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Ethereum

Cloudflare prepares to run nodes for Ethereum

May 17, 2022 - Around 3 mins mins to read
After years of researching the Web3 space, the world’s largest CDN support provider Cloudflare has taken an extra solid step toward the cryptocurrency industry, specifically for Ethereum.
Cloudflare prepares to run nodes for Ethereum 

Specifically, roughly four years ago, Cloudflare launched its initial Web3 tests with IPFS and an Ethereum gateway. On May 16, the company officially announced that the Ethereum and IPFS gateways had been made publicly available to all Cloudflare customers. Any Cloudflare client can access the dashboard and configure some IPFS, Ethereum, IPFS, or both functional areas.

In addition, the company will begin operating an Ethereum node on its global network in the coming months as Ether slowly transitions from Proof-of-Work (PoW) to Proof-of-Stake (PoS) with the method. “The fusion” strategy. These nodes will be used to test Cloudflare’s continuous research into vitality efficiency, consistency management, and network speed.

The energy required to operate a PoS validator node is much more optimal than that of PoW. Early estimates from the Ethereum Foundation suggest that the entire Ethereum network could use as little as 2.6 megawatts of electricity. In other words, Ethereum will reduce energy consumption by 99% compared to today.

For the Ethereum ecosystem, running a validator node on the network will allow Cloudflare to further geographically expand where the platform is present while adding more infrastructure features to the network. . This keeps the network secure, prevents blackouts, and moves closer to the goal of universal decentralization for everyone.

However, this is the beginning of Cloudflare’s commitment to helping build the next generation of the Web3 space. Cloudflare said it is exciting to work with its partners in the crypto community on the common goal of moving towards an environmentally sustainable, secure and fast blockchain ecosystem.

In general, it can be affirmed that Ethereum is receiving great demand and confidence in the future of PoS from the community, not only for crypto investors but also in terms of traditional institutions and organizations. The latest move from Cloudflare is just one of them. At press time, more than 10% of the total circulating supply of ETH is locked in an Ethereum 2.0 contract.

So far, though, Ethereum’s PoS move doesn’t seem to be going smoothly, even though Ethereum passed the Kiln testnet in mid-March and successfully launched the “Shadow fork.” The merger date scheduled for June 2022 continues to be postponed without any specific date for the merger.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.