By Tobi Loba
Bitfly, an Australia-based Ethereum (ETH) development studio, has announced the launch of an environment to calculate the costs and profits for staking in Beacon, which is the initial phase of the emergence of Ethereum 2.0.
The Purpose of the Calculator
In Ethereum 2.0, all transactions will be validated by stakers, instead of miners, which gives anyone with a minimum stake of 32 ETH the enablement to take part in adding blocks.
In order to compensate the participants for ensuring the integrity and security of the blockchain, the initiated mechanism in the ETH 2.0 will send rewards to them periodically, which could also be termed as a staking annual yield. The APR will depend on the amount of ETH staked in a given time.
Bitfly shared this, “We’ve spent the last few weeks developing a user-friendly and the most customizable ETH2.0 staking calculator! Set custom: economic parameters, staking pool parameters, and network parameters.”
We've spent the last few weeks developing a user-friendly and the most customizable ETH2.0 staking calculator!🥩
Set custom
👉economic parameters
👉staking pool parameters
👉network parametersShare your calculations with the #ethereum community!🧮https://t.co/xEKp8z2idw pic.twitter.com/ZuAuMUYldr
— Bitfly (@etherchain_org) May 13, 2020
Ethereum 2.0 Beacon Chain staking calculator newly released by Bitfly is needed to calculate whether it is profitable to stake ETH in Ethereum 2.0. However, the software is actually not the first of its kind, but it does a lot in taking more inputs into account than competitors’ frameworks.
Using this software, users can compare various approaches to staking, such as low vs high quantity of validators, with vs without staking pools, and others.
Meanwhile, the co-founder of Ethereum, Vitalik Buterin had some hours ago debunked the rumor that says ETH 2.0 will be launched in July 2020. But all these daily developments are good signs that the launch could play out earlier than expected.