Blox, a non-custodial Ethereum 2.0 staking platform, is developing a solution that will allow users to pool their ether (ETH) cryptocurrency to get past the threshold required for staking when the upgraded network goes live.
- The cryptocurrency accounting service provider announced on Wednesday that it is working alongside the Ethereum Foundation to develop Ã¢ÂÂsecret shared validatorÃ¢ÂÂ nodes.
- By creating a network of decentralized staking pools, Blox said it would allow users to aggregate their ETH and reach the required 32 ETH to stake on the network.
- Ã¢ÂÂAllowing ETH stakers to join the network and generate rewards with any amount of ETH is pivotal for making Eth 2.0 accessible for everyone,Ã¢ÂÂ said BloxÃ¢ÂÂs CEO Alon Muroch.
- Staking on Eth 2.0 requires a minimum of 32 ETH in order to participate and is expected to see an estimated 4.6%-10.3% rate of return on a userÃ¢ÂÂs initial stake.
- According to Blox, the entire process is Ã¢ÂÂcompletely decentralizedÃ¢ÂÂ and will enable Ã¢ÂÂmaximum securityÃ¢ÂÂ for the Ethereum network and for those users looking to stake on it.
- The long-anticipated Eth 2.0 upgrade will reshape the worldÃ¢ÂÂs largest smart contract platform as it transitions from proof-of-work (PoW) to proof-of-stake (PoS).
- The move away from PoW to PoS is designed to improve upon EthereumÃ¢ÂÂs scalability issues stemming from its inability to handle a large number of transactions.
- Muroch will discuss the initiative in greater detail on Wednesday at CoinDesk’sÃÂ invest: ethereum economyÃÂ virtual conference.
See also: 3 Things You Should Know Before Staking on Ethereum 2.0
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.