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- Ethereum is planning to shift entirely to the PoS model and is currently operating a parallel system utilizing both PoW and PoS algorithms.
- The network witnessed another benchmark as ETH 2.0 validators surpassed a number of 300k.
- Currently, the Ethereum 2.0 contract has approximately 9.7 million Ether deposited, worth more than 28.9 billion.
In recent times, network participants of Ethereum have been preparing for the shift from the Proof-of-Work model to the Proof-of-Stake model.
A parallel system that utilizes both of these models through the Beacon chain has been operated by the Ethereum community with a plan to eliminate the Proof-of-work algorithm eventually. Ethereum’s value has increased by about 14% during the recent two weeks.
And the current cost for becoming a validator is 32 Ether or $94,400 using current ETH exchange rates.
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Validators flipping the 300k mark:
The number of validators on Ethereum 2.0 has recently set a benchmark by crossing over 300k to 301,367 validators currently. And this large number of validators has increased quite highly, which was 275,594 at the starting of the year. Ethereum 2.0 smart contract presently holds around 9.7 million Ether deposits worth more than $28.9 billion as of now. And the deposit contract witnesses deposits daily with 32 ether per deposit.
Beacon Chain was officially launched during Ethereum’s serenity upgrade in December 2020, and there are two kinds of validators, proposers and attestors. And here, rewards are not provided to pools of miners but are rewarded to validators for staking through the Beacon chain.
The level of operating of Ethereum’s mining pools is at its peak in the current times compared to the network’s history. Presently, the overall hash rate on the Ethereum network is around 1.08 Petahash per second.
Although, the deposits and number of validators are increasing over time. But when Ethereum entirely deploys, the Proof-of-Stake model is still to be looked forward to. The network is continuously growing as it also recently launched a new testnet, zkEVM, which might prove to be a solution to Ethereum’s scalability issues. Being a significant project, the complete shift towards the PoS model might bring enhanced performance and competing power for the network.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
