controversial if it is necessary.

Yet, the precise workings of this new network are not too clear as there may well be circumstances where you can’t rollback because it’s just too complicated.

Therefore as with anything new you’d expect some gradual accustumization to its workings, risks, benefits, and much else, with staked eth therefore presumably starting low to then gradually increase as confidence increases in the new network.

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