Following discussions with client teams, Ethereum is ready to take the next step and release a Testnet Set on August 4. The company is preparing to release further information about the upgrade, which will prove one of the most important ones in the ecosystem's history.
What everyone expects to see in the upgrade is using the Proof-of-Stake concept which should boost transaction speeds dramatically, but also up the volume that can be traded. The company wants to create a 32 ETH stake as the base validating node.
The solution used in the transition towards a quicker Ethereum network is known as Beacon Chain and it is a part of Phase 0 of the overall upgrade of the ecosystem. It was introduced in April and it is a part of an extensive effort to better the network.
With the arrival of DeFi and the subsequent boom, the Ethereum network has throttled due to high gas prices that have made the ecosystem throttle. There have been several attempts to boost speeds, including the Matic Network intiative.
For many, Ethereum 2.0 will also speed up transactions when it comes to gaming opportunities. Because of the surge in alt coins on Ethereum and their stable value, the network has seen a tangible slowdown, something that can now be fixed with the latest upgrade.