Ethereum’s Pectra upgrade has successfully completed its final test on the Hoodi network, paving the way for a significant update to the blockchain that promises improved developer experience and ease-of-use.
Ethereum’s Final Pectra Test Goes Live on Hoodi Network
The final planned test of Etheruem’s Pectra upgrade took place on the new Hoodi testnet, marking the culmination of a series of tests aimed at refining the blockchain‘s biggest changes in over a year.
Ethereum is an open-source, decentralized, blockchain-based platform launched in 2015 by Vitalik Buterin.
It allows for the creation and execution of smart contracts and decentralized applications (dApps).
The Ethereum network uses a consensus algorithm called proof-of-work (PoW) to secure transactions.
In 2020, Ethereum transitioned from PoW to proof-of-stake (PoS), making it more energy-efficient.
Ethereum's total market capitalization reached $500 billion in 2021, surpassing Bitcoin's peak.
The platform is used for various applications, including non-fungible tokens (NFTs) and decentralized finance (DeFi).
Overview of the Upgrade
The Pectra upgrade is focused on developer experience improvements and ease-of-use changes. It represents the largest update to Ethereum in over a year and has been closely watched by ecosystem players, particularly staking providers. The test involved passing Hoodi a series of code changes intended to make ‘Ethereum‘ more user-friendly for both end-users and developers.
Background on Previous Tests
Two previous tests on the Holesky and Sepolia test networks failed to finalize properly, prompting developers to create a new testnet, Hoodi, to provide an additional testing opportunity before activating Pectra on Ethereum’s mainnet. The Hoodi testnet was designed to give ecosystem players a chance to run through code changes in a low-stakes environment, allowing developers to patch out any bugs before they reached the mainnet.
Key Changes and Test Results
One of the key changes being tested on Hoodi is the addition of smart contract functionality to wallets. This allows wallet software developers to build new convenience-oriented features, such as the ability to pay transaction fees in cryptocurrencies other than ‘ether‘ (ETH). The test results were closely watched, with developers planning to activate Pectra on Ethereum’s mainnet in about 30 days, pending continued testing and validation.
An Ethereum wallet is a software program that allows users to interact with the Ethereum blockchain, enabling them to send and receive 'Ether (ETH)' and other digital assets.
There are two primary types of wallets: hot wallets, which are connected to the internet, and cold wallets, which are offline.
Hot wallets offer convenience but are more vulnerable to hacking, while cold wallets provide greater security but require manual interaction.
Popular Ethereum wallet options include MetaMask, MyEtherWallet, and Ledger Live.
Implications for Mainnet Activation
The successful completion of the final test on Hoodi sets the stage for the activation of Pectra on Ethereum’s mainnet. Developers have previously agreed that if all went well during the test, Pectra would be monitored for around 30 more days before being activated. The implications of this upgrade are significant, and it will be interesting to see how it shapes the future of Ethereum and its ecosystem.
The Ethereum mainnet is the public blockchain network where users can create, send, and receive transactions.
It was launched in 2015 by Vitalik Buterin and has since become one of the largest decentralized networks globally.
The mainnet uses a proof-of-work consensus algorithm to secure its transactions and has a block time of approximately 15 seconds.
Ethereum's mainnet supports smart contracts, allowing developers to create decentralized applications (dApps).
It also enables token creation and exchange, facilitating 'cryptocurrency trading' and cryptocurrency trading.
- coindesk.com | Ethereum’s Final Pectra Test Goes Live on Hoodi Network
