That knows, money corrupts even some of your most respected. Heroes.You know how they charade its time for Chico Crypto. Well, its no charade for one of my favorite crypto projects, who is about to change here, soon. That project Im sure you could tell from the thumbnail is Ethereum who is beginning the stages of moving over to a proof of stake blockchain with the launch of the Beacon chain and the proof of stake: testnet …, the initial stages of Ethereum 2.0 Proof of stake, beaconchain testnet, … ethereum 2.0. What the freak are you talking about? Chico? Well, if you are confused about the future of Ethereum.you, are in the right place, because today we are going to be breaking down everything Ethereum 2.0, what it is, how it will work. Why are they doing it.and? በመጨረሻም, how you can join the 2.0 testnet today and get prepared to STAKE IT UP BABY NOW, So to begin …, what is ethereum 2.0? What is the beacon chain and what is the testnet people are talking about? Well, to begin, let us understand what ethereum 2.0 is. A basic explanation is. This is ethereums move from a proof of work, blockchain secured by miners like bitcoin … to a proof of stake, blockchain secured by staking node validators.. That alone is a massive transition which has a ton of unknown … for one …, will it work and even more …? Will it be more secure? Will it be faster or will it lead to centralization faster than mining? And there are case studies out there, which say things might not go as smooth as people.
Think. Tezos is a great example of a functioning and launched proof of stake. የማገጃ ሰንሰለት. And Im a fan amp hold some tezos … buuuuutt. There is research that came out in the beginning of this year from Harvard that showed that there is the possibility for selfish baker. Behavior in the tezos blockchain, as bakers start baking. Bad. Baking is staking in tezos. If you didnt know … and from the research paper, they analyzed the october 2019 babylon update and demonstrated that, under certain conditions, rational participants are incentivized to behave dishonestly.. In doing so, they provided a theoretical analysis of the feasibility and profitability of a block, stealing attack that they called selfish endorsing. But why would Ethereum be doing this if it wasnt proven to work amp with the unknowns? Well, Ethereum is valuing, in my opinion, scalability over security. According to Etherchain ethereum is only moving at 9 transactions per second … and with sticking to a base, proof of work like they are Ethereum has a max transaction capacity of 15 tps on the base layer chain. Its not enough to become the worlds common database, the world computer, as some have called it … and even in 2014, before Ethereum, officially launched Vitalik knew they would be possibly moving to proof of stake. He wrote a blog post about it in january of 2014, … titled Slasher, A Punitive Proof of Stake, Algorithm, which he said. The purpose of this post is not to say that Ethereum will be using Slasher in place of Dagger as its main mining function.
Rather Slasher is a useful construct to have in our war chest. In case proof of stake, mining becomes substantially more popular or a compelling reason is provided to switch., And that is why Ethereum has been and is taking a slow, measured approach to the launch of the proof of stake. Chain., The damage of moving too fast could be a killer to the protocol and what has been built …, the smart contracts, amp DeFi as a whole., So the road to staking the road to serenity has been a long. One … began with Ethereum launch in 2015, and the changes and preparations for proof of stake have been in the works up to today, as we can see, phase0 the beacon chain is releasing in 2020, which is the initial proof of stake. Blockchain amp, all it will do, is stake that is it. In 2021, phase 1 begins amp. The shard chains will be released which will allow parallel processing, improving scalability in 20212022, begins phase 2.., the ethereum virtual machine upgrades to eWASM amp shard chains get full functionality. And finally, 2022 ethereum begins phase 3 continuous improvement, which includes the release of the light clients., Which Means by then, the network should be fully stable, amp able to handle the largest of transactional loads.. But where are we with phase 0, the beacon chain? And what is that? Well lets begin with the beacon chain. Like mentioned its the proof of stake blockchain and in phase 0, the only thing that chain does is make sure the blockchain is secured through proof of stake, no smart contracts or anything complex down in this chain.
. So you must be asking yourself: where do the smart contracts happen? Then? Well, the beacon chain will run in parallel with the proof of work. Blockchain a smart contract on the current Ethereum proof of work. Blockchain will allow validators to participate in the proof of stake protocol by taking deposits of exactly 32 eth.. Smart contracts will all still run on the top proof of work blockchain, as there is no ethereum virtual machine in the beacon, because validators can only interact with the chain in a very limited way for initial launch security. But as time goes on, the beacon proof of stake chain get more abilities. Amp eventually takes over the proof of work chain entirely But.Initial launch. When is it happening? Well, Ethereum 2.0 client devs had a meeting 1 week ago and they spoke about the future..Afri. Schoedon said this about the beacon chain. Testnets First attempt at testnet failed due to issue with timestamps around genesis.. This was swiftly fixed and Schlesi was launched with Prysm and Lighthouse.. Initially, poor performance but improved rapidly. Finality is now almost perfect for the last week. Teku joined a week ago, both syncing and validating. Nimbus clients are also progressing with synchronising. Lodestar managed to connect and sync some blocks., Given the current stability will start working on coordinating a Multiclient testnet for v0.12, with 16k genesis, validators and maybe 3 different clients at genesis. Could do dry, run deposit contract ceremony. Target June for this potentially to allow clients to update to version 0.
12. Ya that is next freaking month, guys amp gals, … gals, because almost 10 Percent of my viewers are now the ladies from my stats..sup babes.. Are you ready to get a little nerd horny, Because the next thing Im going to do is show you …, not my schlong, but how to get set up as a validator for the Ethereum 2.0 testnet launching in June.? Now there is a great place to expand your knowledge of the next phases of the protocol, and that is the ethereum knowledge base, which has a great step by step guid to joining the ethereum 2.0 testnet.. I have included the link in the description. If you are more of a tactile learner like myself, amp like to do things your way., But for those auditory and visual learners lets begin Chicos walkthrough.. So, first, the system requirements to join recommended, …, 8gigabytes of RAM 100Gigabytes, Solid State Drive and the metamask wallet installed on the system.. Minimum is 4igabytes of RAM and 20 gigabyte solid state drive …. What I find great too, is from the knowledge base requirments. They have a diagram of what is going on with staking and validation..and, as we can see. Vitaliks slasher from 2014 is included in the base proof of stake protocol to prevent malicious validators.. So, to officially begin I will be doing this example in windows, but there is a written guide for mac as well in the knowledge, base. And step 1 is to create a folder name.
It prysm, as that is the testnet. We will be joining prysmatic labs.. You will need to create this folder in your c directory as seen on screen.. ቀጣይ, you need to open up your command prompt, which is easy type command prompt into search which will pull it right. Up.. Now I like to split my screen in half with command prompt and the guide, as you can copy and paste what you need into command prompt …. አንደኛ, you will need to copy from the guide and paste next to your user name. What is right, there, step 1 first in the grey..press, enter in command, prompt …, and then this should show up in command prompt and after that piece, you will copy and paste the github link. Second, piece of grey in the guide … once copied and pasted press enter… The next step is just a cosmetic step and not required, but I did it. Although to do it, you need to bring up a new command prompt and then, after your user name in there copy and paste from the guide. What is in the grey from step 2 … and press enter Now comes the fun part, … step 3 starting the beacon node go into your cdirectory with the prysm folder we created in that foler shoulder be the prysm.bat file, take the file and drag it right Into command prompt, and it should begin..and, will take a few hours to sync with the blockchain, so wait it out, But once the synce has finally taken place, you will know its complete because you eventually sync to the slot and the command begins syncing and applying state Transitions to new blocks.
, So the beacon chain is running..what, is step 4. Well 1st. We need to get us some testnet ethereum.to do this, you need metamask and you will need to open it and set it up to connect ot the testnet …. To do this, you need to click up top to change the network and click custom, RPC, … and then type into new RPC, URL … https, colon backslash, backslash g, o e r l, i dot prylabs.net.and, then click save.. Then you should be get to go on the testnet with 0 ETH.now. How do we get them? Well, we need to go to pryslabs.netparticipate. All links are in the description btw.and. If you did it correctly, on step 2, get goETH Test Ether and then click on metamask. It should recognize your address and then ask if you want to get some click, the need goeth button.. Next click. Yes, please wait it out and then check your metamask for over 32 በሻለከት … boom its there … Now step 5 … its time to create your Ethereum keys, start the validator and make your 32 ETH deposit..To. Do this open up your command prompt once again and then drag and drop the prysm.bat file into command like we did earlier.. Now, you will take and copy the grey shaded text in step 4, create ETH keys and paste into into the prompt and press enter.. Some goobly gobbly will go on, but then you will be greeted with your raw transaction data in command prompt.
Copy this.and. Then you will go the participate page from prysmatic and in step 3 generate public and private key. You will paste that data into there.Now step 4. … is starting up the validator client open command, prompt..copy and paste the prsm.bat file into their then in step 5 start the validator copy and paste the grey shaded area and press enter.Your validator. Should fire up … and now its time to make the deposit go back to the particpate page and step 5 click make deposit and it should fire up. Metamask … confirm and then go back to the validator in command, prompt and wait to see that it is deposited …, but full activation take another few hours. So wait it out once again, But once you are included for validation, you can check your stats at beaconcha.in by copying your public key, which can be found from the transaction you sent or from command prompt, and you can see which slot you are expected to be Accepted in we are slot 238 thousand 113.which. If we check out the explorer, they are on block 236 thousand 159 … menaing. We got some time to wait until we start validating and receiving rewards.Well viewers. I hope you guys get set up and test staking here soon, because the more ready you are for go live …. The better.