- The much-awaited threshold for the launch of the Medalla testnet has been reached On Saturday.
- As of now, 597,984 GöETH have already staked, which way past the 524,288 GöETH launch threshold.
- The Medalla testnet expected to launch by August 4.
The much-awaited threshold for the launch of the Medalla testnet has been reached On Saturday! As of now, 597,984 GöETH have already staked, which way past the 524,288 GöETH launch threshold. If everything goes according to the plan, the Medalla testnet expected to launch by August 4.
The Medalla Testnet has met the threshold of 16,384 validators. The genesis time is August 4th, 2020, 1pm UTC.⌛️
Deposit now and become a genesis validator!
— Bitfly (@etherchain_org) July 31, 2020
Total Ethereum Staked Crossed The Launch Threshold Saturday
A few days ago, Ethereum had launched the validator launchpad, which allowed users to be a part of the network owing to the Proof of Stake consensus. The Medalla developers had set certain criteria for the launch of the test network. For instance, to reach the genesis, the network needed at least 16,385 validators.
Further, the users had to deposit 32 ETH to use this multi-client testnet. Also, the minimum genesis time that signified the earliest date by which the testnet was likely to be launched was entirely dependent on the completion of the criterion. In case the threshold wasn’t met, the launch could have been delayed by 48 hours, which fortunately did not happen.
Validators Control The Stability As Well As The Security Of The Network
On Friday, 97.6% of genesis achieved, and 393 validators were still left. A total of 511,712 ETH already deposited just a little bit shy of the launch threshold. Today, finally, the genesis was achieved. As Ethereum was transforming into a Proof of Stake (PoS) led mainnet, it required the support of some active participants.
Mostly referred to as validators, they have the power to stabilize and secure the network. In return, they receive monetary returns or rewards for every activity of theirs that helped the network reach consensus. However, these ‘rewards’ are subject to the total amount of Ethereum staked in the network so far.
Buterin Pushes The Team To Start The Development Of Phase 1
As said by Vitalik Buterin, since the entire platform will shift from Proof of Work (PoW) to Proof of Stake (PoS) protocol, which is indeed a hefty process, the launch of ETH 2.0 divided into three phases. The launch of the multi-client Medalla testnet is an advancement of the launch of Phase 0 (expected to roll out by the end of the year). Buterin has also mentioned that he has continuously been pushing the development of phase 1 to begin.