Ethereum founder Vitalik Buterin has sent his first ether for staking on the next iteration of the blockchain network.
- Buterin’s “VB2” address sent 100 transactions for 32 ether each, all in totaling 3,200 units of the cryptocurrency, as reported by TrustedNodes. The amount is worth around $1.4 million at press time.
- The transactions (visible here) were sent to Ethereum 2.0’s newly launched deposit contract, which went live Wednesday as a means for network participants to move funds from the current proof-of-work blockchain to the soon-to-launch proof-of-stake (PoS) blockchain.
- Since then, public Ethereum participants have been able to deposit the minimum 32 ether required to stake on Eth 2.0.
- The deposit contract now holds 38,693 ether, worth some $17 million.
- Staking is a way of supporting a PoS blockchain network by committing funds for a period of time in return for rewards. PoS networks do not rely on mining, as do the existing Ethereum network and Bitcoin.
- Ethereum 2.0 is expected to launch soon, possibly in early December, after the date was brought back from Bitcoin’s launch anniversary on Jan. 1.
- The “Genesis” launch requires 16,384 validators to deposited funds equivalent to 524,288 ether into the contract. At that point the Beacon chain, the core of Ethereum 2.0, will go live.