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Coinbase to support ETH 2.0 rewards as beacon chain goes live

Crypto exchange Coinbase rolled out support for the upcoming ETH 2.0 upgrade, as per an announcement on Monday.

Crypto Exchange Coinbase has released support for the upcoming update to ETH 2.0, as announced on Monday. Users will then swap their coins and reap rewards without having to manage their own nodes.

The move comes as Ethereum 2.0’s “Beacon Chain” launches today, December 1, marking the first step of a multi-year move to a test of the stake protocol. The above is a shift away from Ethereum’s current proof of work design, which will see quicker payments, lower costs, improved scalability, and better incentives for all stakeholders on the network.

Coinbase said that consumers would be able to move ETH to ETH 2.0 in their Coinbase accounts and earn rewards. However, all staked ETH 2.0 tokens will stay locked in the beacon chain, Coinbase would allow trade between ETH2, ETH and all other approved currencies to offer liquidity to our customers. “We’ll be launching the above features to customers in eligible jurisdictions starting in early 2021. We’ll communicate more details closer to the launch of each feature,” noted Coinbase.

Ethereum founder Vitalik Buterin pointed out that such derivative instruments would be specific to various service providers. “There won’t be two assets. There will be N+1 assets: ETH (on the eth1 chain or self-staked), and N third-party staking derivatives from all the different providers,” said Buterin. 

In the last week, the Ethereum network has multiplied in terms of overall nodes, thus eclipsing those of Bitcoin.As stated yesterday by CryptoSlate, more than 11,000 Ethereum nodes are now run by validators around the world compared to 10,981 Bitcoin nodes. A sharp surge in the former nodes happened on its own last month, as interest in the network rose dramatically. It has now been catapulted into the largest blockchain network with the exponential development of the Ethereum network, even though it was founded about six years after Bitcoin. Compared to Bitcoin, which has had less use as a tech network and more as a digital asset, this can be due to the large number of apps, instances, and products run on Ethereum.

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