- The Ethereum testnet, called Zhejiang, made it so that the ETH that was staked for The Merge could be withdrawn in a simulated withdrawal.
- Zhejiang was the first of the three tests that the Ethereum leaders plan to carry out, in the coming weeks Sepolia will be carried out to end Goerli.
- The official Shanghai test, according to the authorities themselves, is scheduled for March 2023.
Vitalik Buterin is one of the brightest minds in the crypto space and his Ethereum creation is the most popular blockchain on the market. The network started under the Proof-of-Work system, although it decided to switch to Proof-of-Stake some time ago. It is now getting closer to completing the historic transition with all available features.
In order to carry out the aforementioned step from PoW to PoS, which in September saw the success of The Merge known in Spanish as “la fusion”, the network needed the “new miners” to stake their ETH “as a mechanism to guarantee the security of transactions”, as highlighted by the site CoinDesk. At the moment, users can deposit but not withdraw. Although this is soon to be solved.
The Ethereum testnet, called Zhejiang, made it so that those ETH staked/staked for an indefinite period of time could be withdrawn. This was the first of three trials scheduled for the hard fork that took the name Shanghai.
“The testnet, known as Zhejiang, facilitated withdrawal simulations early Tuesday after going live last week, according to a browser website set up to track transactions on the system.a”, described the previously mentioned medium.
Test Tesnet, a key tool for blockchain
Testnets are often a good alternative for developers to test changes. Normally, if something fails, it tries again without damaging the main blockchain. In short, the error does not harm the user. These not only exist on Ethereum, but usually each blockchain has its own testnet.
“On the Zhejiang testnet, partial and full withdrawals, as well as BLS changes, are included in the execution payload. We have a successful fork”, explained Barnabas Busa, who works as a DevOps engineer at the Ethereum Foundation.
BLS changes are those that allow users to modify their withdrawal credentials in order to correctly process withdrawals. It is worth noting that miners can contribute temporarily and leave whenever they want, which they have not achieved at the moment.
As previously commented, Zhejiang was the first of three tests that Ethereum leaders are considering conducting. In the coming weeks, Sepolia will take place to end Goerli. The official Shanghai test, according to the authorities themselves, is scheduled for March 2023.
What happened in the last hours with Ethereum from this great news?
The price has barely moved and in the last 24 hours it was up 1.5% at the time of writing ($1,668). If the last week is taken into account, the growth is +5.75%, much higher than the +1.08% of BTC.
Within the top 20 coins with the highest market capitalization there are others that also have good profits even though they have projects that are similar/very different from Ethereum. BNB has a weekly candle of +6.73%, Polkadot added +9.73%, Polygon added +13.46%, while Shiba Inu registered +21.58%.
Ethereum is very close to taking a new important step and the crypto space is grateful for it. Reliability and security are two determining points and the creation of Vitalik Buterin is on the way to it.
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