In the early morning of November 5th, V God tweeted that the current ETH2 pledge contract has been opened. If all goes well, Ethereum 2.0 is expected to start the genesis block at 20:00 Beijing time on December 1st.
The condition for triggering the genesis block is that at least 16,384 validators will be born 7 days before December 1, and each validator pledges 32 ETH, that is, there are at least 524,288 ETH in the deposit contract; if the threshold is not reached, then The founding block is generated 7 days after reaching.
According to data from the OKLink Ethereum block explorer of Oukeyunchain, as of the deadline, the deposit balance of the contract address has reached 19,685 ETH. OKLink detected that as of 18:00 today, God V has pledged, and its wallet address starts with 0x1db3.
By querying the transfer record of the contract address, OKLink found that there was a transfer failure during this process.
Ethereum developer ConsenSys reminded, “Do not send any tokens directly to the contract. Sending ETH directly to the contract address will cause the transaction to fail. This does not mean that you are using Ethereum 2.0. To participate in Ethereum 2.0 Internet, you need to use a dedicated Launchpad and follow the instructions, or join a service provider.”
The address of the ETH2 pledge contract is:
0x00000000219ab540356cbb839cbe05303d7705fa
It is worth noting that currently Eth2.0 only has a deposit function and does not support transfers. After Ethereum 2.0 reaches the first stage, verification talents may transfer money, and asset withdrawal needs to wait until the second stage, and the entire development process may take 2 years. In other words, participating in the Eth2.0 pledge now is a long-term optimistic long-term investment, with risks and rewards coexisting, and you need to choose carefully. This part of validators can receive additional rewards for the entire network during and after this period, and the annualized income is expected to exceed 20%. With the increase of validators, the rate of return will eventually drop to 4.6%.
Things you need to know to participate in pledge
The realization of ETH2.0 needs to be divided into multiple stages, the most important of which is the first three stages: stage 0, stage 1, and stage 2.
(ETH2.0 roadmap, no fixed timetable)
Phase 0 introduces the Beacon Chain as the “command and control” center of the entire Ethereum 2.0 network; Phase 1 introduces the shard chain, allowing data to be stored on these shard chains but not on the shard chain Processing transactions; Phase 2 introduces a sharding virtual machine, allowing transactions to be processed on the sharding chain.
Since the beacon chain of phase 0 will run the POS protocol Casper, it is regarded as the starting point of Ethereum’s new journey into POS.
(1) 32 ETH is the lowest threshold
Phase 0 Accept users to pledge ETH to become a validator of the beacon chain and obtain pledge income. The minimum threshold for user pledge is 32 ETH. After ETH is transferred to the beacon chain, it is converted into BETH 1:1, that is, 32 BETH becomes a validator.
If the user has 64 BETH, two validators must be run, and so on. This is to avoid over-concentration of verification power and to ensure the equality of power and status of each verifier.
In addition, currently only supports switching from ETH1.0 to ETH2.0, and does not support reverse operations. ETH is destroyed to generate BETH after being transferred to the ETH2.0 deposit contract, and BETH cannot be reversely restored to ETH.
(2) Responsibilities and rewards of verifiers
In Phase 0 and Phase 1, decentralized delegation cannot be achieved, and ETH holders cannot pledge ETH to nodes for mining.
Becoming a validator, while taking responsibility, you can also reap rewards.
income:
Proof Rewards: Verifiers are rewarded by making proofs that most other verifiers agree (LMD-GHOST and Casper FFG voting), and the value of the proof in the finalized block is higher. In Phase 1 of ETH2.0, validators will also receive cross-link rewards.
Proposer reward: The proponent who finalizes the block is rewarded. Verifiers who have always maintained excellent work online have increased their total rewards by approximately 1/8 when proposing blocks with new proofs.
Whistleblower rewards: The whistleblower is rewarded by highlighting verifiers who have committed serious crimes. In ETH2.0 stage 0, all the rewards of the whistleblower are actually given to the collective proposer.
expenditure:
The computational cost of the beacon node and validator client is roughly estimated at $120 per year.
Provator penalty: Verifiers are punished for unproved or uncompleted blocks.
Inactivity penalty: Inactivity penalty is one of the methods that ETH2.0 is designed to avoid the doomsday crisis. If more than 1/3 of the verifiers are eliminated, offline verifiers will find that their balance is reduced to the point that they cannot participate in verification again.
Serious violations: The ETH2 protocol includes a mechanism called slashing, which is used to punish verifiers who submit malicious data to the network. The penalties range from 0.5 ETH or more to the full amount of the verifier. The protocol also imposes additional penalties based on how many other validators are cut at the same time. For example, if one-third of the validators commit a serious crime in the same time, they will lose their entire balance. .
(3) Withdrawal needs to be cautious
If the user does not want to participate in the verification, they can also opt out. Verifiers can also “voluntarily withdraw” after serving 2048 epochs (equal to 9 days); the pledge deposit (32 BETH) of honest verifiers will be refunded within 27 hours; if the number of beacon chain verifiers is greatly reduced, the highest possible This results in a network delay of 8192 epochs (about 36 days).
If the user has already voluntarily quit, or is forced to quit because of being fined, he will not be able to rejoin. This means that if you want to become a validator again, you will need to pledge 32 ETH and a new validator account.
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