Huobi Wallet part of Ethereum 2.0 staking project
Announced today, Huobi Wallet, an individual entity of the Huobi ecosystem, will be a pilot member of a ETH 2.0 Staking Capability Programme organized by Consensys. Consensys is proposing to integrate API and the white-labelled UI ahead of the Ethereum 2.0 launch, intending to both provide detailed metrics and reporting whilst ensuring a minimum 99% uptime for validators confirming blocks on Ethereum 2.0.
As a decentralized wallet, Huobi Wallet intends to cooperate with Consensys on retailer staking. At Huobi Wallet, users can keep private keys and mnemonic words and enjoy pledge service through Consensys’s Codefi Staking to stay ahead of the competition with a low risk, low barrier to entry way to Ethereum 2.0 staking.
The launch of Ethereum 2.0 is especially significant compared to past upgrades because of the implementation of a Proof of Stake consensus mechanism, moving the network away from its existing Proof of Work architecture. With Proof of Stake, a network of validators effectively places a security deposit of 32 ETH in special accounts on the network, as a guarantee they will follow and enforce the network rules. Ethereum 2.0 will remain decentralized and anyone willing to stake 32 ETH can become a validator (a minimum of 16,384 Validators staking 524,288 Eth is needed for Ethereum 2.0 to launch).