Ethereum is planning to transition to a proof-of-stake (PoS) consensus. With the plan for this transition underway, Cloudflare, a cybersecurity company, has announced plans to fully stake Ethereum validator nodes for the next few months.
Cloudflare to participate in Ethereum node experiment
Cloudflare is planning to focus on energy efficiency, speed and reliability of the proof-of-stake network. This is part of the company’s strategy to become environmental-friendly and help develop a better internet.
Cloudflare offers a wide range of web security services ranging from protecting against distributed denial-of-service (DDoS) attacks. The company is currently evaluating how Web3 networks that use PoS models can benefit the company, and Ethereum is the first network to be considered.
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Ethereum’s transition to a PoS consensus is expected to happen in Q3 or Q4 this year. Cloudflare has announced that it will create and fully stake Ethereum validator nodes using 32 Ether (ETH) as required per node in the coming months. The company did not reveal how many nodes were needed.
“Cloudflare is going to participate in the research and development of the core infrastructure that helps keep Ethereum secure, fast, as well as energy-efficient for everyone,” Cloudflare said. “These nodes will serve as a testing ground for research on energy efficiency, consistency management, and network speed.”
Focusing on environmental sustainability
The company also said that the move would strengthen its commitment to environmental sustainability, which will develop a path that will balance the need to reduce energy consumption significantly and ensure Web3 technologies can achieve scalability and support further growth.
Cloudflare also said that the upcoming upgrades on the Ethereum network would lower the network’s energy consumption. Currently, Ethereum uses a proof-of-work consensus that is similar to Bitcoin. Ethereum has been the go-to network for blockchain adoption, and the network is expected to achieve high growth rates after switching to POS.
“The energy required to operate a Proof of Stake validator node is magnitudes less than a Proof of Work miner. Early estimates from the Ethereum Foundation estimate that the entire Ethereum network could use as little as 2.6 megawatts of power. Put another way, Ethereum will use 99.5% less energy post-merge than today,” the company said.
Currently, Ethereum is the only network that Cloudflare has focused on. The next project on the list is yet to be announced, but it will involve cryptography, Web3 and infrastructure partnerships.
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