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27 November 2021
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Ethereum

Ethereum News Today – Headlines for July 24

  • Ethereum 2.0 testnet is reportedly going live in early August
  • The value of ETH/USD has surged by 11.25% in the last 24-hours
  • Ether’s price increased after the Testnet launch announcement

Ethereum News Today – The development team behind the Ethereum 2.0 update has set an August 4 testnet launch date. August 4 is the date for the initial testnet for the Ethereum 2.0 protocol to go live. The testnet which is code-named “Medalla,” will be the final phase before the mainnet launch of ETH 2.0. The Ethereum 2.0 testnet is scheduled to launch at exactly live 1:00 PM UTC, on August 4 according to the coordinator of the development team, Danny Ryan.

Note that the new testnet launch date is tentative. Recall that the Ethereum 2.0 testnet was initially supposed to launch in 2019. However, it was pushed to January 2020 and delayed one more to July 2020. Now, August 4 is the latest date.

Two Conditions Must be Met Before ETH 2.0 Tesnet Launch Can Move Forward

  1. The first condition is that the network must have 16,384 validators onboard at a minimum and each validator must stake 32 ETH. This condition is reportedly set to ensure that the Ethereum 2.0 mainnet draws as close as possible.
  2. The second condition is the MIN_GENESIS_TIME. This is the time that defines the earliest date that the network can launch after the initial condition has been met. The most recent MIN_GENESIS_TIME for Ethereum 2.0 is August 4.

If by August 2, the first condition isn’t achieved, the tesnet launch will be postponed until the condition is met. Ryan also gave an update about the clients of Ethereum 2.0. To improve decentralization and promote client diversity, the new network will be launching with four different clients including Lighthouse, Prysm, Nimbus, and Teku.

Ethereum’s Price Increased by 11.25% Ater the Testnet Launch Announcement

Ethereum’s price has crossed $270 following the testnet launch announcement. Better clarity on Ethereum 2.0 progress has allowed the price of ETH to surge. The smart contract token has risen by 11.5% in the last 24-hours of trade. Ether price briefly moved to as high as the $280 area which is the coins’ five-month high. Now, it has stabilized between the $265 and $275 area. At press time, 86% of ETH traders are bullish on the digital asset, according to data given by CoinGecko.

In any case, traders should be cautious as a new delay could send the price of ETH backward. Ethereum 2.0 uses a proof-of-stake (PoS) consensus algorithm instead of the regular proof-of-work (PoW) consensus algorithm. It has long been called a game-changer and a means to improve scalability on the network. Vitalik Buterin the co-founder of Ethereum first talked about scaling Ethereum with early versions of PoS in 2015. Five years on, Ethereum has suffered setbacks and missed multiple deadlines.

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