Cloudflare, an internet security company, has announced that it will fully stake several Ethereum validator Nodes and will continue to operate them in the future.
Cloudflare, an Internet security company, has posted in a new blog that it will run and fully stake Ethereum validator nosdes “over the next few weeks.”
The post states that Cloudflare will launch and stake fully Ethereum validator nodes on its global network Cloudflare as the community moves from Proof of Work towards Proof of Stake using ‘The Merge’.
Cloudflare will play a small part in the transition to Ethereum2.0. This upgrade will see Ethereum go from a proof of work (PoW), where transactions are validated only by miners with lots of computing power to a proofof-stake blockchain where the miners who have the most collateral can validate the transactions.
” The merge” is the time when Ethereum’s mainnet will merge and the PoS-based Beacon Chain. The “Consensus Layer” will then be replaced by Ethereum 2.0.
Cloudflare claims that its Ethereum validator nodes will “serve as a testing ground” for research on energy efficiency and consistency management.
Anybody can become an Ethereum validator and receive rewards for verifying new blocks. You will need a computer with 24/7 internet access, and 32 Ethereum. That’s $66,666 today.
Cloudflare is now a blockchain company
Cloudflare was established in 2010 to assist businesses with their website speed and optimization. Cloudflare’s mission is ” build an improved internet,” a goal shared by developers and proponents of blockchain technology.
Cloudflare is now a major player for website security and content delivery. The company had a handsome revenue of $6656.4 million last year.
Cloudflare’s blockchain pivot began in 2018, with the launch InterPlanetary File System Gateway.
The gateway is a read-only interface that can be accessed via HTTP to the Interplanetary File System. The gateway doesn’t require the user to install any software or give up any storage space.
IPFS is a crypto-based file-sharing network that hosts your Decryptarticles. This article and others on IPFS can be accessed by scrolling down to the bottom. You will see a cube next to all the social media buttons. Click this link.
Cloudflare released the Ethereum Gateway a year later. This allows users to interact with Ethereum and add interactive elements on sites powered by Ethereum smart contract without having to install additional software.
Cloudflare discovered and stopped a large distributed attack on a cryptocurrency exchange at the end of the last month but declined to reveal its identity.