Ethereum announces massive upgrade to solve long-standing ETH supply issues – Report | CPT PPP Coverage

Cryptopolytech (CPT) Public Press Pass (PPP)
News of the Day COVERAGE

200000048 – World Newser
•| #World |•| #Online |•| #Media |•| #Outlet |

View more Headlines & Breaking News here, as covered by cryptopolytech.com

• Ethereum core developer reveals that Ethereum will be launching a new testnet dubbed Holli (Holesovice) in September of 2023. 
• Ethereum’s Shanghai upgrade is still set to take off in March, and endeavor users to access Ethereum staked on the network. 

According to tweets from Ethereum core developer, Tim Beiko, Ethereum is gearing up for the launch of a test net named “Holli.” Also called Holesovice, the testnet is set to launch on September 15, 2023.

Tim Beiko revealed that the conversation around Ethereum testnets has sprung up again and that it is only right that information about it is made known to the public who is either uninformed or seems to be fully educated on it. He stated in a tweet.

A new testnet, Holli, is planned to launch later this year, and hopefully we can figure out these things before then! I’ve made two suggestions on the repo, and would love to hear from application layer devs about how we could better approach this!

His first suggestions included adding every recent Ethereum address that have deployed a contract on mainnet, goerli, and sepolia to the genesis file so as to give it an allocation. He lastly suggests coordination with leading contract and infra developers to launch on the network right after genesis.

A new testnet, Holli, is planned to launch later this year, and hopefully we can figure out these things before then! I’ve made two suggestions on the repo, and would love to hear from application layer devs about how we could better approach this!

— timbeiko.eth (@TimBeiko) February 23, 2023

As the developer further explained, testnets are beneficial to three specific groups including client developers, application developers and node operators/stakers/miners. It is important to keep in mind that all three have different needs.

He added that the old testnets have failed to serve clients, as they are more time-consuming and take up more space to sync. While the Sepolia testnet looked to curb Ethereum’s supply issue, it is closed off to permissionless validators. While the Goerli testnet is open to permissionless validators, it makes use of GoETH for its beacon chain.

Ethereum Shanghai upgrade is still around the corner

Ethereum is not taking any stops as it embarks on a much-needed mission, to scale and bring balance to the leading blockchain network. The Ethereum Shanghai upgrade is also one of the most notable events, scheduled to go live in the second half of this year.

It was announced last year that the Ethereum Shanghai upgrade will launch in March 2023, and bring a significant number of improvements to the Ethereum network.

Users of the Ethereum network took part in validating transactions on the Beacon chain back in December 2020, following the launch of the proof of stake network.

However, staking has been affected by this, as users’ funds were put in a deposit contract as developers carried out tasks on the Ethereum network. The Shanghai upgrade is relevant for network users, as it will allow for the withdrawal of Ethereum staked on the beacon chain.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.