Tag: Ethereum 2.0

SSV Network Bags $10M From DAO Partners to Scale ETH 2.0 Staking

by CryptoPotato

Open source and decentralized protocol ssv.network has received $10 million in funding from its DAO partners to ramp up the decentralized staking infrastructure for Ethereum 2.0 ahead of the upcoming Merge.

ssv.network Receives $10M

ssv.network said  in a press release that it received the funds through its DAO Partner Program, an initiative the project launched in October 2021 with an objective of expanding its “community and strengthening DAO partnerships.”

So far, the project has conducted its first and second batch of the DAO Partner Program, which saw it team up with individuals, technical users, industry leaders, ecosystems, and venture capital.

Some of the notable partners who have joined the SSV ecosystem include Coinbase, Digital Currency Group, Gate.io Ventures, OKEx Ventures, Lead Capital, AMBER, Everstake, DappNode, and Valid Blocks. The project hopes to onboard more companies, key figures, and grants as it continues with the DAO Partner Program.

Making ETH 2.0 Staking Easier for Anyone

As a fully decentralized open-source protocol, ssv.network focuses on simplifying infrastructural access for ETH 2.0 staking through its Secret-Shared-Validator (SSV) technology. In other words, the network makes it easier for individuals and institutions to run a Distributed Ethereum Validator.

ADVERTISEMENT



ssv.network describes itself as the first protocol to allow users to securely split a validator key between non-trusting nodes or operators.

According to the release, the technology gives anyone trustless access to ETH staking by providing a robust and stable staking infrastructure while promoting diversification and decentralization on the Ethereum network. It then uses a network of nodes operating under consensus to generate ETH rewards for users.

Becoming the Layer 0 of Ethereum

Since the protocol focuses on decentralizing and systematizing staking at an infrastructure level, ssv.network aims to become layer 0 of Ethereum this year.

“We identified DV technology at a very early stage as a critical component in Ethereum’s transition to Eth 2.0. It is incredible to see the level of adoption and participation at such an early stage in the network’s life cycle. ETH staking and DeFi will be some of crypto’s core themes in 2022 and both segments will benefit tremendously from decentralizing Ethereum’s security layer, which we call Layer 0. 2021 was the year of L2, 2022 is set to become the year of Layer 0,” said Alon Muroch, Core Contributor at ssv.network.

The project received a grant from the Ethereum Foundation (EF) in 2021, and the foundation later labeled SSV technology under Distributed Validator Technology (DVT), which is a key element in the ETH 2.0 roadmap.

SPECIAL OFFER (Sponsored)


Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 25% off trading fees.

You Might Also Like:






Source

Tagged : / / / / /

Ethereum hash rate scores new ATH as PoS migration underway

by Cointelegraph

Over the previous year, Ether (ETH) has increased in value to the point that it significantly outperformed Bitcoin (BTC) in terms of returns. The rise of Ethereum has made mining on its network more lucrative over time. This appears to have resulted in additional miners, resulting in an expansion of the network’s hash rate.

The hash rate for Ethereum has hit a new high, approaching record levels of 1.11 PH/s according to data from Glassnodes on Jan. 27. The previous ATH was reached previously on Jan. 13, when the ETH price fell from $4,460 to $3,160.

Source: Glassnodes

When the hash rate rises, it indicates that more nodes are joining the network, and the network is becoming more decentralized. As a result, such an increase helps to cement blockchain security. However, if the hash rate is too low, it may be detrimental to the network since there would be fewer nodes, resulting in slow transactions and less security.

In December 2021, Ethereum network participants implemented the Arrow Glacier upgrade, which pushed back the switch to proof of stake consensus. It also means that Ethereum mining has a long way to go before it comes to an end. A transition from the proof of work (PoW) algorithm to the Proof of Stake (PoS) algorithm is required before reaching ETH2, which is referred to as The Merge. At that moment, the difficulty bomb will go off, essentially shutting down ETH mining and putting the network into an “ice age” that lasts until the switch is completed.

After the switch to proof-of-stake, however, ETH will no longer be mined; instead, transactions will be validated by staking on special nodes.

Presently, the network’s hash rate has increased past one petahash. The number is equivalent to around 1,000 TH/s and indicates that the network’s hash rate has risen more than 66,000% since March 2016, when it began being recorded on the network.

Related: Bitcoin hash rate jumps to ATH as Jack Dorsey confirms Block’s mining system

As reported by Cointelegraph, the Ethereum Foundation criticized the branding of Eth2, saying it did not adequately reflect what was going on with the network during its round of upgrades. “ETH2” and the terminology used to distinguish a proof-of-stake chain from a proof-of-work chain may be phased out in the near future, according to the post.

Among the reasons for the shift are a bad mental model for first-time users, scam prevention, inclusion, and stake clarity. The switch from a PoW to a PoS consensus mechanism is scheduled to occur in the second or third quarter of this year.