Hello ETHEREUM 2.0... Bye Crypto Miners In 2 Years? We know Vitalik Buterin doesn’t likes miners and he really wants to get rid of them. ETHEREUM plans in like 2-3 years to be fully implemented.
Acording to the blog Ethereum Blog (* links are provided at the end of the article. )
On 4 nov they release V1.0 and to quote :
”Today, we released v1.0 of the eth2 specs, including the mainnet deposit contract address – 0x00000000219ab540356cBB839Cbe05303d7705Fa. eth2 will have a MIN_GENESIS_TIME of 1606824000 (or for those of you who don’t think in unix time – December 1, 2020, 12pm UTC).
To trigger genesis at this time, there must be at least 16384 32-ETH validator deposits 7 days prior to December 1. If not, genesis will be triggered 7 days after this threshold has been met (whenever that may be). For a more detailed discussion of how genesis is kicked off, see Ben Edgington’s genesis writeup.
As an additional utility, our friends at ENS configured depositcontract.eth to resolve to0x00000000219ab540356cBB839Cbe05303d7705Fa, renewed the domain until 2150, and burned the ownership.
The mainnet Launch Pad is up. If you are using the deposit CLI to generate your deposits, the commit hash for v1.0.0 is 9310de0ff3e1154c718a260ce3e5c71e9f187133.
Check, double-check, triple-check the deposit contract address before sending any funds anywhere.“
But what will happen if the 16384 32-ETH will not be meet by then … questions with answers ? or will just trigger genesis after 7 December ?
Eth2 Launch Pad
Now moving on to the Launch Pad of Eth2 and lets see what Vitalik Buterin “special gifts” are.
Introducing eth2 phase 0
Ethereum 2.0 uses proof-of-stake to secure its network.
For this, we need active participants - known as validators - to propose, verify, and vouch for the validity of blocks. In exchange, honest validators receive financial rewards.
Importantly, validators need to post ETH as collateral - in other words, have some funds at stake. The only way to become a validator is to make a one-way ETH transaction to the deposit contract on the current Ethereum chain.
“have some funds at stake” … we need a meme help >.>
Beam me up Scotty !!
The singup process:
“To become a validator on eth2, you need to deposit 32 ETH per validator that you wish to run. This process cannot be reversed.”
Responsibilities
Only validators that actively participate in consensus, receive rewards. Those that are offline are penalized. The penalties for being offline are equal to the rewards for actively participating.
Wow , the uptime must be 99% ?
Slashing Risks
Validators that act maliciously, or contrary to the specification, are liable to be slashed (incur a large penalty).
Backup Mnemonic
Validator keys are derived from a unique mnemonic (or seed). Your seed is the ONLY WAY to withdraw your funds. Above all, keep it safe!
Signing Keys
This Launchpad will help you create keys for each of your validators. These keys will be saved in key-stores and you will need to give these to your validator software to begin validating. You will also receive a deposit file to upload to this website with the public keys for your validator.
Transfer delay
Transfers between validators are disabled until at least phase 1. Validators will have to wait until phase 2 (around two years) to be able to withdraw to a specific shard.
Long-term commitment
With transfers disabled until at least phase 1, there’s no way for a validator to voluntarily exit and then restart later. This means validators need to be in it for the long haul.
"Marry me ETH2 ?"
Early adopter risks
Validators are participating in the initial launch of a novel network. As with any new piece of software, there is the potential for software bugs. While unlikely, potential bugs may result in slashing.
It’s a lot of risk in my point of view and how mutch will cost me to become eth2 validator? Well I hope you have big pockets cause will set you back @ 16k dollars. At the bottom of the article you will have a spreadsheet eth2 calculator.
Now lets do some math :P If you stake 32 ETH you will receive 16% profit back after 1 year @ 2K dollars.
Moving on to FAQ area witch its explaining the penalties and the one that we are interested how much I lose for downtime: “Yes but, under normal conditions, you will lose an amount of ETH roughly equivalent to the amount of ETH you would have gained in that period. In other words, if you stood to earn ?0.01 ETH, you would instead be penalised ?0.01 ETH.”
In conclusion read all the FAQ section in ETH2 launchpad before you will comit to this. Leave a comment below and tell me if you enjoy this post, how to improve my skill and tip me.
Article by Ovidiu Ionut Oprea
Sources of this article:
Vitalik Buterin tweet: https://twitter.com/VitalikButerin/status/1324018999458295809
ETH2 calculator: https://docs.google.com/spreadsheets/d/15tmPOvOgi3wKxJw7KQJKoUe-uonbYR6HF7u83LR5Mj4/edit#gid=478173071
ETH2 Update blog: https://blog.ethereum.org/2020/11/04/eth2-quick-update-no-19/
ETH2 lunch pad: https://launchpad.ethereum.org/faq
