MyEtherWallet now offers its browser and mobile wallet users the option of staking ETH tokens into the Ethereum 2.0 Beacon Chain deposit contract. This smart contract lays the groundwork for the upgraded blockchain infrastructure of Ethereum via a collaboration with node-hosting service Staked.
“MyEtherWallet users need to stake 32 ETH to participate. Staked will run a validator node for them, making it easy for the users who donâ€™t have the technical knowledge to participate, so no further action is required on the userâ€™s part.â€MyEtherWallet CEO Kosala Hemachandra told.
Staking Ethereum 2.0
Staking ETH requires an Ethereum node for the update, so Staked hosts this node and provides users with tools to control their MyEtherWallet deposits. Staked and MyEtherWallet say the service is non-custodial (meaning users maintain ownership of their keys), while similar services include relinquishing custody via exchanges like Coinbase.
In the first week of November, the Ethereum 2.0 Beacon Chain contract went online. The Beacon Chain was officially released on Dec. 1 after obtaining enough ETH to kick-start Step 0 of the migration to Eth 2.0.
After its launch, a handful of exchanges have confirmed that they would allow users to participate via their exchange accounts, including Coinbase and Kraken. The first Ethereum wallet to open up stake to its users is MyEtherWallet.
In the new network, these stakeholders will become validators, transaction processors who will replace miners under the new proof-of-stake architecture of Ethereum 2.0 and who are charged for their services in ETH.
Ethereum users must have a stake of at least 32 ETH in the Beacon Chain deposit contract to become a validator. Stakers of MyEtherWallet can receive validator rewards at ETH, but these rewards can not be removed until at least Phase 2 (about two years), Hemachandra said.