Categories: Cryptocurrency

Ethereum 2.0 launch nearing, genesis block mined and validated

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The first testnet block on the highly anticipated Ethereum 2.0 blockchain has been mined and validated, paving the way for the next generation of the network.

According to a Reddit showing the code over the weekend, the first testnet block on ETH 2.0 has been successfully mined and validated.

Developers at Prysmatic Labs launched the Topaz Test Network last week, which marks the beginning of Phase 0 of Serenity, Ethereum’s long-awaited upgrade and switch to proof-of-stake (PoS).

The first testnet, called Sapphire, was a scaled-down version that successfully tested smaller 3.2 ETH deposits.

Topaz has operated on validators using the full 32 ETH, which will be the minimum staking requirement for the PoS blockchain.

The next stage will be Topaz, yielding to a final testnet called Diamond, which represents the launch version of the team’s full Ethereum consensus client.

Ethereum co-founder Vitalik Buterin also joined the Prysmatic Labs testnet and encouraged others to do so.

The initial launch of Phase 0, or Beacon Chain, has been slated for July this year. The entire ETH 2.0 launch will take place over a couple of years and consist of several stages.

Image courtesy of Jack Moreh/Stockvault

Martin Young

Martin has been writing on technology for 15 years, he has a keen eye for emerging cryptocurrency news, blockchain developments, and market sentiment.

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