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Cloudflare delves into technologies like web3, proof-of-stake and stacking, running validator nodes in Ethereum blockchain
U.S. cloud platform Cloudflare said it is using technologies such as web3 and proof-of-stake consensus in Ethereum. Within a few months, the platform will launch Ethereum validator nodes and use them for ETH stacking on its infrastructure.
The company has not disclosed how many nodes it will deploy or how much ETH it has purchased for stacking. Each validator node in the Beacon Chain requires at least 32 ETHs to be deployed for stacking at about $66,500 at current prices.
In addition to ETH stacking, the company plans to explore next-generation consensus models.
“Cloudflare is going to participate in research and development of the underlying infrastructure that helps keep Ethereum secure, fast and energy efficient for all.”
Cloudflare secures Ethereum economy
Cloudflare essentially provides protection against DDoS attacks and other Web threats for high-traffic sites and Internet portals. The platform was founded in 2009 and, according to Buildwith, now has more than 4 million customers, serving more than 9 million sites.
The company’s first web3 experiments began nearly four years ago with a gateway to the Interplanetary File System (IPFS). In 2019, the company developed the Ethereum Gateway, which allowed it to interact with the Ethereum network without installing additional software.
Because of growing concerns about the energy consumption of consensus proof-of-work cryptomining and its environmental impact, Cloudflare is betting on PoS. The company has claimed that the move to PoS will reduce Ethereum’s network power consumption by 99+%.
“As part of the experiments, Cloudflare has not and will not run infrastructure on the proof-of-work network.”
In addition, the launch of validator nodes on Cloudflare’s network allows the company to enable geographic decentralization in regions such as EMEA, LATAM (Latin America) and APJC (Asia-Pacific, Japan and China).
Steaking ETH.
Beacon Chain now has 12,755,383 ETHs on the steaming blockchain. At current prices of just under $2100 per ETH, this represents approximately $26.5 billion and 10.5% of the total ETH supply in circulation.
In addition, the Ethereum Consensus Layer (or Ethereum Consensus Layer, formerly known as ETH 2.0) has 380,373 validators and a stacking yield of 4.3% per annum.
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