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If This New Tech Works, You Won't Need 32 Ether to Earn Staking Rewards
Ethereum startup Blox is introducing shared staking pools, allowing users to aggregate their ether holdings to participate in Eth 2.0.
Updated Sep 14, 2021, 10:09 a.m. Published Oct 14, 2020, 12:30 p.m. 1 min read
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 it is working alongside the Ethereum Foundation to develop "secret shared validator" 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.
- "Allowing ETH stakers to join the network and generate rewards with any amount of ETH is pivotal for making Eth 2.0 accessible for everyone," said Blox's 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 user's initial stake.
- According to Blox, the entire process is "completely decentralized" and will enable "maximum security" for the Ethereum network and for those users looking to stake on it.
- The long-anticipated Eth 2.0 upgrade will reshape the world's 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 Ethereum's 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's invest: ethereum economy virtual conference.
See also: 3 Things You Should Know Before Staking on Ethereum 2.0
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