In late 2020, on December 1st, Ethereum officially started its transition to Ethereum 2.0. The process however started before Phase 0, when the project launched its deposit contract in order to gather up the funds needed for the new blockchain to start.
The true first step, Phase 0 started on December 1st, shortly after the necessary amount was reached (and exceeded) and network genesis happened successfully.
Ethereum 2.0 is bringing a number of benefits and improvements, such as a faster, more scalable network, reduced transaction fees, staking, and more.
While we are on the topic of staking, it is easily the most sought-after feature these days and has also exploded in the DeFi sector. Investors are still speculating about what crypto is the best to invest in, but those that do invest are now also looking to receive a passive income. Staking is one of the best ways to do so, so it is no wonder that it has blown up as much as it has in the past few months.
With Eth2 making ETH staking a possibility, a lot of people will jump on the opportunity to stake one of the biggest cryptos in the industry, and on its own network, no less.
This is something that another project — Blox Staking — aims to help bring to the masses as soon as possible.
What is Blox Staking?
Simply put, the platform is making it easy to stake Ether and earn rewards on Ethereum 2.0. At the same time, it grants full control of the private keys to the user. Its aim is to ensure that Ethereum will stay decentralized, fair, and equally available to all.
Under the surface, there are three elements that make up the platform. These include the Blox Live Desktop App, Blox KeyVault, and Blox Infrastructure. The desktop app is used for setting up and running a validator, while the validator keys are kept completely secured and segregated in KeyVault.
What Else is there in the Blox Ecosystem?
The Blox Ecosystem consists of the non-custodial staking platform, the upcoming decentralized staking pools, and a native token, CDT.
As mentioned, Blox Staking is a fully non-custodial staking platform for Eth2, which is important to stress, as many other platforms claim to be non-custodial, which ends up not being true. These platforms typically end up owning one, or in some cases both, private keys — both the validator key and the withdrawal key.
Blox Staking does not, and in that regard, it fully supports and pushes total decentralization.
As for the rest of the Blox Ecosystem, staking pools are currently under development which will allow ETH stakers to overcome 2 major issues with Eth2 staking. The first is that the minimum 32 ETH threshold needed to start staking is removed. That way, staking ETH becomes more accessible to the community. The second one is allowing instant liquidity of funds to stakers.
Lastly, it is also worth noting that Alon Muroch, the Blox Staking CEO, recently announced that the Secret-Shared-Validator (SSV) project will receive a major grant coming from the Ethereum Foundation. As he explains, the SSV project is the future infrastructure for Eth2 staking, pools, and more. He did not disclose the size of the grant, only noting that the company has great plans for the future, and that the SSV project is also approaching a major milestone that will be reached in about two weeks.
Main Benefits of Blox Staking
Blox Staking is a complex project that does a lot to make Eth2 more accessible. But, if we are talking about its main benefits, advantages, and goals, those include:
- Focus on Eth2 only — the project does not want to be distracted by other blockchains
- It is fully and truly non-custodial — users get to keep their private keys
- The only company that is truly non-custodial, thus supporting seed import, allowing users to come and go whenever they want
- Validators keep all the rewards for their efforts
- The project has best-in-class security
- It is open-source and fully audited
- It has DIY level security, with excellent, easy-to-use UI
- It brings comfort that allows users to stop worrying about forks, updates, hosting costs, and more — the project will take care of the technical issues on its own
Essentially, if there is one key thing to keep in mind here, it is that the project offers utmost security of the users' ETH, as it is fully non-custodial. In other words, there is no one apart from the user who can access their coins, which makes it the only one in the entire industry to do things this way.
