Read ETH1 and ETH2 in ETH in one article
Editor's Note: This article comes fromBlue Fox Notes (ID: lanhubiji), reprinted by Odaily with authorization.
Editor's Note: This article comes from
Blue Fox Notes (ID: lanhubiji)
Blue Fox Notes (ID: lanhubiji)
, reprinted by Odaily with authorization.
The Phase 0 phase of ETH2.0 is planned to be launched in the summer of 2020. Phase 0 is mainly based on the beacon chain. Ethereum users can deposit 32 ETH tokens into the pledged storage contract on the current ETH1.0 network and become a beacon validators of the chain. Ethereum is currently a PoW chain and will gradually transition to a PoS chain in the future.
ETH tokens before the ETH2.0 network can be called ETH1, and tokens after ETH2.0 can be called ETH2. Of course, in the long run, there is only one asset in the end, whether it is ETH1 or ETH2, it will eventually run on the ETH2.0 network.
So, for ordinary users, how to understand the so-called two tokens of ETH? How are they different, and is there anything ordinary users need to do after the new tokens are minted?
First of all, ETH1 and ETH2 tokens are not hard fork tokens. ETH1.0 and ETH2.0 will eventually merge. After the launch of the beacon chain, there is a transition period, and integration will occur after ETH2.0 is stable, which is also expected by the Ethereum community. This is not a hard fork. The first is that users deposit ETH into the pledge contract of the ETH1.0 main network. With the launch of Phase 0, participants who deposit ETH become validators and receive rewards of new tokens through the ETH2.0 network. With the stabilization of the ETH2.0 network, ETH1.0 will gradually become a fragment of ETH2.0.
This means that current ETH (ETH1) token holders will not receive two assets. In the chain fork in the encrypted world, if you own encrypted asset 1 of a certain chain at a certain time, and the chain generates encrypted asset 2 through a fork, at this time, you own both encrypted asset 1 and encrypted asset 2 . For example, after the bch hard fork in the history of bitcoin, users who owned bitcoin at that time obtained the new asset bch at the same time.
In addition, ETH 2 tokens are not airdrop tokens. It will not airdrop a certain proportion of ETH 2 tokens to you just because you own ETH 1 tokens for a certain period of time.
In other words, ETH1 tokens come from the current Ethereum PoW chain, while ETH2 tokens are generated through the PoS mechanism after the ETH2.0 network goes online. When ETH2 tokens are generated, ordinary users can choose to keep ETH1 tokens or convert ETH1 to ETH2 tokens. Generally speaking, exchanges or wallets will help users complete this conversion.
In addition, if it is a futures contract, such as an ETH/DAI contract, what should we do if ETH2 comes out? Exchanges may convert ETH/DAI contract positions to ETH1/DAI positions. If ETH2 starts to be generated on the ETH2.0 chain in the future, the spot market will also support ETH2, and futures contracts will also have ETH2/DAI contracts.
epilogue
Ultimately, exchanges have the following options:
