Ethereum 2.0 testnet Kintsugi goes live

The Ethereum development team has been working hard to prepare for Ethereum 2.0, a proof-of-stake platform that aims to make blockchain transactions faster, cheaper, and consume less energy.

However, although ETH2 is not fully prepared yet, its first major testnet is to let the public understand how the network might work soon.

Tim Beiko, who coordinates the core developers of Ethereum, announced the Kintsugi testnet on the Ethereum Foundation blog today. Kintsugi means using gold to repair broken objects without trying to hide the damage.

Although the Ethereum network in its current state has not been destroyed, it is a victim of its success. After pioneering decentralized financial applications, NFTs and even blockchain-based games, the cost of network transactions scared away some users.

Exchanging assets or bidding for digital collectibles on the chain on a peer-to-peer basis requires part of the network's energy. In order to promote transactions relatively quickly, people must pay higher fees or wait until the activity on the blockchain decreases. Ethereum 2.0 solved this problem.