Cloudflare, an internet security business, has announced that it will host and fully stake Ethereum validator nodes “over the coming several months,” according to a recent blog post.
“Over the next few months, Cloudflare will launch, and fully stake, Ethereum validator nodes on the Cloudflare global network as the community approaches its transition from Proof of Work to Proof of Stake with ‘The Merge,’”.
Cloudflare has committed to playing a minor role in the transition to Ethereum 2.0, which will see Ethereum move from a proof-of-work (PoW) blockchain, where transactions are validated by miners with a lot of computing power, to a proof-of-stake (PoS) blockchain, where miners who put up the most collateral validate the most transactions.
“The merging” refers to the joining of Ethereum’s mainnet and the PoS-based Beacon Chain. Following that, Ethereum 2.0 (recently dubbed as the “Consensus Layer”) will be operational.
The Ethereum validator nodes from Cloudflare will “act as a testing ground for studies on energy efficiency, consistency management, and network speed,” according to the company.
Anyone can sign up to be an Ethereum validator node and earn incentives for validating new blocks for the network. All you’ll need is a computer with internet connectivity 24 hours a day, seven days a week, and around 32 Ethereum, or $66,666 at today’s exchange rate.
Cloudflare turns to blockchain
Cloudflare was launched in 2010 with the goal of assisting businesses in securing and speeding up their websites. The company’s purpose is to “create a better internet,” which is a goal shared by blockchain proponents and developers.
Since then, Cloudflare has risen to prominence as a leading provider of website security and content delivery services. The corporation made a healthy $656.4 million in revenue last year.
With the deployment of the InterPlanetary File System (IPFS) Gateway in 2018, Cloudflare began its blockchain pivot in 2018.
The gateway connects to the Interplanetary File System and provides a read-only, HTTP-based interface (IPFS). It does not necessitate the installation of any additional software or the allocation of any more storage space.
IPFS is a blockchain-based file-sharing network where you can find all of your favorite Decrypt articles, including this one. Simply scroll down to the bottom of any decrypt.co story and look for a cube with “IPFS” next to it, next to all the social sharing icons. That link should be followed.
Cloudflare announced the Ethereum Gateway a year later, allowing users to engage with Ethereum and add interactive aspects to webpages powered by Ethereum smart contracts without having to install any additional software.
Cloudflare discovered and stopped a massive distributed denial-of-service (DDoS) attack on a cryptocurrency platform at the end of last month, but refused to name the platform.
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