Connect with us

Press Release

Blox Staking ushers in new phases of the Ethereum 2.0 Roadmap

Published

on

Ethereum launched in 2015 following its proposal in 2013 by Vitalik Buterin, and a subsequent crowdfunding drive in 2014. Since then, it has become a widely and actively used open-source blockchain. Its native coin, Ether (ETH), hit record highs recently with a price of $2151.25, thus continuing its upward trajectory. 

Of course, not only has this trajectory occurred in accordance with the technology’s own historic performance, but also with the course of cryptocurrencies in general. After all, just a matter of days ago, the entire market topped $2 trillion for the first time. 

Since the start of 2021, the very meaning of digital assets has undergone something of a revolution. ETH and other mainstream coins will continue to hold public interest because increased mainstream coverage has served to distill the complexities of cryptocurrency into an enticing and motivating form.

However, there is as much excitement from the global Ethereum userbase for quite how far this technology can go. As such, due to its high demand, it is reliant upon the rapid advancement of supporting technologies and platforms to ensure a strong foundation for growth.

The Ethereum 2.0 Roadmap 

There is a roadmap for Ethereum 2.0 (ETH2). This is the series of gradual upgrades being implemented and set out by ETH2 researchers to build on the foundations and promise of scalability, security, and energy that Ethereum 1.0 has developed and actioned over its lifespan. 

Blox Staking will be an integral platform for these next few phases of the ETH2 rollout. It’s an open-source, fully non-custodial ETH2 staking platform, which will allow validators to stake Ether and earn rewards. They want to push and emphasize decentralized Ethereum staking, which will be accessible for anyone.

Making Decentralized Platforms Accessible

For Ethereum to hold onto its integrity and to the truth of itself then decentralized staking platforms like Blox Staking are an essential part of its ecosystem. Many criticisms are leveled at fiat currencies (those considered legal tender like dollars, swiss francs, and British pound sterling, for instance) and centralized cryptocurrency exchanges because they rely on hierarchical structures. In fact, for newcomers, it can be surprising to learn that in spite of the growing popularity of decentralized exchanges, the majority of cryptocurrency transactions take place through centralized options.

Of course, one driving force behind this is the fact that trading speed is often higher via these exchanges, and the interface is often much more user friendly – meaning that a lot of newcomers find a foothold on these sites and continue to because they are convenient. The issue is, for blockchain’s core concept, that there are for-profit entities supporting these centralized options, which will take a fixed fee from traders, store user information, and regulate supply and demand via their own algorithm.

Therefore, decentralized exchanges and staking platforms, at a time when ETH2 attempts to scale up, are integral. Blox Staking seeks to circumvent the need for these centralized exchanges by utilizing an easy-to-use dashboard within their staking platform – one that requires no coding experience. 

They will lower the existing 32 ETH users must pay to set up a validator with their decentralized staking pools and, also, afford instant liquidity of funds. Finally, their non-custodial staking platform will ensure that users needn’t worry about trust: blockchain should be a system for which trust (or a lack thereof) needn’t factor into the experience: there should be no shadows, and nothing to doubt.

Making the Non-Custodial Staking Platform the Standard

Blox Staking won’t hold onto private keys. Users manage validators in the Blox Live Desktop App Dashboard locally after they’ve signed in on a personal remote signer, where their keys are stored on their own private cloud. The user doesn’t hand over the details of their keys – they exist separately from Blox.

Many of the current options on the market are custodial (AKA centralized) or semi-custodial. This means that the management of the whole staking process is taken out of the user’s hands. The service has ‘custody’ of their keys. This obviously raises security concerns because, despite the logically unbreachable nature of blockchain, hacks do happen, and they often target centralized exchanges and services.

Blox Staking is making itself feasible, forward-facing, open to the growth and interest which Ethereum is generating. It’s a two-way relationship, though: they will be sustaining each other.

Disclaimer: This is a paid post and should not be treated as news/advice. 

 

Where to Invest?

Subscribe to our newsletter

With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *