Ethereum 2.0 Charges Ahead With New ‘Onyx’ Testnet Launch

Blockchain firm Prysmatic Labs announced the launch of a new test network for the Ethereum 2.0 blockchain.

According to a June 10 announcement, Prysmatic Labs is launching the Onyx Ethereum 2.0 testnet — which represents an improvement over the previous Topaz testnet.

The last step before launching mainnet

Per the announcement, the Onyx testnet is the last update before the launch of the first Ethereum 2.0 mainnet. Furthermore, this network will support multiple client software distributions.

Onyx improves the network message handling, complies with the latest Ethereum 2.0 specifications. Prysmatic Labs also announced that it will soon turn off its Topaz validator nodes and start sending deposits to initiate staking on the Onyx network.

Ethereum staking is an upcoming Ethereum 2.0 feature that would allow Ether (ETH) holders to run nodes that confirm new blocks on the network in exchange for rewards, similar to mining. Running such nodes requires the user to hold a certain minimum amount of coins. If the node tries to misbehave, their holdings are slashed.

The long awaited launch of Ethereum 2.0 approaches

This latest update moves the Ethereum community one step closer to the launch of the highly-anticipated Ethereum 2.0 network which many hope will solve the blockchain’s scalability limitations.

Still, many fear that the Ethereum 2.0 launch will be delayed again. May reports suggest that the release of the network’s proof-of-stake algorithm was rescheduled for the current month. Previously, some suggested that the release of this algorithm could have triggered an Ether price rally.