Ethereum 2.0 was released on December 1, 2020, the beginning of Ethereum’s upgrade away from its present, limiting the mining consensus procedure. Etherem opted to shift towards the PoS (Proof of Stake) mechanism to eliminate challenges revolving around the mining of crypto assets that include huge costs, scalability, and network centralization. The latest network is in its infancy and asd such staking is quite a technical job. To widen the participation of all those who aim at securing the network, non custodial channels must allow the users to stake Ethereum 2.0. It is at this point that we would like to introduce Blox Staking.
Blox Staking is a transparent and fully non custodial staking channel that is designed solely for Eth2 (Ethereum 2.0) staking. It ensures that users increase their staking rewards to decrease their security risks while having full control over private keys. Using this exchange charges $180 per validator per year (charged in ETH), and validators save 100 percent of their Blox Staking rewards.
Present Staking Platforms
Staking and, more prominently, Eth 2.0 staking is a huge business in the crypto space today. There are two forms of Eth 2.0 staking service providers which are custodial and non-custodial.
Custodial staking platforms are the most common, and their primary selling point is the assurance of user-friendly, reliable, and secure service. However, this is not always the scenario. These platforms have complete control over the private keys of the users and come with inherent risks;
- Hacking – Keys kept in one centralized location = hacker goldmine.
- Slashing – If a hacker receives control over the private keys of the users of the service, they can cause slashable incidents. Or, if the service creates a mistake, they can inadvertently create them. Slashable activities are punished more seriously the more validators take part. The more keys a centralized service receives, the greater the slashing risks.
Blox Staking: A Non-Custodial Eth 2.0 Staking
Blox Staking is offering an authentic non-custodial Eth2 (Ethereum 2.0) staking experience. Many services assert to be non-custodial when they are semi-custodial or custodial and keep control of the private keys of one or both of their users. On the contrary, Blox Staking is completely non-custodial where its users keep control of both their validator keys and their withdrawal keys. Blox has been created with the decentralization and utmost security in mind and enables crypto investors to install, operate, and handle one or many validators without yielding the safety of their private keys. As such, every user is in complete control of their staked ETH and Beacon Chain rewards. At the time of writing this, the Blox coin price is $0.2454.
Blox is an open-source venture and is audited by the best of the business to maintain utmost transparency. It was formulated for security-conscious crypto enthusiasts, offering an avenue to Eth2 staking via a local Desktop App and dashboard that enables the staker to handle and track their validator without heavy, technical lifting. Validator keys are securely stored and segregated in KeyVault, which is a personalized remote signer with persistent connectivity to the Beacon Chain, assuring maximum rewards.
Blox Staking Platform Features
Now that you know about this staking platform and why it is different from others, let us have a look at the features of this taking platform.
Blox Live Desktop App
The Blox Live Desktop App is the avenue to easy non-custodial staking on Eth2. Admin activities are enacted in Blox Live for validator setup and management. Blox Live is operated locally, providing the highest security level and also bundling together all operations for securely handling backups, important imports, creating and handling validators, and many more. Live maintains a direct connection with Blox Infra and the cloud service of other users, on which KeyVault remote signer is installed.
KeyVault Remote Signer
Blox KeyVault is a remote signer boosted by Hashicorp Vault, which is a leader in sensitive and secret data management, utilizing an always on-disk encryption policy. Blox created a dedicated Vault plugin that supports BLS12-381 Eth2 signing keys, and to assure that the platform is completely non-custodial, KeyVault is not held on Blox servers. It is kept fully segregated and installed on the personal cloud account of the user. At the time of the installation process, limited permissions are formulated for Blox Infra to transmit validator signing duties to KeyVault. This signer is assigned activities directly from Blox Infra, but the ultimate decision to sign is planned upon by a personal instance of KeyVault that is backed by the built-in slashing protection of each user.
Validators on the Beacon Chain must be always connected to their nodes to enact assigned duties. Connection downtime, hence, has the ability to impact staking rewards negatively. The validators that are competent in earning the most rewards are those that stay online 24/7. Backed by 3 years of experience operating nodes for 15 varied blockchains, Blox nodes are actively retained for relentless reliability. Blox Infra is a group of validators, Eth2 and Eth1 nodes that are continuously connected to Ethereum and assure sustained communication to the KeyVault remote signers.
Non-custodial mechanisms help investors safeguard their keys, funds, and also interests in the crypto space, and Blox is allowing these considerations for Ethereum 2.0. The imminent release of the Decentralized Staking Pools will be among the most prominent developments in crypto in 2021 where Blox Staking medium is one of the only institutions aimed at decentralized Eth2 staking pools, and the promise of staking lower denominations of ETH without having to trust centralized bodies is certainly appealing for those searching to make contributions to Ethereum and get rewards along the way. You can consider the above article as a Blox Staking review.