Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance
Disclaimer: This article aims to convey more market information and does not constitute any investment advice. The article only represents the author's viewpoint and does not represent the official stance of Mars Finance.
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Source: Ethereum enthusiasts
Original title: Ethereum 2.0 is coming, where will my ETH go? Ajian
The first phase of Ethereum 2.0 (called Phase 0) will be launched in 2020. As the first upgrade of the 2.0 network, Phase 0 will activate the beacon chain and enable the proof of interest consensus mechanism.
The form of the whole blockchain ecology has changed greatly in its early years, especially Ethereum. During its development, new things like hard branching, air dropping, ICO, token encapsulation, token migration and so on have emerged in endlessly. Reasonably speaking, even if the history of Ethereum is so short, the holders of Ethereum coins may be puzzled. They just want to know how to ensure the security of their Cryptography currency assets and where they should put these coins.
Therefore, with the launch of Ethereum 2.0, most ETH holders will naturally face the following problem: What will happen to the Ethereum I bought in recent years on the current Ethereum blockchain? Do I need to worry about hard forking, or do I need to migrate tokens? Does it matter if my Ethereum is placed on an exchange (such as Coinbase) or in a hardware wallet (such as Ledger)?
For the vast majority of ETH holders (such as coin hoarders, dApp users, traders), the answer is: no, you don't have to do anything. Don't worry about hard forking or token migration. It doesn't matter whether your Ethereum has an exchange or not.
For holders who are interested in pledging ETH, they can pledge to the network in the first stage of the launch of Ethereum 2.0.
ETH on Ethereum 2.0
Ethereum 2.0 will be launched in phases: Phase 0, Phase 1 (including Phase 1.5), Phase 2, and subsequent phases. Phase 0 will be launched in 2020 and the equity proof consensus mechanism will be activated. At this stage, interested ETH holders can participate in the pledge (see more details below). However, for holders who have no intention of pledging, the upcoming Ethereum 2.0 will not have a significant impact on their interaction with blockchain dApps, exchanges or various services.
ETH coin holders only need to start paying attention to Phase 1.5 (a part of Phase 1), which is expected to be launched at least one year after Phase 0 is launched. During Phase 1, Ethereum will become a system composed of 64 independent fragmentation chains. This will significantly improve the scalability and throughput of Ethereum's main network in the future. (For more information about sharding, please refer to our blog post Ethereum 2.0FAQ or what is proof of equity?)
Although Phase 1.5 is part of Phase 1, it is specially named because it marks the time point when Ethereum 1.0 and 2.0 merge. Specifically, the Ethereum 1.0 chain will become one of the 64 pieces that make up 2.0. This means that all historical data will be preserved.
For ETH holders, this means that they do not need to take special actions to 'transfer' ETH from the 1.0 chain to the 2.0 chain. The Ethereum 1.0 chain will simply become a part of the 2.0 chain ("simple" is for end users - the development of special protocols to achieve this conversion can be no easy), so ETH holders can continue to use (or hoard) their ETH - on a more secure and scalable blockchain than ever before.
ETH Holder and Ethereum 2.0 Pledge
As mentioned above, only holders interested in holding, trading, or using ETH in dApp need not take any action to prepare for Ethereum 2.0. However, for those who are interested in pledging ETH in the Ethereum 2.0 network, they can start pledging Ethercoin at phase 0 instead of waiting until phase 1.5.
Pledging means that users lock ETH to propose and witness new blocks on the Ethereum 2.0 blockchain (currently, it is about to launch the beacon chain) (that is, become a verifier and get rewards). To become a complete Ethereum 2.0 verifier, ETH holders must deposit 32 ETHs into the official deposit contract deployed by the Ethereum Foundation.
Holders who intend to pledge ETH can choose to join the network as validators at any time point, not only during stage 0. However - unlike other ETH holders who can only see their ETH on the 2.0 chain after Phase 1.5 goes live - validators can recharge their funds to the 2.0 chain at the beginning of the 2.0 launch. The incentive among them is to obtain higher block rewards.
For ETH holders, there are many opportunities to pledge profits in the Ethereum 2.0 network. To become a complete verifier, they must pledge 32 ETHs in the deposit contract, generate a deposit key, and then run a client on their own. Clients such as PegaSysTeku can be used to do this. If they don't want to run their own client, they can offload the technical burden and deposit 32 ETHs into a pledge service such as CodefiActivate, which will help them manage the validator node. Finally, if the ETH holder has less than 32 coins in hand, they can also choose to join a pledged fund pool to gather everyone's funds to reach the threshold of 32 ETHs.
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Original link:
https://media.consensys.net/what-happens-to-my-eth-on-ethereum-2-0-ef54523dd93
Author: ConsenSys
Translation& Checked by: Zeng Mi& jianqi
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