Those keeping tabs on the crypto market will likely have heard the term “Ethereum 2.0” (or Eth2) being thrown around. As the name suggests, Ethereum 2.0 is an overhaul of the existing Ethereum network, intended to boost scalability and security on the network. A critical part of the path towards Ethereum 2.0 is the “Zinken testnet”, which went live on October 12th, at 12 PM UTC. However, what is the Zinken testnet exactly?
On December 1st, Ethereum 2.0 Phase 0 was officially launched, with the Ethereum 2.0 Beacon Chain launch. This is the first major release in Ethereum’s transition towards a proof-of-stake blockchain through Ethereum 2.0. As such, Ethereum staking has become a hot topic in the past two weeks. This article looks at Ethereum 2.0, the Beacon Chain, and the practicalities of staking ETH.
As much as the growing popularity of blockchain and smart contract platforms is good for the crypto industry, it also contributes to certain problems. Most notably, the demand for decentralized applications (dApps) and decentralized finance (DeFi) is at a crucial stage where it outweighs the ability to supply. A simple economic analysis of the supply and demand curve, therefore, results in a skewed equilibrium. The disruption between supply and demand, in turn, creates a situation where we see congested smart contract networks.