Popular blockchain network Ethereum had recently announced the launch of its Ethereum (ETH) 2.0 Topaz ecosystem. This would engineer a move from its previous Proof-of-Work (PoW) consensus algorithm to a Proof-of-Stake (PoS) algorithm. And now, OKEx Pool has announced its support for the move.
Notably, OKEx Pool is among the first batch of mining pools to serve as a validator for the ETH 2.0 testnet. The Topaz launch is an important aspect of its switch from the PoW to the PoS algorithm. Essentially, it can revolutionize the entire ETH ecosystem as we know, and ultimately facilitate mass adoption of blockchain.
The PoW consensus algorithm is inadequate as it restricts ETH on-chain transactions per second (TPS). As a result, it becomes impossible for large scale applications to operate smoothly on the blockchain. And, this, in turn, limits the adoption of the ecosystem.
The design of ETH 2.0, on the other hand, aims to fix this issue. The testnet includes features like the PoS mechanism, sharding, etc, which will radically improve the ETH network. As a result, we will see improvement in scalability and lower network congestion. All this will translate into allowing more decentralized applications (DApps) related to decentralized finance (DeFi), games, etc, to run smoothly on its ecosystem.
To remind, earlier Prysmatic Labs had announced the release of the Topaz testnet for ETH 2.0.
OKEx Pool on ETH 2.0 ecosystem
OKEx Pool has decided not to be left out of the ongoing Ethereum 2.0 Topaz testnet. In a blog post, the large scale mining pool announced that it will function as a validator for the testnet ecosystem.
All parties involved will benefit from the collaboration. ETH, on one hand, will enjoy more traffic and also gain the attention of more users and development teams from the partnership. For mining pools like OKEx, joining the ETH network allows growth and opportunity to share future dividends.
OKEx chief strategy officer, Alysa Xu, expressed his excitement that the mining pool had become one of the first validators on the testnet. He sounded confident about the potentials embedded in the ETH 2.0 Topaz testnet. He also revealed how OKEx Pool was raring to go and contribute to the ETH ecosystem. Xu also mentioned the recent collaboration with Prysmatic Labs and stated soon coming out with an emphasized plan on ETH development.
More on OKEx
Known as one of the largest crypto exchanges in the world, OKEx stands out as the one-stop-shop for crypto traders, miners, and even institutional investors. OKEx encourages users to manage their crypto assets, strengthen investment opportunities, as well as, drastically reduce risks. It currently offers “spot and derivatives trading options” comprising futures, perpetual swap, and options, for top cryptocurrencies.
Previously, OKEx announced a strategic partnership with FirmaChain and with Indian-based crypto exchange CoinDCX.