Ethereum POS Testnet Kintsugi Release
After months of development, Ethereum finally announced their Proof of Stake test net Kintsugi went live on December 20th.
Until Monday, Kintsugi had been only available to developers looking to experiment and build ahead of the much anticipated launch of Ethereum 2.0 next year. The successful launch of Kintsugi was announced by lead developer Tim Beiko on Monday in a series of tweets.
Beiko stated “Although client development and UX continue to be refined, we encourage the community to start using Kintsugi to familiarize themselves with Ethereum in a post-merge context. For application developers, as previously explained, not much will change. Tooling which only interacts with either the consensus or execution layer is also largely unaffected.”
Testnets often launch prior to main net to enable developers to test applications in a controlled setting.
Bad for the environment
The launch of Ethereum2.0 will finally see the complete transition to a Proof of Stake consensus mechanism. Proof of Work blockchains are seen as slow, costly and harmful to the environment and therefore adopting the Proof of Stake model is the logical approach.
The move has taken longer than many people expected however the launch of Kintsugi is a clear indication that the time of reckoning is moving closer. Many industry experts believe Ethereum 2.0 will be ready for public use sometime in Spring next year.
Smart contract development
The calls for Ethereum 2.0 grow louder by the day. With Ethereum transactions taking anywhere between 5 minutes and four hours depending on network congestion, a Proof of Work model will bring much needed speed to the network. Current transaction costs also make the network unattractive to developers. The general feeling is that when Ethereum 2.0 is launched we will see a massive rise in network use and smart contract application development which will benefit all areas of the industry.
Kintsugi will run until the network reaches stability along with other pre launched testnets. Beiko explained that “existing long lived testnets will run through ‘The Merge’. Once these have upgraded and are stable, next up is Ethereum mainnet transition to Proof of Stake.”
Author: Mark Harridge
Mark Harridge first came across Bitcoin and began to use its peer-to-peer payment network in mid to late-2011. He quickly understood that this technology would change the world. Mark is passionate about crypto adoption, from a macro economic and institutional perspective, and the numerous factors that fuel the relentless march towards individual self sovereignty and the decentralised society of the future.