With Ethereum’s big transition to proof-of-stake expected to now happen this September, people are asking about what it means to be a validator, how to participate in staking ether and many more questions.masonmarcobello unpacks the answers:
Ethereum’s move away from proof-of-work has many people asking how to get involved in staking and how it works.We have answers.
How is finality determined on PoS?Finality is the concept that transactions on a blockchain become immutable.It guarantees that data cannot be altered, canceled or lost once included in the canonical chain.The time to reach a state of finality depends on the blockchain’s latency level.
Finality with PoS Ethereum is organized through a deterministic methodand what’s known as”checkpoint” blocks.The first block in each epoch (every 32 slots) is a checkpoint.
Participants then vote on pairs of checkpoints that are considered valid.Read more: CoinDesk »
masonmarcobello If your thinking about buying into Ethereums big transition then read the comments above 👆 stay well away from it because your going to lose your hard earned money when it dumps .Save it for Xmas this year instead 😉
Layer 1 Conflux Blockchain Changes Algorithm to Receive ETH Miners: DetailsLayer 1 Conflux blockchain setting up to receive ETH miners EthereumMerge Ethash $CFX CFX PoW PoS Cryptocurrency Mining CryptoMining
Ethereum’s Third and Final Testnet Merge Goes Live on GoerliThe Goerli testnet has completed its merge with the Bellatrix beacon chain.This is expected to be the final testnet merge before Ethereum shifts to proof-of-stake next month, cryptauxmargaux reports.
cryptauxmargaux LFGGGG!!!!! cryptauxmargaux ETHW will explode on the merge EthereumPow cryptauxmargaux Lfg ETHW x100 imminent, soon on BNBCHAIN binance ethereumPOW
Ethereum Price Soars as “Merge” Upgrade Comes Even CloserThe Ethereum network has made the final step before transitioning to proof-of-stake Guys, Im just shоcked why does it even work …
What Is the Ethereum Merge?Ethereum’s third and final public testnet, Goerli, successfully moved to proof-of-stake from proof-of-work yesterday, bringing the Merge one step closer.We explain what the Merge is and why it’s such a big deal: BarrySilbert Thankss a millon 🚀 BarrySilbert Whyy is the media silent about thiss?
Ether Surges After Successful Final Dress Rehearsal Before Long-Awaited Merge | CoinMarketCapThe transition to Proof-of-Stake, which has been presented as more scalable and environmentally friendly than Proof-of-Work, has been years in the making.
why are crypto people not talking about this?.… Please list DRAC_Network ❤️ 呵呵
Vitalik Reveals Vision for Ethereum’s Future — and Warns Blockchains Must Become Cheaper for Users | CoinMarketCapEthereum’s co-founder says some transactions cost more than daily incomes in some countries — and believes proof-of-stake will play an instrumental role in making blockchains affordable.
It’s not ‘Blockchains’ that have this problem, it’s $ETH.Over at Avalanche that problem has already been resolved.
They’ve enjoyed their first to market run by paying of regulatory bodies via the Etherium foundation, but it seems that business model is no longer sustainable.Cardano and Flare are coming for ya fix ur fukn problem-..since weeks ur site looks like this this bug was first time in 2021…then u fix something all was fine..now since weeks it is back…
It can range from 1% for a single validator to 100% of a validator’s stake slashed., come Sept.Goerli Is Coming: Ethereum’s Last Rehearsal Before the Merge Goerli was the last of three public testnets to run through a “dress rehearsal” of the Merge.Jobs Disclaimer: Any financial and market information given on U.
How is finality determined on PoS? Finality is the concept that transactions on a blockchain become immutable.
It guarantees that data cannot be altered, canceled or lost once included in the canonical chain.Proof-of-work cryptos are highly dependent on mining, while proof-of-stake cryptos are not.The time to reach a state of finality depends on the blockchain’s latency level.
That occurred around 1:45 UTC.Finality with PoS Ethereum is organized through a deterministic method and what’s known as”checkpoint” blocks.Ethereum Classic, a hard fork that was launched in July 2016 after the infamous DAO hack, might attract those members of the community who want to stick with the proof-of-work consensus mechanism, as it operates on a modified version of Ethash called ETChash.The first block in each epoch (every 32 slots) is a checkpoint.L.
Participants then vote on pairs of checkpoints that are considered valid.Today, the Ethereum Classic project has penned a note welcoming”disenfranchised” ETH miners who may lose out on their stream of income when the Merge occurs.The testnet merge takes the project one step closer to Ethereum’s mainnet upgrade later this year.Once a checkpoint gains a supermajority vote (two-thirds of the total staked ETH), it becomes justified.When its child checkpoint gets justified, it is upgraded to finalized and all previous epochs are also finalized.Ads ETH Goerli testnet successfully merges The Ethereum Goerlis testnet has been merged.
In essence, the difference between justified or finalized checkpoints depends on where it sits in the timeline.As finality on PoS requires at least two-thirds (supermajority vote), an attacker could prevent finality by voting with at least one-third of the total ETH staked.Previously, both Ropsten and Sepolia successfully switched from PoW to PoS.L.
But this is where comes in.
If the chain doesn’t reach finality for more than four epochs, the inactivity leak will reduce staked ether from validators voting against the majority, and allow honest validators to finalize the chain.Can a 51% attack happen when Ethereum moves to proof-of-stake? A 51% attack is when a group of miners, or nodes, have enough ownership over a blockchain’s hash power to alter how it functions.While it is still possible to do this with PoS Ethereum, an attacker would need to have 51% of the total staked ETH, which would mean controlling billions and billions of dollars’ worth of ETH.However, even if an attacker could use his or her influence to create an altered version of Ethereum (due to a majority voting power), with PoS, the community could mount a counterattack.
Honest validators and participants could keep building on the minority chain, and encourage others to do the same.Overall, despite being extremely expensive to launch and maintain, the higher the number of participants on a network, the more difficult it becomes to launch a successful cyberattack.
Can I participate in staking without setting up hardware? Yes, you can do so with SaaS providers .SaaS, short for Software as a Service, helps validators run and operate their clients (hardware) for a small fee.This service allows users the benefit of earning block rewards without worrying about hardware specs, setup, node maintenance and upgrades.
While validators do not have to provide access to keys that allow withdrawals or transfers of staked funds, validators are still at risk of SaaS operators acting in a malicious way or being subject to strict regulation – and therefore requiring a higher degree of trust in a third party.Why is solo staking considered the “best”? Solo staking is viewed as the gold standard as it allows users to retain complete autonomy over their hardware and funds.Alongside solo staking, however, there are other methods such as SaaS and pooled staking.While all validators are required to stake a minimum of 32 ETH, staking as a service or pooled staking are more suited to people who are either uncomfortable handling the required hardware or can’t meet the 32 ETH threshold.Here’s what you should consider when deciding if you want to ..
