Ethereum 2.0: Consensys, Binance and Crypto.com team up and offer a staking service

Do repost and rate:

Image Source

Version 2 of the Ethereum protocol is fast approaching, and with it the transition from Proof of Work (POW) to Proof of Stake (POS). It is with this in mind that Consensys has unveiled Codefi Staking, a staking platform for Ethereum 2.0.

Ethereum, from proof of work to proof of stake

Ethereum network transactions are currently validated by minors. However, these will be replaced by agents called validators during the transition to Proof of Stake.

To become a validator, a user will have to place 32 ETH in pledge on an Ethereum node. A minimum of 16,384 validators will be required for the launch of Ethereum 2.0. This represents more than 520,000 ETH sequestered in validating nodes.

Obviously, hosting a node is not an easy task and specific skills are required. This is where Codefi Staking API comes in!

Codefi Staking

Earlier this week, Consensys - a company specializing in the development of Ethereum solutions - unveiled Codefi Staking. With this product, its objective is to offer a staking service dedicated to companies and institutions.

To do this, Consensys has surrounded itself with 6 influential partners in the crypto ecosystem such as: Binance, Crypto.com, DARMA Capital, Huobi Wallet, Matrixport, and Trustology.

These partners will be the first to have access to the solution and will allow their users to “staker” on Ethereum 2.0.

Setting up a validator node can turn out to be a complicated test ... But that is nothing compared to the maintenance that it requires. Indeed, the node must be available 24/7, if its holder does not want to lose their rewards.

"Some of the risks associated with using your own validator include theft or loss of withdrawal keys, improper transfer of funds to the Eth 2 deposit contract, not to mention hardware or internet connectivity failures that result in the loss of the validator's rewards. Said Tim Lowe, Product Manager for Codefi Staking.

Although this solution brings flexibility to users, it will not be free. Indeed, the staking platforms take part of the rewards as service fees. The use of this type of service can also ultimately lead to a centralization of the Ethereum network, which is by no means good news.

CEX.IO allows for the buying of bitcoin and other cryptocurrencies for low fees via credit card, Debit card. Customers can also purchase for free (no fees) with bank transfers. The best thing about Cex is that it supports fiat currencies like USD and EUR which means you can withdraw your money and deposit it directly to your bank account without the need of a third party. In conclusion, Cex allows you to trade Cryptos, deposit funds from your bank account and also withdraw your funds to your bank account, it is an All-in-one exchange.

Please register through this link to support the blog: https://cex.io/r/0/up131023719/0/

 

Regulation and Society adoption

Events&meetings

Blockchain News

Ждем новостей

Нет новых страниц

Следующая новость