Corresponding risks that need to be understood before participating in the Ethereum 2.0 deposit contract
Editor's Note: This article comes fromChain News ChainNews (ID: chainnewscom), by Donnager, published with permission.
Editor's Note: This article comes from
Chain News ChainNews (ID: chainnewscom)
Chain News ChainNews (ID: chainnewscom)
, by Donnager, published with permission.
The deposit contract of Ethereum 2.0 has finally been deployed and enabled, which means that Ethereum is only one step away from Phase 0 of 2.0. As long as more than 16,000 validators can be attracted to participate in the pledge, the phase 0 network will be officially launched on December 1st.
The Ethereum Foundation published several important updates of Ethereum 2.0 on the blog. In addition to publishing the official version 1.0 of the Ethereum 2.0 technical specification, it also confirmed the deposit contract address of the main network (0x00000000219ab540356cBB839Cbe05303d7705Fa), and confirmed that the Ethereum 2.0 Genesis time: the block height is greater than 1,606,824,000, that is, around 12 noon on December 1, UTC time.
But before that, it needs to attract enough validators to participate, otherwise the network will not go online at the minimum block height. According to the design of Ethereum 2.0, only when 16,384 (2 to the 14th power) validators participate, the 2.0 beacon chain will be officially opened. Otherwise, the mainnet will not be launched until 7 days after this minimum limit is reached.
And each validator needs to lock 32 ETH (2 to the 5th power) to the pledge contract, which means that a total of 524,288 ETH needs to be pledged, which is more than 200 million U.S. dollars (in terms of 400 U.S. dollars).
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How to become a validator?
What is Ethereum Phase 0?
Ethereum 2.0 will be divided into at least 3 phases. In Phase 0, the "Beacon Chain" will be launched first, as a random number generator for the entire 2.0 network. After the first and second phases, functions such as sharding and smart contracts will be gradually opened, and validators will provide transaction verification services to the corresponding shards according to the random assignment of the beacon chain.
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How to become a validator?
The Ethereum Foundation has produced a complete set of tutorials to help more people understand how to become a validator, risks and specific operation steps more easily.
The whole process is divided into multiple steps:
Client: users need to select the corresponding Ethereum 1.0 and Ethereum 2.0 clients;
Generate private key: users need to use a specific tool (eth2.0-deposit-cli) to generate a private key, it is recommended to do it offline and make a backup;
Upload the verifier certificate: upload the file generated by the tool just now;
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Ordinary users are not recommended to participate?
For ordinary users, becoming a validator requires many risks, so it is recommended to read the official documents carefully before considering becoming a validator.
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One-way ticket?
At present, the process of ETH of Ethereum 1.0 entering the 2.0 deposit contract is one-way, and it is impossible to go back and forth at this stage. According to the official documentation, after the first stage of Ethereum 2.0, verifiers may transfer funds, and after the second stage, verifiers can extract this part of assets to a specific shard. The entire development process may require 2 years.
