- After its introduction, the Ethereum 2.0 test network „Topaz“ has reached about 20,000 active validators.
- The test network has the configuration that Ethereum 2.0 is expected to use when its phase 0 is launched.
After its launch on April 15, 2020, the Ethereum 2.0 test network „Topaz“ registers about 20,000 active validators. According to Etherscan, Topaz has 18,605 active validators at the time of release, while 1,015 validators have the status „pending“ – all this in less than a week after its activation.
Progress in the transition to Ethereum 2.0
As reported by CNF, Ethereum has made significant progress in the last two months. In February, the formal verification of the Deposit Smart Contract bytecode and the review of the Phase 0 specifications were completed. Both were important achievements in the transition to Ethereum 2.0.
Also known as Serenity, its Phase 0 will mark the beginning of the transition from Ethereum and its poorly scalable Proof-of-Work (PoW) Blockchain to the highly scalable Proof-of-Stake (PoS) Blockchain. For this purpose, the basic functionalities of the Beacon Chain will be implemented first. Ethereum’s core developers have announced that the start of Phase 0 is planned for July 30th of this year, Ethereum’s fifth anniversary. However, this date depends on the progress and development of „Topaz“, which will be actively tested for about three months.
Following the Ruby and Sapphire test networks, this is the latest achievement in the run-up to the launch of Ethereum 2.0, with the first block being mined and validated on April 18th and using the same configuration that will be used with the launch of Ethereum 2.0, according to the team behind the development, Prysmatic Labs. The minimum deposit for a validator to be part of the testing network is 32 ETH.
Prysmatic Labs also published the recommended system requirements for participating in the test network. The recommended operating systems are a 64-bit Linux operating system, Mac OS X, Windows, an Intel Core i7-4770 or AMD FX-8310 or better, 8 GB RAM, 100 GB available SSD memory, and a broadband Internet connection.
Vitalik Buterin, the co-founder of Ethereum, recently responded to the critics of Proof of Stake in a series of tweets. Buterin responded in particular to the co-founder of the crypto currency Grimm, Andrew COP, who questioned the sustainability of the Block Reward within the PoS. Buterin replied: „PoS is quite profitable
(…) Rewards are proportional to one square of the amount deposited, so if the deposits are very low, the rewards will be extremely high to encourage more people to deposit. For example, with 1 million ETH paid in, the reward is ~18% per year.