1, ETH2.0 Staking

Simply put, according to the PoS consensus mechanism of ETH2.0, anyone who owns a certain amount of Ethereum can become a Validator, and validators get paid for voting.

Personally, I’ve found that the threshold for revenue is not very high, with a continuously running MacBook and a certain amount of Ethereum to participate. At present, I have successfully become the Validator in the test network. As long as my laptop is on, I can get ETH income every day. You can visit this website to see my earnings.

ETH2.0 is currently in beta, and the revenue I’m making is currently in beta network.

However, the launch of ETH2.0 Phase 0 is approaching. The official requirements for the launch are as follows: multiple node files on the test network have been running for more than two months. According to Beacon.etherScan. IO /, there are 39,653 active Validators in the Beacon network.

Although the official ETH2.0 environment is not yet available, we need to be prepared for the future. If you want fast access to ETH2.0 Phase 0 when it officially goes live, get the first benefit. It is essential to run through the process in a test environment ahead of time.

2. What are the benefits of being a Validator

According to the Beacon Network’s revenue calculator:

ETH2.0 has an annualized return of > 8%.

Note that 8% here is the benefit of ETH quantity:

For example, if 32ETH is pledged to become a Validator, the total asset after one year is about 32*1.08=34.56ETH.

In the initial stage, if the technical threshold risk factor is considered, I personally think the return will be higher than 8%.

If the value of ETH itself is considered to fluctuate, then the benefits can be imagined. Personally, I am a technical participant of ETH2.0, and I am very optimistic about its performance in the later stage (the performance of the product, not the currency price opinion).

3, what is needed to participate in ETH2.0 Staking

3.1, 32ETH is required to lock the warehouse

ETH2.0 Staking is a Staking system in which participants pledge 32ETH in order to be a Validator. This is because ETH2.0 has Slashed, so if a Validator is malevolent (engaging in double attacks, etc.) or lazy (being offline a lot), the Validator will be financially penalized. And its mortgage 32ETH will also suffer a certain loss.

Another point to note is that this lock-up will take a long time until ETH2.0 Phase 2 goes live, which is estimated to take about 2 years. During this period, the warehouse of 32ETH is one-way, once the warehouse is locked, it cannot be returned.

3.2. Hardware requirements

  • Minimum runnable configuration requirements:

    • 64-bit Linux, Mac OS X 10.14+ (Mojave+), Windows
    • Processor: Intel Core i5–760 or AMD FX-8100 or better
    • Memory: 4GB RAM
    • Storage: 20GB available space SSD
    • Internet: Broadband connection

  • Recommended configuration requirements

    • Processor: Intel Core I7-4770 or AMD FX-8310 or Better Processor: Intel Core I7-4770 or AMD FX-8310 or better
    • Memory: 8GB RAM
    • Storage: 100GB available space SSD
    • Internet: Broadband connection

I personally currently use a 2016 Macbook Pro, which is otherwise idle, to make Staking. Now it seems that supporting a Validator performance is more than a mistake.

4, start ETH2.0 Staking

4.1 beacon-chain and Validator

To engage in Staking and earn revenue, understand what a beacon-chain and Validator are.

  • Beacon-chain: The beacon-chain acts as a master scheduling system, allowing validators to participate in the pledge system, become Chain builders instead of miners, assign tasks to validators, etc.

  • Validator: Under PoS consensus, each block is selected by the Validator. The Validator votes to validate the block and receives revenue.

So we need to run two processes on the computer at the same time: beacon-chain and Validator

The ETH2.0 client is required to run the beacon-chain and Validator.

There are quite a few official ETH2.0 test clients incubated by Ethereum, but I recommend Prysm written in GO.

Prysm is the ETH2.0 client developed by Prysmatic Labs and funded by ethereum Foundation the most. Now the product is still constantly updated and improved, and the community is also very active in answering questions. Feel free to ask questions in the Prysm Discord discussion group.

4.2. Install Prysm client & run beacon-chain

1. Create a folder to store the PRysm script

mkdir prysm && cd prysm
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2. Pull prysm.sh to the local PC and add an executable permission

curl https://raw.githubusercontent.com/prysmaticlabs/prysm/master/prysm.sh --output prysm.sh && chmod +x prysm.sh
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3. Run the Beacon – Chain

./prysm.sh beacon-chain --datadir=$HOME/.eth2

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The following information indicates that the block data synchronization has started. It took me about 3 hours to complete the synchronization. Now I have synchronized to the latest (2020.6.6) data size of 5.23G.

./prysm.sh beacon-chain --datadir=$HOME/.eth2 Latest Prysm version is v0.3.3. Downloading [email protected] to /home/{USER}/prysm/dist/beacon-chain-v0.3.3- Linux-AMD64 (Automatically selected latest available version) % Total % Received % Xferd Average Speed Time Time Time Current Dload Upload Total Spent Left Speed 100 622 100 622 0 0 2320 0 - : -- : -- - : -- : -- -- - : 100-2312, 100, 39.6 M, 39.6 M 13.6 M 0 0 0 0:00:02 0:00:02 - : -- : -- 20.4 M Downloading [email protected] to /home/{USER}/prysm/dist/ validator-v0.3.3-Linux-AMD64 (automatically selected latest available) version) % Total % Received % Xferd Average Speed Time Time Time Current Dload Upload Total Spent Left Speed 100 619 100 619 0 0 0-1484: - : - : -- : -- -- - : 100-1484, 100, 32.5 M, 32.5 M 12.6 M 0 0 0 0:00:02 0:00:02 - : -- : -- 21.7 M Starting Prysm beacon-chain ...Copy the code

4.3. Obtain test network 32ETH

Becoming a Validator requires us to put 32ETH into a lock-up contract for specified ETH1.0.

Prysm deploys lock-up contracts in Goerli Testnet. Goerli Testnet is a proof-of-Authority blockchain network.

Why Goerli Testnet?

Preston Van Loon, head of technology at Prysm, says this in order to get enough test tokens:

Gorli was used for testing because they weren’t officially online yet, so we could get a lot of tokens in their networks. I asked them for 10 million, which is how many we actually need to launch Ethereum 2.0

— Preston Van Loon

How do I get 32ETH from Goerli Testnet?

Here: faucet. Goerli. Mudit. Blog /

The fastest way to get 32ETH in my tests is to tweet or Facebook with your ETH address. Then paste the link to that tweet into the input box and select 37.5 ETH/9 days. Ok.

I found that I couldn’t find my Ethereum address when I posted a Tweet on Twitter. I managed to get 37.5 ETH with a Tweet on Facebook.

4.4. Generate the Validator key pair

With 37.5ETH in hand, it’s time to start generating the Validator key pair

./prysm.sh validator accounts create --keystore-path=$HOME/.eth2validator

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This command generates a key pair in the $HOME/.eth2Validator folder and prints Raw Transaction Data:

Keep ===Deposit Data===, and submit it to the contract together when you pledge 32ETH.

4.5. Start the Validator client

withprysm.shStart the Validator client

./prysm.sh validator --keystore-path=$HOME/.eth2validator
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This will prompt the beacon-chain to wait to receive your pledge record of 32ETH.

INFO validator: Waiting for beacon chain start logFrom the ETH 1.0 deposit contractCopy the code

Then 32ETH will be transferred to pledge contract according to the provisions, and the Validator registration will be completed.

4.5. Submit 32ETH to lock-up contract

Note that this step does not directly transfer 32ETH into lock-up contract. We also need to commit the Raw Transaction Data generated earlier.

We used the website prylabs.net/participate to help us complete the submission

Fill in the Raw Transaction Data generated in 4.4

Click Make Deposit in step 5 (Make sure matemask switches to Goerli Network and has >32ETH)

4.6. Wait for Validator activation to obtain continuous revenue

After completing the above steps, we need to keep Terminal running both the beacon-chain and Validator processes at the same time, and then wait for the Validator to activate and continuously obtain revenue.

The wait takes about 7.5 hours (1024 ETH 1.0 Block confirmation and 1024 ETH2.0 Slot confirmation).

Go to Beacon.ethereum. IO to check the Validator’s active status.

This is the status of the beacon-chain synchronization completed

This is the Validator active state

Add items

  • A Validator has both benefits and responsibilities — you get paid for staying online, but you get penalized for staying offline. Penalties are deducted based on time spent offline, and you start losing money if you spend less than 75% of your time online.
  • 32ETH needs to be locked up for a long time, and the launch of ETH2.0 Phase 2 is expected to take about two years. During this time, 32ETH cannot be moved.
  • You can run more than one clientValidators, the need for computer configuration will also increase
  • View your public key private key available/prysm.sh validator accounts keys --keystore-path=$HOME/.eth2validator/ --password=password
  • It is possible to use raspberry PI as a mining node, raspberry PI 4 will do. Prysm precompiled code click to view

This post was adapted from eurychen’s personal blog

How to use a MacBook create high annual income | ETH2.0 Staking tutorial

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