Popular science: Ethereum 2.0 is coming, where will my ETH go?
Editor's Note: This article comes fromEthereum enthusiasts (ID: ethfans)Editor's Note: This article comes from
Ethereum enthusiasts (ID: ethfans)
Ethereum enthusiasts (ID: ethfans)
, author: ConsenSys, translation & proofreading: Zeng Mi & A Jian, reprinted with authorization by Odaily.
The first phase of Ethereum 2.0 (known as phase 0) will go live in 2020. As the first upgrade of the 2.0 network, phase 0 will launch the beacon chain and enable the proof-of-stake consensus mechanism.
Therefore, with the launch of Ethereum 2.0, the question that most ETH holders will naturally face is: What will happen to the Ethereum I bought in the past few years on the current Ethereum blockchain? Do I need to worry about hard forks, or do I need to migrate tokens? Does it matter if my ether is in an exchange (like Coinbase) or a hardware wallet (like Ledger)?
For the vast majority of ETH holders (eg: hoarders, dApp users, traders), the answer is: no, you don't have to do anything. No worries about hard forks or token migrations. It doesn't matter whether your ether exists on an exchange or not.
For holders who are interested in staking ETH, they can pledge to the network during the first phase of the launch of Ethereum 2.0.
secondary title
ETH on Ethereum 2.0
ETH holders just need to start paying attention from Phase 1.5 (part of Phase 1), which is expected to roll out at least a year after Phase 0 goes live. During Phase 1, Ethereum will transform into a system of 64 independent shard chains. This move will significantly improve the scalability and throughput of the future Ethereum mainnet. (For more information on sharding, see our blog post Ethereum 2.0 FAQ or What is Proof of Stake?)
Phase 1.5, although part of Phase 1, is specifically named because it marks the point in time when Ethereum 1.0 and 2.0 merge. Specifically, the Ethereum 1.0 chain will be one of the 64 shards that make up 2.0. This means that all historical data will be preserved.
For ETH holders, this means that they do not need to take special action to "transfer" ETH from the 1.0 chain to the 2.0 chain. The Ethereum 1.0 chain will simply become part of the 2.0 chain ("easy" is for the end user - the development of special protocols to make this transition is not easy at all), so ETH holders can continue to spend (or hoard) their ETH efficiently — on a blockchain that is more secure and scalable than ever.
secondary title
ETH Holders Staking with Ethereum 2.0
As mentioned earlier, holders who are only interested in holding, trading, or using ETH in dApps need not take any proactive action to prepare for Ethereum 2.0. However, for those holders who are interested in staking ETH on the Ethereum 2.0 network, they can start staking ETH in phase 0 instead of waiting until phase 1.5.
