Vitalik Buterin Sends $1.4M of Ether in Preparation for Ethereum 2.0 Staking
Stakes are increasing as the next iteration of the blockchain network, Ethereum 2.0, launches in just weeks.
Ethereum founder Vitalik Buterin has sent his first ether for staking on the next iteration of the blockchain network.
- The transactions (visible here) were sent to Ethereum 2.0's newly launched deposit contract, which went live Wednesday as a means for network participants to move funds from the current proof-of-work blockchain to the soon-to-launch proof-of-stake (PoS) blockchain.
- Since then, public Ethereum participants have been able to deposit the minimum 32 ether required to stake on Eth 2.0.
- The deposit contract now holds 38,693 ether, worth some $17 million.
- Staking is a way of supporting a PoS blockchain network by committing funds for a period of time in return for rewards. PoS networks do not rely on mining, as do the existing Ethereum network and Bitcoin.
- Ethereum 2.0 is expected to launch soon, possibly in early December, after the date was brought back from Bitcoin's launch anniversary on Jan. 1.
- The "Genesis" launch requires 16,384 validators to deposited funds equivalent to 524,288 ether into the contract. At that point the Beacon chain, the core of Ethereum 2.0, will go live.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.