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Ethereum: Dubai-based financial giant supports Eth 2.0 launch with USD 10 million

  • Dubai-based investment firm IBC Group will support the launch of Ethereum 2.0 and stake 22,000 ETH.
  • For this purpose, the company has entered into a cooperation with the decentralized staking service CanETH.

The launch of Ethereum 2.0 is just around the corner and is planned for December 1st, 2020. Until then, a total of 524,288 ETH must be paid into the deposit contract so that the beacon chain can start as planned. As Crypto News Flash reported , however, there could be a delay as only 102,816 ETH have been deposited so far.

IBC Group supports Eth 2.0 launch

Dubai-based investment firm IBC Group has now teamed up with Canadian decentralized staking service CanETH to support the launch of Eth 2.0 with USD 10 million. A total of 21,984 ETH will be financed for 687 validators. The IBC Group states that it wants to support a new “greener model” of blockchain technology . The chairman of the company group Khurram Shroff stated:

We are very excited about the ‘Proof of Stake’ concept that has been proposed for the smart contracts of Ethereum 2.0, and we are paying in 20,000 Eth, which is a one-way street up to phase 2. The deposit shows our trust in ETH2 and our commitment to the Beacon Chain. The greener and more efficient version that will be introduced in the second iteration addresses the unsustainably high energy consumption that the ‘Proof of Work’ model requires and makes it even more attractive.

He further states that the launch of Eth 2.0 will encourage new avenues for investors and further growth in the area of ​​adaptation and innovation. The switch from proof-of-work to proof-of-stake was rightly criticized in the past, according to Dwain Pereira, co-founder of CanETH, because the energy consumption is high and the use is therefore unattractive from a company perspective:

The proof-of-work blockchain model uses more electricity than some countries. These exorbitant energy costs are ultimately paid for in fiat currencies, which creates downward pressure on the value of the cryptocurrency. The proof of stake model will therefore be both energy efficient and more lucrative for the stakeholders.

Although there is uncertainty in the community about a possible delay of Eth 2.0, Vitalik Buterin is confident in a new Ask-Me-Anything on Reddit that the start date can be kept. He is in talks with other industry giants who will also support the start.

ETH 2.0 will bring 100,000 TPS

Buterin went on to say that the official launch of Eth 2.0 will bring numerous benefits to the new ecosystem. In addition, the transaction throughput of 100,000 TPS forecast last year will, in his opinion, be reached faster than many investors and the community expected:

As part of the roll-up-centered strategy, “phase 2” (native sharded execution) is initially less emphasized. This is because the end goal of phase 2 (very high TPS) will be achieved even better through data harding (phase 1) plus rollups, which is expected to come earlier than phase 2, so at the moment it is better to put all our efforts towards it use to realize these parts earlier.

It remains to be seen whether the expected start date of December 1, 2020 can be kept.

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