02 December 2020 14:10, UTC

Anna Martynova

Years of work have more than paid off with the successful implementation of Ethereum 2.0 Phase 0. The Beacon Chain marks the beginning of the transition from Ethereum to the Proof-of-Stake (PoS) consensus blockchain. The community has shown active participation and marks this important milestone in the ETH ecosystem.

The Genesis Ethereum 2.0 block was validated with 80% participation in the network and more than 27,000 validators. Ethereum co-founder Joseph LUBIN said the Beacon Chain is a perfect example of how the network has been able to attract investors from around the world to join its new consensus model. Lubin states that PoS is an enhancement to the “incentives in crypto economy” that make Ethereum a “pillar” as a trustless network that functions without the need for a third party.

Crypto exchange Binance will launch a new staking service focused on Eth2 on December 2. Daily rewards will be distributed in the form of BETH tokens. BETH tokenizes the user’s share in the ETH 2.0 pool at a 1: 1 ratio. BETH will allow users to redeem ETH at a 1: 1 ratio when ETH 2.0 Phase 1 goes live. Binance also said it will offer a dual reward program between December 2-16 for KYC’d members. Other exchanges are also working on similar programs.

Image: Unlock-bc

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