Launch rehearsal for Ethereum 2.0 ‘90% successful’ despite participation issues

 The latest in a series of Ethereum 2.0 testnets, called Spadina, launched on Tuesday with mixed success.

Spadina was proposed as a short-lived “dress rehearsal” for the mainnet launch process, signaling that Ethereum 2.0 Phase 0 is getting ever closer.

 The network launched on Sept. 29 at 12 P.M. UTC, and was intended to last for only 72 hours.

Developers said that this is likely to be the last chance for prospective Ether (ETH) stakers to test the deposit and launch tools before the Phase 0 genesis.

From that perspective, the test appears to have been largely successful. No major issues were found in the deposit process and the clients handled blocks successfully.

Like with the initial Medalla testnet launch, however, participation rates were vastly below expectations. The first few rounds of validation saw below 34% of the stake joining in the consensus process, while the target percentage was 80%.


 

Such low participation rates suggest that many community members who signed up to be validators failed to bring their clients online in time for launch. Developers highlighted during the launch party that this is a manifestation of the “nothing at stake” problem. Since testnet Ether has no value, stakers don’t care if their capital gets slashed while they are offline. 

A future mainnet launch with real ETH is likely to involve more serious and dedicated participants, who would be greatly penalized for avoiding their obligations.

Danny Ryan, the Eth 2.0 lead coordinator at the Ethereum Foundation, said, “I think we’ve got 90% of what we wanted from this.”

Since the testnet was specifically targeted at the launch process, low participation is not a major concern. Nevertheless, some users reported issues with Teku, one of the more recent clients to enter the readiness stage.

 Others highlighted a potential issue with port forwarding, as most clients seem to not be using Universal Plug & Play. This technology dynamically opens router ports to let incoming connections be accepted by the local network, crucial for peer-to-peer networking. Its absence could create issues for some less tech-savvy users, who may not know how to manually open network ports. 

Read the full topic at

https://cointelegraph.com/news/launch-rehearsal-for-ethereum-2-0-90-successful-despite-participation-issues

Comments

Post a Comment

Popular posts from this blog

SEC’s discussion with Bitcoin ETF issuers has moved into a key stage

Image
 The SEC is reportedly making significant progress in its discussions with several firms seeking to launch a spot Bitcoin ETF. Reuters reported that discussions have moved into key technical details, and applicants believe it’s potentially leading to the historic approval of the first Spot Bitcoin ETF in the U.S. Currently, there are 13 applications for Bitcoin ETFs awaiting review by the SEC. These applications come from prominent asset management companies, including BlackRock, Fidelity, Grayscale Investments, and ARK Investments.    Notably, in the past week, several of these firms have made crucial updates to their applications, hinting at the evolving nature of their proposals. Grayscale Investments CEO hints at optimistic scenario for spot Bitcoin ETF The digital asset market has been closely monitoring the situation, speculating on the impact that an approval of a Spot Bitcoin ETF would have. Such an approval would be a groundbreaking event, marking the first of it...
Read more

What’s Causing the Current Bitcoin Crash and How Low Can it Go

Image
 Bitcoin’s price has been very bullish over the last couple of months. However, it is finally showing subtle signs of correction today. Therefore, it is worth analyzing the charts for potential support levels. Technical Analysis Bitcoin Price Analysis: The Daily Chart  On the daily chart, the price has been blowing past resistance levels one by one. Yet, today’s action has been very bearish, as the daily candle looks very bearish.   The price has dropped around 10% today before rebounding from the $40K support level. In case this level holds, it could initiate a rebound, and the market might rally toward the next significant resistance level, which is located at the $48K mark. On the other hand, a bearish breakout could result in a drop to the $38K and potentially the $31K zone.   BTC Price on The 4-Hour Chart The 4-hour chart demonstrates today’s decline much more clearly. The price has created a double top pattern around the $44,500 mark and proceeded to plunge to...
Read more

BlackRock's Bitcoin ETF Now Invites Participation From Wall Street Banks

Image
 A change to the structure of proposed spot bitcoin ETFs would enable authorized participants (APs) to create new shares in the fund with cash, rather than only with cryptocurrency, essentially opening the door to banks who cannot hold crypto directly. A change to the mechanics of BlackRock's proposed spot bitcoin (BTC) ETF opens the door for Wall Street banks, which face restrictions holding cryptocurrencies, to play a key role. BlackRock recently made it so authorized participants – a vital part of the ETF ecosystem – will be able to create new fund shares with cash, rather than only with cryptocurrency.   As highly regulated U.S. banks are unable to hold bitcoin themselves, this set-up would enable the likes of JPMorgan or Goldman Sachs – firms with some of the largest balance sheets in the world – to act as APs to BlackRock's ETF. (Whether they want to is another matter.) The cash APs use in this process can then be exchanged into bitcoin by an intermediary and warehoused ...
Read more