Ethereum prepares new update with implementation of the Holešky network

Ethereum, one of the world’s leading blockchains, is about to undergo a significant upgrade with the launch of the Holešky testnet, which will replace the Goerli testnet.

Testnets are essentially copies of blockchains created so that developers can test their protocols and smart contracts before deploying them to the main blockchain.

There are currently two main testnets on Ethereum: Sepolia, designed for developing blockchain applications, and Goerli, used for testing validation and staking.

The launch of the Holešky network was originally planned for September 15th, marking the first anniversary of The Merge activating the Proof-of-stake (PoS) mechanism. However, due to an incorrect configuration, the launch was postponed and a new attempt will be made in the coming days.

Update on Ethereum

The main purpose of the Holešky network is to address goETH supply issues in Goerli, which have caused difficulties for developers. Goerli has capped the supply of goETH at 115 million tokens, meaning there can be no more than that amount circulating on the network.

Developers testing on Goerli can receive goETH from a faucet. This token has no value in the real world, and is only used for developers to pay gas fees when testing their products.

However, due to its limited supply, some individual wallets have started hoarding the token, making it more difficult for developers to test their applications on the testnet.

Holešky is designed to be much larger than Goerli, allowing validators to test in a more realistic on-chain environment and resolve goETH supply issues.

According to Parithosh Jayanthi, a developer at the Ethereum Foundation, Holešky will be able to handle a client size three times larger than that of the current Ethereum testnet.

“It is necessary to launch Holešky with a large number of validators to ensure we can safely test the limits of the beacon chain,” Jayanthi tweeted.

This update promises to make the Ethereum ecosystem more efficient and accessible for developers, further strengthening its position in the world of cryptocurrencies and smart contracts.