Libra Association member Bison Trails looks forward to moving from the Proof-of-Work consensus mechanism to Proof-of-Stake, launching Eth2 support.
Blockchain infrastructure-as-a-service company, Bison Trails, has announced support for Ethereum 2.0 — an upgrade that will move the network from its proof-of-work consensus mechanism to proof-of-stake.
Bison Trails offers a suite of enterprise products that allow users to interact with the Beacon Chain, stake Ether (ETH), and automatically manage validators, validator clients, and beacon nodes.
Importance of adopting Eth2
Joe Lallouz, CEO of Bison Trails told Cointelegraph about the importance of adopting Eth2 within the crypto industry and which benefits could bring like new scalability options for the protocol:
“The transition to Eth2 is incredibly important for the crypto ecosystem because it allows one of the most important and most adopted blockchains—with millions of users and tens of thousands of dApps—to introduce new scalability options for the protocol and that’s a big deal.”
Lallouz mentions that a fully-featured Participation Cluster product is included, which allows their customers to manage their Beacon Chain and validators from within the Bison Trails platform.
Bison Trails’ CEO said the network will reward validators early, with a reward rate of 23% on ETH, representing “a significantly higher potential return than most alternative uses of ETH.” He added:
“Because stake and rewards are locked up for several years on Eth2, choosing an infrastructure provider you trust is an important consideration. It is risky to change providers because transferring a validator requires sharing the private key, risking slashing.”
Recently, Bison Trails announced support for NEAR, which is designed to power open finance and the open web.