Cloudflare will be staking Ethereum

- Advertisement -

American cloud platform Cloudflare stated, which uses technologies such as web3 and proof-of-stake consensus in Ethereum. Within a few months, the platform will launch Ethereum validator nodes and use them to stake ETH based on its infrastructure.

The company does not disclose how many nodes it will deploy or how much ETH it has purchased for staking. Each validator node on the Beacon Chain requires at least 32 ETH to be staked, worth approximately $66,500 at current prices.

- Advertisement -

In addition to staking ETH, the company plans to explore next generation consensus models.

- Advertisement -

“Cloudflare is going to be involved in the research and development of the underlying infrastructure that helps keep Ethereum secure, fast, and energy efficient for everyone.”

Cloudflare secures the Ethereum economy

Cloudflare essentially provides protection against DDoS attacks and other web threats for high traffic websites and internet portals. The platform was founded in 2009 and according to Build withcurrently has over 4 million customers serving over 9 million sites.

The company’s first web3 experiments began nearly four years ago with a gateway to the Interplanetary File System (IPFS). In 2019, the company developed the Ethereum Gateway, which allowed interacting with the Ethereum network without installing additional software.

Due to growing concerns about the power consumption of proof-of-work consensus-based cryptomining and its environmental impact, Cloudflare is betting on PoS. The company stated that when switching to PoS, there will be a 99+% reduction in the energy consumption of the Ethereum network.

“As part of the experiments, Cloudflare has not launched and will not launch infrastructure on the network based on proof-of-work.”

In addition, the launch of validator nodes on the Cloudflare network allows the company to achieve geographic decentralization in regions such as EMEA (Europe, Middle East and Africa), LATAM (Latin America) and APJC (Asia Pacific, Japan and China).

Staking ETH

Now staking in Beacon Chain posted 12 755 383 ETH. At current prices just under $2,100 per ETH, this equates to approximately $26.5 billion and 10.5% of the total supply of ETH in circulation.

In addition, the Ethereum Consensus Layer (or Ethereum Consensus Layer, formerly known as ETH 2.0) has 380,373 validators and has a staking yield of 4.3% per annum.

Stay in touch! Subscribe to World Stock Market at Telegram.

Source: Cryptocurrency

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Hot Topics

Related Articles