The Ethereum blockchain has ushered in a new testnet called Holesky, one year after its monumental transition to a proof-of-stake consensus algorithm.

The newly launched test network, initially referred to as Holli, aims to enhance the main Ethereum network’s testing capabilities by making it twice as large.

Enter, Holesky

Ethereum core developers on September 15 launched the Holesky test network.

Initial blocks proposed on Holesky were seen today through a blockchain explorer created to monitor the new test net on beaconcha.in.

Test networks are like duplicates of the original Ethereum blockchain, but developers use them for testing new applications and fixing bugs without influencing the mainnet.

The rollout of Holesky coincides with the first anniversary of the Ethereum Merge event. The Merge was executed on September 15, 2022 — an event that saw the Ethereum mainnet merging with the Beacon Chain. With the historic upgrade, Ethereum made a switch from its original proof-of-work mining system to a more energy-efficient proof-of-stake model.

Ethereum’s ecosystem presently has two main test networks: Goerli and Sepolia. However, now that Holesky introduced, Ethereum will wave goodbye to Goerli, in the first half of 2024. Holesky will then become Ethereum’s largest existing test net with at least 1.4 million validators, compared to the mainnet’s 700,000.

One of the distinguishing characteristics of Holesky is the envisioned provision of roughly 1.6 billion test network ether. Developers decided not to lower that figure to correspond to the Ethereum mainnet’s 120 million ETH supply. This significant supply is intended to fix obstacles developers encounter when procuring testnet ETH on the primary testnets. The huge amount of testnet ether will give Ethereum’s developer community easier access to testing smart contracts on Holesky.

ETH Price Unmoved

The price of the second-largest cryptocurrency by market cap, ether, remained relatively unstirred by the Holesky launch news.

ETH was currently trading just above $1,636, down slightly less than a percentage point over the past 24 hours. Bitcoin has behaved similarly, shedding 1.1% of its value during the same timeframe to change hands at $26,583.72.

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Filed under: Bitcoin - @ September 16, 2023 10:50 pm