Ethereum 2.0 continues to take a big step towards release
Ethereum 2.0 continues to take a big step towards release. After Medalla, the last multi-client testing network before Ethereum 2.0 is released, will start phase 0 on August 4, the Ethereum Foundation is now announcing the Eth2 verifier launch platform. With the Eth2 Validator Launchpad, the Ethereum Foundation has released a tool that makes it easier to place bets and allows users to earn rewards. The tool will be launched with Medalla Testnet and will be integrated into ETH2 Mainnet later.
In today’s announcement, launchpad’s primary goal is to support validators in all aspects of the training process and make it as easy as possible to become an ETH 2.0 validator. Via Twitter, Ethereum co-founder and Consensus founder Joseph Lubin commented:
The #Medalla Eth2.0 testnet is coming. This
is the next big step toward launching Phase 0, so get your testnet ETH ready.
The #Eth2Launchpad, a collaboration between Codefi and @ethereum, is designed
for easier onboarding to become a validator and stake on the beacon chain.
When Ethereum 2.0 is released, at least 32
ETH are required to participate in staking. While the largest crypto exchanges
are expected to do this on behalf of their users, thus removing the 32 ETH
barrier, this has some drawbacks. For example, Binance and Coinbase offer a
staking service for numerous proof of stake coins, such as Tezos or Cosmos.
However, this requires the private keys to
be handed in or other services are subject to a fee. The Launchpad solves both
problems by offering a free and simple service that allows ETH owners to keep
their private key for themselves. Nevertheless, the Ethereum Foundation stated:
This responsibility brings with it an
inescapable tradeoff between ease-of-use, security, and education.
For this reason, the Ethereum Foundation
explicitly points out the risks on the new website. Potential validators have
to go through 10 steps to prove that they know what it means to be a validator
in the ETH2.0 network and what it means to manage their own keys, and that the
stunted ETH are inaccessible for some time.
As can be seen on the website, the launch
of Medalla requires a starting threshold of 524,288 Görli-Ethereum (GöETH) and
16,384 validators to be overcome, with 217,568 ETH staked at the time of
writing. Lighthouse, Nimbus, Prysm and Teku are available at first as clients
for the Medalla testnet.
Validators will be rewarded for proposing
and attesting blocks. The rewards are linked to the total number of GöETHs
staked in the network. As the chart below shows, the maximum reward is 21.6%
(annual percentage) when 524,288 ETH are staked. As the amount of ETH staked
increases, the reward decreases. However, at 3 million GöETH, the reward is
As we recently reported, there has been
increasing criticism of a possible further delay in the launch of Ethereum 2.0.
However, Vitalik Buterin subsequently put his foot down and numerous core
developers joined in that a further delay is not acceptable. As Buterin also
explained, the Medalla testnet has run for at least three months without major
problems in order to prove itself. This in turn could mean that phase 0 of
Ethereum 2.0 will be launched as early as November 4.
Author : Jake Simmons