Internet security company Cloudflare has announced that it plans to run and fully stake Ethereum validator nodes “over the next few months.”
Cloudflare is committed to playing a small role in the transition to Ethereum 2.0, the upgrade when Ethereum will transition from being a proof-of-work (PoW) blockchain to a to a proof-of-stake (PoS) blockchain.
PoW blockchains use a lot of computing power for transactions to be validated by miners while in a (PoS) blockchain, miners who put up the most collateral validate the most transactions.
Cloudflare says its Ethereum validator nodes “will serve as a testing ground for research on energy efficiency, consistency management, and network speed.”
Anyone can become an Ethereum validator node and earn rewards to verify new blocks to be added to the blockchain. All you need is a computer that has 24/7 internet access and about 32 Ethereum, or $66,666 at today’s price.
Cloudflare was founded in 2010 to help businesses fortify and speed up their websites. The company’s mission is to “build a better internet,” an ideal also shared by the proponents and developers of blockchain technology.
In 2018, Cloudflare began its blockchain pivot, starting with the launch of the InterPlanetary File System (IPFS) Gateway.
The gateway provides a read-only, HTTP-accessible interface to the Interplanetary File System (IPFS). It doesn’t require users to download any special software or give up any storage space.
The IPFS is a blockchain-based file-sharing network.
At the end of last month, Cloudflare detected and stopped a huge distributed denial-of-service (DDoS) attack on a cryptocurrency platform but declined to reveal the platform’s identity.