Coinbase Ready For Smooth Transition From ETH1 To ETH2

Coinbase has announced that it will offer its clients a smooth transition from ETH1 to ETH2 as the blockchain launches in the latter part of today. Ethereuum is scheduled to launch Ethereum 2.0, its second blockchain, later today, much to the Ethereum community’s admiration.
Coinbase also said that not only will it offer its clients the latest transition, and it will also allow them to stake and earn tokens as rewards on the platform. In a statement by the crypto exchange, it said that it has been making huge plans regarding the transition to Ethereum 2.0 that is about to take place today in a bid to make the memory one that its customers won’t forget in a hurry.
Ethereum to launch this phase after various testnet success
Ethereum, on its part, is about to create another history with the latest launch of the Ethereum 2.0 as the genesis block of the launched system will be mined today, December 1, 2020. According to Ethereum, this event will be the start of something great on Ethereum 2.0 as they are expecting significant blockchains across the crypto space to make their debut on the system in the coming weeks. With this transition, Ethereum will automatically be moved to the next generation.
Even though this latest launch consists of several stages, Ethereum has witnessed major success with the launch of various testnets and has now recorded over 500,000 Ethereum staked by validators leading to the launch.
Stakers on the new Etheruem 2.0 will need to cough up nothing less than 32 ETH before they are allowed to stake as the system will be operating on a proof of stake algorithm. With the transition scheduled to begin any moment from now, Analysts and experts in the crypto field have noted that the transition might span over a year at most.
Coinbase to allow staking on its platform
Coinbase has said in its statement that its systems have already been primed for the upgrade as it has released a schedule on its blog, stating the plan that would be carried out after the transition eventually takes place. With ETH1 and ETH2 tokens going to be entirely different at first, Coinbase has announced to its users that they will be able to swap their ETH1 tokens for ETH2 tokens in the main time. Also, Coinbase users have been assured that they will stake their tokens for reward, even though the firm did not mention anything related to any minimum amount for staking, unlike Ethereum.
Etheruem has also said that they would lock most of the tokens staked on the main blockchain of ETH 2.0, which is the beacon chain. “Coinbase will still allow its customers trade between both tokens and other supported digital assets to provide them with liquidity even though Ethereum wants to lock most of the staked token on its beacon chain,” Coinbase said.
Coinbase has said that most of these features highlighted will be available in selected countries in 2021; the crypto exchange has not communicated when it will be available. As it stands now, most of the staked tokens will be locked on the beacon chain till the end of the year.
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