Ethereum 2.0 testnet release goes live

Blockchain startup Prysmatic Labs launched testnet for Ethereum 2.0 based on Casper protocol with staking support. The developers implemented the fourth version of the mainnet specifications for the beacon chain provided by Ethereum Research team.

To become a validator in the new network, users shall instal Prysm client and create a stake by sending 3.2 ETH from the Goerli test network to the new network. It is worth noting, that at this stage Prysm is the only supported client. Also, the network may have only a limited number of validators. THis version does not support coins trasfers, smart contracts and the functionality related to Ethereum virtual machine.

“Ethereum 2.0 is a multi-year effort to create a fully decentralized, permissionless platform for programmable cryptocurrency. It aims to be a full upgrade to the current Ethereum Proof of Work blockchain and provide a significant increase in security, scalability, and decentralization,” the team wrote in the blog post

Earlier, Ethereum creator Vitalik Buterin announced Ethereum 2.0 also known as Serenity. This upgrade implies a transition on  Proof-Of-Stake algorithm (Casper), shardring implementation, virtual machine (EWASM) upgrade and change of cross-contract logic of the protocol.

Meanwhile, Ethereum is changing hands at $171.55, down  from the recent high of $184.00 reached on May 7. The second largest coin by market value has been one of the best-performing cryptocurrencies of the week.

ETH/USD, 4-hour chart