The measure announced by Coinbase is an American company that operates a cryptocurrency exchange platform. comes barely two months before the arrival of the The Merge to Ethereum, whereby traditional mining a process where blocks are added to a blockchain, verifying transactions. It is also the process through which new bitcoin or some altcoins are created. will give way to a staking participation in a proof-of-stake (PoS) system to put your tokens in to serve as a validator to the blockchain and receive rewards. system to validate blocks of transactions.
- Coinbase enables stacking system with ETH by means of Coinbase Prime
- Only available to institutional clients in the US.
- The system will work in the same way as staking does with other currencies.
- The Merge arrives sometime in September on the Ethereum network.
The U.S.-based international exchange, Coinbase, announced that it will enable mechanisms for staking with Ethereum. (ETH) on its platform, a service that will be especially aimed at institutional clients within the North American nation.
Coinbase habilita staking con ETH
The announcement was made by the Coinbase through a publication in its official blog, in which it indicates that those interested in the U.S. will be able to staking with ETH by means of Coinbase Prime, the integrated solution for cold cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. that incorporates a series of advanced operations for asset management.
About this staking system, the team of Coinbase indicates:
“Customers can create a wallet, decide how much to put in collateral collateral is any asset that a lender accepts as a form of security to ensure that the borrower repays a loan. and start in the stakin program from the ETH assets page in the Coinbase Prime account.”
The announcement comes with about two months to go before the long-awaited update for Ethereum’s network, better known as theThe Merge, with which the system of consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. will change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. from Proof-of-Work poW is a type of consensus algorithm that rewards validators according to the amount of computational power they have expended. (PoW) a Proof-of-Stake poS is a type of consensus algorithm that rewards validators according to the amount of crypto they have staked. (PoS) . This difference makes mining through graphics cards (GPU) The system will be replaced by a guarantee fund system, in which participants will be required to have some 32 ETH to become validators, thereby deriving revenue from processing the transaction blocks.
Among the specifics about the new program, Coinbase clarified that it will be similar to what it was already implementing with other currencies such as Solana, Polkadot, Cosmos, Tezos, Celo and others through its service, whereby the funds will remain under custody within the exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. in accordance with the applicable linkage / detachment periods for each case.
Grandes expectativas sobre Ethereum
Since Ethereum a decentralized open-source blockchain with smart contracts functionality. announced that it would eventually migrate to a staking system to support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. processing on its network, several exchanges have already begun making plans to enable this capability from their customer accounts. Coinbase was one of them, and this will finally kick off their plan for users to derive profits by putting in collateral.
As for Ethereum, expectations are high on these changes as it would mean operational improvements for the network a network refers to all nodes in the operation of a blockchain at any given moment in time. in terms of increased scalability, transaction speed and lower commission costs.
The updates have already been implemented in the test network. Sepolia and there has been no operational inconvenience, so it is expected that the transition will not cause any inconvenience to the Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. for the validators who have already set up their own ETH as collateral in the associated smart contract.
- Ethereum: As The Merge approaches, one miner the term “miner” can refer to both the person doing the mining and the device that is used to mine crypto. proposes fork to conserve PoW
- Michael Saylor isn’t convinced about Ethereum, only has eyes for Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions.
- For investor Raoul Pal, Ethereum could overtake Bitcoin once The Merge arrives.
Source: TheBlock, Blog Coinbase
Version by Angel Di Matteo / DiarioBitcoin
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