Bitstamp to support Ethereum 2.0

Bitstamp to support Ethereum 2.0
The long-awaited Ethereum 2.0 network upgrade has now been confirmed to launch on 1 December 2020 and we’re excited about supporting it at Bitstamp.

As with all new launches, this will require technical, safety and compliance reviews, as well as regulatory approval in certain jurisdictions. More information about Ethereum 2.0 and staking at Bitstamp will be available soon. For now, we are sharing a quick introduction to what ETH 2.0 is all about.

About Ethereum 2.0

Ethereum 2.0 represents an extensive set of upgrades aimed at improving the performance of the network. These upgrades are being built by multiple teams from across the Ethereum ecosystem and will essentially make the network more scalable, secure and sustainable.

Perhaps the biggest change that comes with Ethereum 2.0 is that it will shift the Ethereum protocol from proof of work to proof of stake, which replaces mining with staking as the consensus mechanism used to validate blocks of data. Staking will allow anyone who holds ETH to lock it on the blockchain for a period of time and earn rewards in exchange for validating blocks. It is a way for people to earn more ETH using the assets they already own and help the network in the process. Staking also makes Ethereum much more sustainable, because it requires much less processing power and energy than mining to achieve the same goals.

For more updates on the launch of Ethereum 2.0 and how Bitstamp is going to support it, follow our Twitter channel.