Victor Ugochukwu · Dec 14, 2020 . 5min read
Towards tomorrow’s Eth 2.0 launch, Ethereum welcomes thousands of new nodes
For the first time, as at press time the number of nodes joining the Ethereum network have risen dramatically over 11,162 nodes before the Eth 2.0 launch.
By Victor Ugochukwu · Dec 1, 2020 . 5min read
The number of new nodes joining the Ethereum network due to Eth 2.0 imminent launch by tomorrow has risen dramatically for the first time since 2015. And for the first time, as at press time Ethereum network has over 11,162 nodes.
As of November 15th, the number of nodes on Ethereum was 8,154 and had over 1,000 new nodes join just three days later as the chart shows 9,305 then. The logical explanation for the sudden burst in the number of nodes and Stakers (about 21,000) is the transition happening tomorrow.
Upon transition, validators will now help to confirm transactions on the network. As the network doesn’t accept delegation of stakes, the requirement is for a Staker to run one Eth 1.0 node and at least one Eth 2.0 node.
Meanwhile, a Staker can have many validators. Simply put, a Staker which runs the Eth 1 and Eth 2.0 could have many 32 Eth validating slots. Taking the above into consideration, we can assume that Stakers has not really jumped by 21,000 but by 2,000.
For emphasis, an average Ethereum node has about 10 validators. However, we cannot say for a certainty what the number of Eth 2.0 nodes are. Meanwhile, data shows that about 30% of the nodes are syncing which may strongly indicate they are staking nodes.
Eth 2.0 nodes increase pushes decentralization of the Ethereum network.
The influx of new nodes into Ethereum network due to Eth 2.0 transition is a good step for further decentralization. In principle, in a PoS blockchain, the Stakers act as both validators and block producers.
Ethereum is expected to scale to 100,000 tps (transactions per second) upon full transition to PoS. This should also help sort issues like crippling like gas cost while making the network usable for those who may not necessarily be interested in financial activities. An excellent example of a non-financial activity is timestamping.
Meanwhile, the amount of ETH currently staked in Eth 2.0 deposit contract has hit 853,056, well over the 524k minimum threshold. This is at least 444.8 million at ETH’s current value.
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