Dubai’s Investment Firm to Stake Nearly 22,000 Ethereum to Support ETH 2.0

A Dubai-based investment firm, IBC Group announced today that the company is staking nearly $10 million worth of Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term in support of the upcoming Ethereum 2.0 launch. The ETH 2.0 will go live on 1st December with the launch of Beacon Chain.

Khurram Shroff, Chairman of the IBC Group said that the firm has partnered with a Canada-based decentralized Ethereum staking network CanETH to stake a total of 21,984 ETH in three tranches for 687 validators.

The Group aims to back a new greener model of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term technology with this initiative. The Chairman expressed his confidence in ETH 2.0 and supported the Beacon Chain. Shroff is also associated with CanETH pool as a strategic advisor.

Commenting on the recent announcement, Shroff said: “We are very excited by the ‘Proof of Stake’ concept proposed for the Ethereum 2.0 smart contracts and are locking up 20,000 eth which is a one way trip till phase 2. This lockup shows our confidence in ETH2 and dedication to the beacon chain. The greener and more efficient version being introduced in the second iteration addresses the unsustainably high energy consumption required by the ‘proof of work’ model, making it even more attractive”.

“We believe the decentralized ‘distributed consensus’ model favoured by Ethereum 2.0 will unlock multiple avenues for growth and innovation,” Shroff added.

Addressing Environmental Concerns

The proof of work blockchain model has been criticized in the past due to high energy requirements and other environmental issues. The blockchain community considers ETH 2.0 more environment friendly as compared to the older model. “The Proof of work Blockchain model uses more electricity than some countries. These exorbitant energy costs are eventually paid using fiat currencies, which creates downward pressure on the value of the cryptocurrency. So, the Proof of Stake model will be both energy efficient and more lucrative for stakers,” Dwain Pereira, Co-founder at CanETH said in a statement.