Ethereum 2.0 Staking and Validator Node Setup Livestream

few minutes for YouTube to start and then we are all ready to go let me just update titles as well once we're at it Ethereum 2.0 live stream guys so it seems like it shows that the stream is up and running guys welcome back to another episode of Box Mining you guys know the background it looks different this is a very very different video I'm super excited for it because it's one of my most ambitious videos yet which is we're going to set up live today an Ethereum 2.0 validator no we're going to start staking that Ethereum start earning some of that Ethereum 2.0 this is the best time to do it because yesterday we just had the successful ETH 2.0 network launch so we're going to be joining people here on the beacon chain so to speak we're going to become one of those validators up here you're going to see my screen up here we're going to become a validator and we're going to start earning now this is quite an involved process you can see the tension building up here because we do have to send 32 Ethereum so you just have to make sure that your ETH is safe for me whenever it comes to sending cryptocurrencies etc I do a lot of research and this is why I've done a lot of research for this video as well because just for security for my own safety sake and for just making sure that I get their content right this is you know if I do this wrong I'm going to lose 32 ETH right if I accidentally reveal a key or something that someone might steal that and boom you know that's like $18,000 gone I crashed half a Tesla so you don't want that happening so my recommendation obviously this is not a follow along this is more or less to show you guys what the process is and what you're going to learn from this video and you know why I'm doing this video deal is because you're going to learn a lot about the process to set up an Ethereum node but more importantly you're going to learn a lot about the network as well in the process so this is for two types of people if you're setting up an Ethereum node this is the video for you but also if you're interested in Ethereum 2.0 what it's kind of about how this it's going to work and all the kind of terms and conditions and the whole progress this is for a video for you too and we're going going through the entire process and I'll be highlighting some points so okay so for those who want to use this as a guide I do want to say before you start you do want a piece of paper so okay this is this is a black magic here I'm using I see there at the perfect angle you can see I have a piece of paper in front of me I do have a pen as well so you have a pen here and you want to have it set up so I've also set up a MetaMask wallet connected to my ledger so my ledger is hooked onto here so I made all my procedures and the MetaMask is also loaded here I'm going to switch to this window here it's also loaded with 32 ETH in fact I have 32.1 ETH and this is just a little bit extra so I can do the transactions you still have to interact with Ethereum so you need a little bit more than 32 so I have just a little bit there and right now there's a stereo I'm faced 18,972 that's a lot of money right there sitting there so that's the case that's what you need to get started and also what I'm going to use the tool that I'm going to use to to set up this node is something called Allnodes so Allnodes I've been using them for a long time and what they do is they provide the hosting service for the node so they make sure that pretty much all the tech stuff is like boom it's it's it's in the back end you just you just pay run and you're good to go personally why I'm doing this video and why I trust them is because I've been using them for a long time this is actually a screenshot of my own account I've been using them to host Zcoin or Thero nodes you can see them here I've also blacked out this stuff because you know why does the screenshot is for my own protection because I don't want people seeing the collateral addresses and all this detail here but you can see that I've been running this for some time now so like this has been running nodes on Zcoin for more than a year already they're like a very trusted service and they're also a lot cheaper than everything else as well so you don't have to pay the management fee one of the reasons also why you want to host your node yourself is for two reasons one I've seen exchanges do this but the problem with exchanges is that you don't really want everything to be on an exchange I saw Coinbase jump into this and I'm like no you never want to host a node with Coinbase that's like the last thing you ever want to do like that's they have a direct access to like various tax departments um you know have fun reporting filing that here it's more of an experiment also the the second part is that you know exchanges are extremely dangerous they still you know they hold a lot of capital they're vulnerable theft I'm a bond I'm a victim of Mt. Gox myself so you never really want this to be done on exchange you want to at the end of the day hold your keys you want to make sure everything is secure and also that of course you want to also participate you know one of the reasons why you want to do this you want to participate on and properly into the Ethereum network and provide your own validator node as well so lastly to say you know why do you want to do this I want to shut up ads okay so last thing okay so I did some calculations so you know the cost of running the node is $18,000 but obviously the big reward here is the annual percentage yield so you're going to get some money right so right now um currently the estimate is around 16.5 percent this might drop a bit in the future as more people join and more validators activate and roughly estimate per month is around 1.82 which is roughly around US dollars in terms of US dollars 242 US dollars as staking rewards for this so just make sure that's kind of one of the kind of most um biggest draws to this is that you get 242 dollars for every node that you run so if you if you're if you're baller if you're rich and you're you're Ethereum rich you can run multiple nodes and each of these nodes will be earning this estimated income now that being said of course you do need 32 ETH so if you don't have 32 ETH there's other options for you and we'll talk about that later in this channel that will be the way to go but currently I'm looking for this this is that this is what I'm looking for honestly to be honest that's all right so all right let's get started so this is the whole entire process we're going to show you through and before we start I guess let me just buy in my intro all right so we're officially started so starting off you know uh we're going to just go in all nodes and this is the interface once you log in I did actually have a balance so you know um doing homework beforehand I did prepare 50 dollars of balance here for billing obviously because this is a crypto one you can actually pay by bitcoins and altcoins I've actually literally paid using that method so you can pay with a lot of different cryptocurrencies so you can just pay for the balance and you're good to go so I started off with 50 I thought that was a good number now on top they've already said Ethereum two point staking already launch learn more so why not just go for the easiest way and you're going to click the host ETH 2.0 button now this is where it's pretty easy you can just set your node so you got the basic plan which is five dollars per month or the advanced plan which is around let's say what one cent per hour so I'm going to choose the advanced plan but whatever this is the one I'm going to choose and we're going to be on mainnet this is why this is going to be intense we're also going to connect the wallet here so this is the they automatically let you connect the wallet so I'm going to just connect it to my MetaMask and I'm just going to make sure double sure actually see this is where you double check on my MetaMask I'm just going to make sure that I'm connected with what I label this as ledger 7. All right go figure what that means so I'm just making sure that this is the correct wallet yet again if you guys don't know how to connect your MetaMask up with your ledger there's something that I do recommend for any amount larger than say five thousand us dollars um yeah just so there's a video um that I've had called um the MetaMask guide advanced tips and tricks you can connect it with a ledger this is the way I recommend to do it because hardware wallet safety right now now how comes the instructions part um you have to go through the process on ethereum 2.0 launch pad all right so this is where you open up the launch pad and you see the nice mr mr rhino here who's going to guide us through the process of doing this so to get started um click the get started one and taking you through the process it tells you about what ethereum 2.0 is and even though there's a lot of read um to read i do recommend that you read up on the stuff um a few key things to point out is responsibilities so if you want to do this only validators that actively participate in the consensus receive rewards those that are offline are penalized and it's these penalty the penalties of being offline are equal to the rewards of active actively participating this is actually very important this means that if your node is online and working that means you're going to be getting that yummy money right so uh you know a friend actually told me uh you know i'm going to quote my friend here he's he's a money guy he's like you know no money no honey right so your expected income is 242 roughly us dollars per month you can put that into ethereum as well expected monthly income let's do eth equals to this divided by this right so roughly 0.4 eef per month if you want to calculate an eef if you want to calculate us dollars that's the money in us dollars right so no money no honey this is the honey right you want the honey but you also want to be in the also need to actively participate which is why we got a we're running on all nodes so they're online all the time and you don't have to host it yourself we will do for future tutorials if you want to host it yourself but i personally try hosting everything myself on my server lots of maintenance work to do which is why you know this is the easiest solution and why i'm showing guys this online it's pretty much the easiest solution boom click a button done right so you are responsible you're responsible for being online you're responsible for voting on blocks this is why um you run the validator the next the next big thing the biggest kind of risk also is called slashing there's something to be aware of if your node gets compromised in any way if you really do misbehave on the network validators will get slashed this is one of the ways to keep the network honest right um and as part of a decentralized network anyone who's doing evil right if you're being caught doing evil you will get slashed and slashing could mean you lose the entirety of your 32 eave deposit so you know that 18 000 there you could lose it if you behave evilly this shouldn't occur all right so this normally doesn't occur and this is one of the reasons yet again why i'm hosting on a server like this that kind of set up everything so it's done correctly is that sometimes hackers try to hack your server and then they try to you know penalize you and you know it gets messy so okay so that's the two responsibilities on there and the last thing is very important this this this part is very important this is why i have the piece of paper right here in front of me um it's because you need to keep up another monomic a bunch of words it's almost like setting up your ledger or setting up your wallet in a way you must remember these words and you also must make sure that these words are safe from hackers these words are required to make your withdrawal at the end that means if you lose these words you're not going to get your funds back yeah that that happy 32 eef that's going to be gone forever it might be even worth worth more when everything's activated so make sure you keep this these words safe um write it down write it down with good pen too you know you don't want to you know get hacked also don't i usually say this don't usually save it up on your computer your computer can be breached if you store it as a text document on your computer then yeah yikes um if someone breaches that computer you're going to have a um uh you're going to donate to them 18 thousand dollars right or 32 eef now um so you'll be generating two things you'll be generating the key the monomic and also the signing keys and they also tell you here so i've generated if 2.0 mnemonic pathways i've also generated deposit key store we're going to go through that and i've also made a deposit so this is going to guide you through the entire way also i just want to make sure i've kind of forgot to mention this at the start make sure you're on launchpad.ethereum.org there's been a few scam websites that try to take you through the um this process they're all scams the only legit one is launchpad.ethereum.org and make sure you're on the ethereum.org domain so that's important lastly here this is important for everyone to understand basically this is a one-way trip right transfer delay transfers between validators are disabled until at least phase one validators will have to wait until phase two around two years to be able to withdraw to a specific shard so this is the big launch right you're going to see ethereum launch off to the moon but whilst it's on that spaceship you're not allowed to transfer so yet yet again this is why it's a huge commitment for me as well i'm going to be locking up that ethereum yet again it's it's it's it's an involved process you want you want to have some eef well you're not going to be able to transfer that eef until at least phase one so if you guys want to know a little bit more about the ethereum phases we're currently at phase zero so this is the starting point rocket just launched off you can't do any transfers if you want to know a little bit more i run through the phases and everything on the box money.com website i'll put a link down below as well about all the phases there but expect to wait a year to be able to transfer this ethereum again um you know that's that's kind of a rough estimate for how it goes we got a um comment from adam dr says i keep my phrases in a password manager so that's safer so if you put in the password manager they do encrypt it for you which means it's secured by a password so yet again if hackers hack your computer they have to know your password sometimes they manage to keylog the password so you know it's not as safe as paper you know paper is hacker proof right like um so typically speaking i do always recommend paper um it's the it's the most hacker proof technology out there right so okay so now we're gone through we're gone through this and they're talking about commitment long-term commitment you're forced to commit all right uh there's no way for validator to voluntarily exit and then restart later this means validators need to be in it for the long haul that's pretty much um yeah that's pretty much the part is you you commit and this is also why ethereum you know effectively locked up a huge amount of eef right if you look at currently the launch pad that is 90 921 000 eef already staking this means that all this eve is locked up it can't be moved there's no way to exit you can't go back to eef 1.0 again you yeah there's a long-term commitment guys and then of course there's early adoption risk as well i'll just read this out validators are participating in the initial launch of a novel network as with any new piece of software there's potential for software bugs while unlikely potential bugs may result in slashing yet again that slashing thing that's gonna be the biggest risk all right so yeah we've got all this we're confirmed we're ready to go now this is the part that um i did personally myself you're supposed to run an eef 1.0 client this is um the good thing about all nodes is you don't have to launch it they do it for you if what um the best way right the the epic gold standard way is you set up this yourself but this is actually quite expensive to run um i have a whole server node over there um so i'm gonna point in that corner so i have a whole computer dedicated to running this i'm not going to show you the process and this is not necessary this is uh complete it took like literally a week to do this so yeah i'm gonna skip this part you don't need it for this that's a great part of hosting on all nodes they take care of it for you congrats next part this is something cool i want to explain this a little bit at the very least is that ethereum 2.0 is not developed by just vitalik right i think this is a point to point out that one thing cool about ethereum 2.0 is that there are multiple clients multiple groups developing software for it and this is the coolest part about e2.0 is that it's not just made by ethereum core and this is the one piece of software you have it is a protocol and people can use and can use different clients so they just look at the specifications write their own protocol and you're good to go so you can choose between here but yet again with all nodes they choose the protocol for you don't have to set this up but i just found this is kind of cool that with ethereum 2.0 it's a lot of decentralization decentralized developers that's core so i just want to highlight this part that if you're running this personally you can choose all right next page validators we want to set up we want to set up one validator all right so 32 if you can definitely set up more it just gives you instructions here if you're baller if you just want to if you're a super baller you want to can set up like 99 88 you know i'm chinese obviously 888 that's possible too i'm just going to set up one simple validator and the cost is 32 if i want to demonstrate this on windows so which operating system are you doing you're going to generate this uh on windows and i'm just going to show you the process of setting up your key phrases so one thing to keep in mind here is that it might look a little bit scary all right because you're going to use the cli app or a command line interface app and it might look a little bit scary but just rest assured it's pretty simple instructions to write and this is why i did it live now you're going to click it to download from github so you're going to download it from straight from the developers and you must make sure that it's github.com yet again there's some scammers out there just yeah so many scams here just make sure you're on official website eve.org github.com ethereum all right that's the correct one now yet again i'm gonna have to choose which uh release i want so um it just goes here why pyromont rhyme doesn't rhyme with anything this is the one we're gonna download um you can see a lot of files here what you want to just choose is for your operating system so if you're on windows choose windows amd64 um just download this file and if you're uh just wait just just wait let me see i want to download this to downloads that makes a lot more sense boom put it down here all right so i'm gonna download that if you're on linux if you're a mac just go for darwin um darwin as mac magic all right so let me make sure that everything here is good good i just don't want to reveal too many things i have a little photo called secret here i don't want to open that up too early so i just downloaded the file here it's uh the same file just when it goes into download and i'm going to extract here um magic it's going to generate this file called deposit right so that's the key here so you're going to extract the zip file it's extracted and it's in this folder called deposit now this is kind of where the magic starts you can follow the instructions here i've done it multiple times yesterday and this is the key instruction you need to run on the command line interface deposit.exe you want to generate a new mnemonic the new key phrase you can set that validators as one and the chain as mainnet so i'm just going to copy that for now i'm going to do a little windows trick yet again um because it's a command line interface if you just double click and run this nothing's going to happen it's going to open a window and it's going to close on itself that's because it's a command line interface command you gotta you need to be running in some sort of terminal so yet again uh in windows is shift so you can press shift on your keyboard and shift right click on that and it says open powershell window here this is what you're looking for yet again so it's a little bit involved you're going to see the infamous blue screen blue screen blue screen and this is how um it's mostly run right now now if you just directly run the instruction um yet again i've done this multiple times so i know um i'm right i'm right clicking now i'm pasting the command that i just copied over here it's gonna bring up an error right um this is just kind of how windows is set up right now i'm using windows 10 and it just says okay deposit exe is found right but you need to enter a dot hash in front so i'm going to just do that dot slash and i'm going to paste the command here it's just one extra step so yet again windows kind of tells you what to do and you're just entering the command you got just now from all right typed enter and we're starting to run so choose a monomic language you can choose between multiple languages i'm just going to choose english it makes more sense for me all right and then you have to type a password to secure that phrase so yet again typing that password in remember this password is extremely important if you do not remember this password you are going to get wreckaged so if you need to write on a piece of paper somewhere do write it down on a piece of paper now you're taking to the next step this is the magic this is your mnemonic this is the words that you must remember this is the ones that you have to type down and this is also the magic words that are going to allow you to unlock your ethereum 2.0 once that transfer is enabled so this is actually very very key here you want to make sure that you remember these keywords now like i said before i got a piece of paper to write them down and i'm going to write them down twice all right but that's for safety you know sometimes handwriting sucks you can also print these out that's viable i've printed them out before but you know just make sure you keep them secret keep them safe obviously i'm going to say here i'm doing this on the live stream obviously you guys see this key um this is definitely not the way you want to do it right if you demo don't want to show anyone your key you don't want to show that on camera you don't want to do this um if someone sees this and someone tries to just enter that in yes they will be able to claim my ethereum at the end all right so my 18k us dollars worth of ethereum those 32 eve that will be lost if i use this phrase so just just know that i'm doing this for demonstration but this is not the key that i'm actually going to use right it makes sense all right cool you can uh one thing you can do if you want to print it out you can just um select this and it becomes copied onto your keyboard um it becomes copied but i highly do recommend that you at least don't copy and paste in this step so i'll write it down uh should i pretend to write it down or just write it down for real it's going to be very boring so okay i'm going to write it down for real because just do it correctly up the arc you guys are going to see my awesome writing too and in the end you call so one of the reasons why we do this is because hackers cannot hack paper i mean obviously you got to keep the piece of paper safe uh um you don't want anyone to you don't like the i think the biggest risk to paper is that if someone drops water on it uh which cop could be possible um yeah you're gonna get wrecked hard um because if you don't remember these words or if you get a word wrong or you're missing a word you're gonna be in deep trouble so i'm trying to talk and write at the same time as you obviously know my my dual multitasking skills are not the strongest but um i'm trying to practice writing and also speaking at the same time famous mom film so some people who are really good at memory they can remember this i mean if you uh if you remember this you're like your private keys are so safe no one's going to be able to take that from you right i mean yeah it's like someone wants to take your funds well it's it's locked where is it well it's on the blockchain uh how do you access it well it's in my brain you know that's the cool part all right so i just wrote them down um they're on a piece of paper here all right there's magic um the magic of nvidia means that uh yeah it's like i need to put this on an angle so i don't get filtered out so yeah those are my words so i wrote them down correctly um i will recommend if you do it write it down twice all right um i'm so i'm like for me it's you know this stuff is important now ethereum does something very cool which is that you have to type it down you have to type it down again so you have to make sure you wrote it down correctly so i'm going to try to do this uh we'll see how it goes and uh uh um it's important we got we got brandon smith says um label makers print up stickers that are water resistant actually just smart idea so if you if you actually want to use a label um maker that's a good way to do it all right so upgrade arctic ecology wise seek prosper trumpet soda castle memory same misery oh should say misery um asthma fox canvas famous mom film shoulder tornado unveil fail wasp obey iron obey the iron law all right so oh shoot i think i typed i typed one word wrong here anyways so i'll show you what happens if you type one word wrong um it tells you to do it again it's very clear i think it's very clear that uh that i've done this multiple times um yeah so it is a pain in the ass i've done this yesterday i spent like literally an hour doing this um don't make mistakes and but the good thing is if you make a mistake at least you catch it you know so i don't recommend that this page page you know the easiest thing to do at the stage is to copy and paste the last thing and you know um you'll 100 get it right because you know computers right but that's the not the right thing you want to make sure that you wrote it down correctly they can read it that um you're you know you're you're good at typing things in right so you know sometimes handwriting uh you won't be able to read it um it happens to me multiple times so you know shoulder tornado unveil wasp obey iron all right all right fingers crossed anyone wants to do all right ask yeah all right any bets that i'm gonna make it any bets on the chat live chat do you think i'm gonna be able to get this right on the on on the second go or do i need a third one all right fingers crossed i want this all right asked asked yes oh yeah oh yeah i got it all right so that's like success typed the words correctly and we are good to go so i say it's creating keys verifying keys verifying deposit keys success we see mr rhino mr rhino tells us success and i think myth currency actually spotted my mistake the first time it was asked not asthma it was a typo right there so that's the entire process um is it painful a little bit but is it worth it absolutely security cannot be underestimated at this point okay so we press anything to continue you are successful you are done and also um let's open this window here you'll see this new folder being created called validator keys and you can check up on those two keys it contains something called deposit data and it contains something called key store at the current point so make sure to keep this also very safe too so like you know keep this safe keep it secret keep it safe all right so press any key we're done here um that's finished so this is what we wanted we wanted at this point to generate uh the keywords so get the key files ready and the validator files ready and also get the deposit json ready as well we are ready for the next step now this is the step where you're going to um add the file over so let me just go to um here i'm just gonna drag it actually okay um deposit data since i'm finding it you know it's in a folder somewhere so i'm gonna get this photo already deposit that in drag it to upload to browse continue meta mask on ledger connect 32 if available i'm ready all right here here here is all the parts i'm not going to read all of it i think you know we've done this before if i use if i lose my monomic i will not be able to withdraw my funds yet again i've been saying that for the past hour keep it secret keep it safe i'm aware that of the early adopter risk of slashing i'm aware that the transfer is um uh not reversible also you make sure you make sure you're not being fished and i understand everything here so i'm going to initiate the transaction i'm going to click start and waiting for wallet confirmation this is when metamask top pops up and it tells you yo you're ready to go this is um this is a step all right i will do something here i'm not going to press go because yet again this is the file that i used to generate i've shown you guys all my key phrases so if i did this myself right now obviously i'll be walking myself into a big trap because i'm going to get wrecked so what i'm going to do here is i'm going to upload again i think this is a situation where i'm going to just repeat the step but with a secret set of files that i've generated beforehand so i don't reveal to people what uh what i have so let's see let's let's make sure that everything is safe here closing everything this is the part where i don't want to lose all my money all right so i'm sweating here because i just want to make sure it's right so this is download secret i'm making sure to deposit json actually wait let me just double check yeah make sure this is the correct one uh make sure the file name is correct yep that's correct continue meta mask um that a mask is correct um aware good i'm good i'm good i'm good i'm good and then we are ready to initiate the transaction initiate the transaction all right meta mask don't fail us now so we're actually going to do the transfer this is on ethereum mainnet this is for 32 eef as well i'm just going to unlock my ledger right now as as we go so we can make sure that's happening so um yet again make sure that you don't reveal your ledger pin code all right i'm sweating inside this is a big moment for me we're sending 32 eef to the deposit contract you can also verify it slightly here the deposit contract starts with a lot of zeros so zero zero zero zero zero and it um ends with zero five um fa yet again i'm making all these um security checks to make sure i'm not sending to the wrong address i'm not you know screwing this up somehow if you ever find something you know this screw up you can always hit reject key that's not a problem and um yeah you know in fact initiate the transaction yeah i'm gonna do this again just double check you can also um you can also edit the gas price i think um just make sure that's gonna send okay i'm gonna go for 48 eef because that's a standard fee so i'm just gonna up the gas a little bit so i don't get stuck i can see my heart pounding i'm like don't screw this up michael don't screw this up if you screw this up it's game over all right you got this uh tara else says you got this man i got this all right click the confirm button all right um that window's gonna pop up the security um now i can show the ledger the ledger is here um you're gonna review the transaction data is present um again you can see the address kind of it has a lot of zeros here so i'm making sure that this is the right address uh ends with 05 fa making sure all these addresses are correct i'll stick accept and send good luck to us good luck to us you can also see that um okay so that transaction is getting sent right now metamask did not fail us it's happening guys i spork once this is happening all right so this is happening it's gonna hopefully take less than two minutes over here um it's being sent and metamask also tells you that not metamask this is e4scan tells you that this is the contract address and transaction zero confirmed view on e4scan we got that we got it guys we got it we got it um so check mark sent the transaction successful blast off that eve now is on its way right that's on its way to ethereum 2.0 right now it's interacting with the deposit contract there is no way back there's no there's no way to cancel now that's that's 32 eve that's 18 000 you know sent it off to eve 2.0 we are watching history says jpar yes as you're watching box mining history at the very least where my eve is going live i can't believe i did this actually i can't believe i did this on mainnet um you know it was a very big challenge for me to make sure that everything is right you know imagine if i made a mistake here and i sent it to the wrong address you know that would be gone forever but anyways we're all good now uh we're back we're going to all nodes we're ready for ethereum launchpad so i've generated the ethereum 2.0 phrases i've generated deposit data i've also deposited ethereum to the contract now my eve can make more if j parses right now now your eve is making more eve kind of kind of almost almost soon soon soon so yet again um next step make sure that everything here is correct uh next step um here i will be choosing the slightly advanced version of this um let me just double check that how many um it's a little bit more expensive let me just see this is the price um hours per month all right so how much will it cost it will equal to this times this so it costs 10 per month it's fine it's let's let's go host that up there all right drag files so now you be asked for the files so i'm gonna drag to upload so first of all it adds for the deposit data file drag drop that in now it's gonna ask for the t store drag that drop in yet again make sure that you got the right ones guys all right and now you have to also have the password so this is the password that we generated at the start so when we used to lock up everything i'll tell you to you know remember that password well remember that password all right okay create nodes we're ready guys all right let's make sure my enter my password i just have to make sure that you guys don't see my password too now these are all the things you have to think about before running this thing right like you don't want to you want to take your time all right that's it guys that's it uh notice launch collecting data pending all right so everything that we need to do is now done all right that's it that's all you need to do period all right um node um you're gonna let everything we're gonna watch this in the future it will take some time all right this is where yet again patience is a virtue we just launched it we just made the deposit we just submitted all the data to the the staking contract and we just submitted it to the server as well something that you guys saw just now um and i also explicitly asked about this too is that you know i dragged these two files one is deposit data one is key store to the server and i gave it its password is it safe is it secure that's actually a big concern for me so prior to um making this video i did ask the guys at all nodes so there's a sephiroth uh i did ask sephiroth um directly what's going to happen first of all when you submit this data it's not your mnemonic key phrase so your if is safe right because you don't ever want the server knowing your private private key phrases so your your key phrase is safe so you don't have to worry about that this is just for the server itself so it's a so it's a different set of keys and even if you unlock it even if they see everything they're not going to be able to touch your funds this is absolutely core right not your keys not your crypto they don't get to touch your funds so the one of the biggest risks that you run and they were very transparent about this is that if something does screw up on their end and you get slashed which is you know that's never happened to me and they are they got this done like perfectly that's your biggest risk of the slashing so they're not going to be able to steal your funds which is a big one right you never want to allow anyone to be able to steal your funds and which is what's the whole point of doing this in the first place right if you want to do go through all these steps and you want to do this properly you don't want anyone ever being able to steal your fund so anyways uh long long long lecture done now a few things right so lotus launch collecting data how long is it going to take what's going to happen next i'm going to copy some of the data here so i'm just going to go on to beacon chain beacon chain um this is where you can browse everything and i'm going to just post that address in so you can see that i made the deposit so if you look at it um they actually show you the data right so this is my public key i just posted and it's also basically the address of the account i'm going to be transparent here there's no point hiding i think pretty much revealed everything to everyone at this point um this is the ledger that address that i used um this is uh the transaction for the deposit yet again has a valid signature i think a few people right a few people just um they saw the deposit contract and some people just sent 32 eve to it um i have some bad news for you if you do that um your eve is going to be gone forever you got to go through the stages that we went through just now you know the long painful process that we went through just now well you got to go for that if you just send ethereum to this address you're going to be totally wrecked so we did it properly i showed you guys the correct way of doing it with the ethereum launchpad the official way to do it and you can see the if address the validator key you can see everything it's it's the status is being deposited i'm going to look at the validator key a little bit more you can see the deposit is here and it's now on pending you guys actually have to wait a few days so right now um if you look at the deposit size of this the deposit was made 77 minutes ago but it does take at least 12 hours to be processed by the beacon chain and for everything to go this is absolutely something on ethereum's front right now a lot of people are registering nodes so it does take a while for uh the the eve two deposits to come in so what we'll do is we're not going to wait the 12 hours and it's actually longer than that it's probably going to take seven days so a week or a little bit more than that to um have the ethereum deposits um show up in here so we're going to be a little bit patient we're gonna we're gonna um update ourselves once this is happening but now we have to wait right we have to wait for this to go through and then all node sides they're gonna launch the server and then we're gonna watch that line we're gonna be able to watch um i'm gonna show you what we're gonna be able to see later i'm gonna just show you guys on beacon chain it's pretty easy um epic let's go to these epics here um let's let's find someone else's attestations validators so in the future we can expect this to be um the case so we're gonna we're gonna effectively see right magically in the future this is someone else's validator but magically in the future what you're gonna see on beacon chain is that you can see the current balance you're gonna also see their income um seven day 31 day and estimated apy all right first of all why is this lower um this i raised my eyebrow like why is it only two percent apy it's actually because the network just started so the estimations the reward estimations are incorrect i mean the network's only been running for less than 24 hours so ethereum 2.0 is running less for 24 hours that's why these estimations are all off so what i expect in a you know in a few weeks to come that these estimations will be correct we will be hitting roughly the number is 16.5 percent apy that's um okay so if launchpad uh this one here yeah roughly 16.1 now 16.1 so it's kind of dropping so like i said as more and more millions of eef gets staked it will drop so it could be potentially the case that by a month or two the apy will drop to around 11 but anyways um we're in early we're gonna get some of the early rewards as well so anyways that's pretty much it oh that was uh that was that's that was intense um doing on live stream is always hard because you're you're always afraid of screwing something up and accidentally revealing something you shouldn't have um like i said or maybe something screws up in the process you know typically speaking live demonstrations almost always never work right that's um you know that's always i mean i come from a science background right and whenever you want to do a demo a live demo it almost never ever works so so john weems is live stream in seven days we'll wait for this to finish pending so yeah we will and we're going to keep you updated and you know one of the reasons why um i'm doing this live on this channel is because first of all i don't have to edit any videos maybe i'll edit a simpler guide but i wanted to show you guys at the launch of eef 2.0 i think this video would have made sense prior to the launch of eef 2 because you know you won't get any rewards it would just be boring but now you know we're waiting on those rewards so it's it's kind of the perfect timing for it and also why i'm just kind of showing you guys this is this is the better way to do it it's i know um kind of uh how would i say this okay so this is one of the better ways because you get to keep your keys you know those words that we wrote down that's your private key right that represents your private key that gives you all the power now uh i know exchanges are going to do this in the future and we've seen some services well we've seen staker that um staker is also set up so anchor staker anchor.com so staker is up already uh this is an option for you if you want to um stake less than um 30 eefs start staking so you can start staking but this isn't running your own node that you let them run your own node so it's a situation where you know the method that we did today is the one that you run your own node your helping the network you are there so i feel like this is the this is the one if you want to contribute to eve all right to the network to be cool um and with the most control uh the most the most epic way of doing so obviously i'll just show you guys um okay continue i i should have shown you guys this this is a congratulations i had a big congratulations now thank you for supporting eve2 network now typically speaking if you want to do it the most hardcore way and i know a lot of eef maximalists would say you know this is the way you should do it you've got to go through and set up your own node all right so this involves you running and uh two things you're going to run an ethereum full node and also you have to run a validator and the beacon chain so you're going to have to run three services and then keep them up at the same time why do i notice is because i've done it myself personally so i've gone through the process i've been actually through the whole launch process before just doing the whole process to make sure that i get it right so you want to run geef this is the one that i used so i run it geef right it's go if you run go if you run um uh you actually have to run um prism so i use the prism uh one you run the beacon node and then you run a validator client so you basically have to run four sets so three sets of software it all takes space and they all need to be online 24 hours and you also must make sure that they're accessible so in terms of um allowing poor access so obviously you can't run this you have to run this you can run this at home but you can't run this on mobile phone some people were talking about running this on mobile phone you can't run this on mobile phone um you have to pretty much leave it on 24 hours you're a node and if the machine shuts down if software needs to be upgraded you need to upgrade it all at the same time which is kind of why all nodes make sense because they upgrade the software for you and they run it for you for roughly around um ten dollars a month so yeah why not if i'm already making say uh 240 dollars um ten dollars in terms of expenditure and a peace of mind is good um last thing with all nodes uh why uh this is also good is if you're a baller yet again you can launch multiple nodes from this so you don't have to just do one i did one in this example here but if you want to stake 320 eve you want to be all baller absolutely you can just run 10 nodes here you guys kind of saw my screenshot earlier i was running like 10 nodes for um z coin or something um z coin there so it's just so much easier to maintain and manage um prior to this you know i was being all hardcore i was actually running my own z coin nodes my z coin master nodes um yeah you don't want to do that because they update like every two months and you have to go up to each client run the upgrade synchronize it again it's just a pain this guy um all nodes take care of all the node stuff the nerdy stuff for you so that's pretty much it um yeah so we'll do um uh we'll do some q a so billy says can you stake e from binance right now so yet again i'm i would say a lot of people are staking on binance um i personally wouldn't to be honest like um i've been the victim of exchange hacks so the way i treat exchanges is that if i'm actively trading then sure i'll deposit funds inside but um yeah mount gox is not fun um in fact this month so okay so here's the story i left all my crypto funds in an exchange called mount gox and that exchange then got hacked after getting hacked after getting hacked the exchange closed down disabled all withdrawals and then went through the legal process of returning everyone's funds this is very infamous just search it up those funds are still not back into my pocket yet it's been four years and the last email i got from them was for me to reconfirm my name and email address that you got that right i i i can be as i i i want to rage so hard right now because it's going through the japanese uh law the bankruptcy law in japan and they are just such a shit show so you never really want to leave too much funds on exchange because you might be kissing that goodbye anyway so that's what that's why i keep the keys myself this is why i have ledgers this is why i keep um you know this is why i do this right so in a certain way being hardcore is important um i've learned the lesson the hard way um yeah that's hard tara else is how much would they be today i don't really say numbers here i think this is the only number this is the only episode with numbers because we had to do the 32 eve it was a bit it was a bit of bitcoin and the worst part you know the worst part of mount gox is when they liquidate it they um automatically convert that bitcoin into a us dollar amount um it's just the way japanese bankruptcy law works right so i think they sold all my bitcoin at roughly 800 dollars yeah yeah that's um legal system for you legal legal good job right good job good job japan good job good job good job japan um yeah i mean i think and you might think okay look you're such an idiot for doing that when you started i mean when i started i kept all my funds in exchange because i thought it was safer you know i i didn't trust myself as much as i did today right you know back in the day i'm like oh it's so painful you know writing these words on a piece of paper that's so painful back in the day we didn't have ledgers too so it's like like oh there wasn't a convenient way to do so um so i was like oh exchanges should be more safe to my wallet and why not trust the big exchange out there mount gox at that time actually had around 60 percent of bitcoin volumes so like they were huge they're bigger than any of these exchanges they're bigger than coinbase they were bigger than binance you know if you terms in terms of market share they were gigantic um so i thought i could trust that but you know that's my personal experience no you cannot um yeah so you know and also um yeah um it's not not cool not cool uh at box money just um billy at box money this time it's different it is it is um you know um that's pretty much it so it does um was it hard i i wouldn't say so like um you know there was a lot of buttons to press to make sure you knew what you're doing um in terms of setting up this node and doing everything but overall i wouldn't say it's hard i wouldn't say it's hard i would say it's still it's definitely achievable like the whole point of this video is to show you guys through the process that it's achievable obviously we're doing this early right this is day one so obviously in the future i'm sure there's going to be even easier ways to do it um but at the core if you want to do it properly i've shown you guys a proper way to do it um you know that was the case dylan says did mongox have a professional vibe such look that binance and coinbase give to people i never used it um it was all right it didn't look bad um you know i think in terms of ui ux you know obviously these exchanges these days have greatly improved and i think in terms of security too like it should be a little bit better um but i would say if you're staking i would if it was me right i'll probably do it on either binance but not coinbase i think um i'm kind of caught up in this recent war about coinbase um coinbase is a great way to start right it's a great way for a lot of people to have access to crypto um but trading on coinbase is the least intelligent thing you should like you should do it's um yeah it's gonna involve a lot like of pain in the future so my my two cents is you know uh do it properly uh move on to another exchange you know justin chapman says who's running a validator node here um yeah i'd definitely love to hear who is running a validator node if you guys are running your own nodes and um if you would move over as well um as well eric gomez says does ftx have does ftx has better security than the average exchange it's hard to say i mean you ask an exchange they all say we have the best security in the world right like and they'll they probably if they're smart they won't reveal how to keep it for me personally i'm a little bit closer to the ftx guys because i met them before i've chatted with sam i know what they're doing uh this is also why i'm kind of using that exchange mostly for my transaction and also because ftx um they have free transactions so if you want to do anything like um you saw you can probably see this um this deposit actually did come um not purchase i need to say um assets what buy i have your account you don't need for a scan this came from ftx um i pretty much use ftx as a hot wallet now so if i need any funds to transfer i pretty much just use ftx because all withdrawals from ftx are free so if you guys want to join ftx um um yeah i'll leave my referral code down below it does help up the channel etc so box mining oopsies all right why are you not working why are you not work okay i know why okay box mining co slash ftx so i kind of use that as my wallet now um because all the withdrawals are free coinbase pro used to do that but now they removed it so you know that's that's you know that's great um yen mean quants is hodl everything on metamask so a few things right so okay metamask if you're using metamask use a ledger with metamask all right um there's a few instances if you accidentally uninstall metamask you're going to be in a world of hurt because you're going to lose all those data so obviously make sure if you're on metamask make sure you back up everything correctly i'm not going to show you the backup here because that's actually being used right now but make sure you back it up correctly so in case right in case you accidentally uninstall it which has happened to me once that you're safe um billy says um at box money what are your thoughts on bybit safe so bybit i know a lot of youtubers promote it a lot they have the most number of competitions on bybit but it's nowhere near in terms of power near what ftx is so um ftx i'm sorry bybit is the most profitable exchange to promote for youtubers um it's like that's why there's so many bybit shows right and this is why bybit was so concerned they sent me so many emails um they're like yo box why don't you have a bybit referral on your on your youtube you know you can make a lot of money you know and i know a lot of my youtubers they're bragging they're like making like a the most i heard i'm not sure if this is true is someone was making around half a million or one million per quarter on byfit referrals that's insane um i wouldn't comment too much on security i think you know they're they're an exchange they got a lot of competitions but in terms of trade they're not as powerful as ftx that's what i'm just gonna say there ftx does pretty much everything at this current point like all the markets ftx is just way more powerful but it is harder to use um it takes roughly like i would say like three days four days to get accustomed to the ui and interface but in terms of what they have on the exchange it's just like like next level if you want power this is the one to go for it um okay um llama 666 says plus one for ledger plus metamask that is the way to do it um you know it's it is the way it is the way this is the way i need to watch next season of mandalorian all right so okay so we've been through it all steps guys thank you guys so much for watching today i think this roughly concludes the video so tara l says so it's 32 if no more no less absolutely no more no less if you want to properly run a node this is the proper way of doing it we showed you guys the proper way of running it today keeping everything safe keeping everything kosher um yeah so that's it it wasn't that hard it was not okay um but you just have to make sure you write down you just have to make sure you can write down like what what is it like 24 words not the hardest thing in the world copy copy paste a command run 24 words it's it's not hard at all um airwolf says hey box money what is the minimum hardware to run an eve 2 node and beacon chain thanks that's a really good question so if you want to do this yourself there's two ways of doing it um there's a light way all right so you can have the beacon node and a validator client and i did run that off a aws server um with medium specs you probably want more than one gigabyte of ram um it did crash for me on one gigabyte of ram so if you just want to run these two um these two nodes you'll have to probably use the medium server with at least two gigabytes of ram and two cores supporting it for the initial sync so that's possible but ethereum they recommend that you will run it with um the eef one client as well so if you want to run it with the ethereum one client you're going to have a very beefy server so the recommendation for that is at least a core i7 so at least four cores or if you're amd you can have a ryzen 5 i run it on my eyes and ryzen 5 with absolutely no problem and you need at least 700 gigabytes of space um and i would go over a little bit so when i set this up myself i actually used a two terabyte hard disk um to set up the eef one client and the eef beacon node and the validator client um it was a pain all right simply said if you want to do it the tech way without the the the best way to go the the epic security way um yeah that's pretty intensive if you want to do an aws you can um it you'll probably have to go for aws large with a large amount of storage for it so that's good that's what's gonna cost you roughly you're expected to pay around 70 80 dollars very likely what onnose does is that they use um they probably set it up a little bit more cleanly and they update it for you but anyways i hope that answers your question it it will be beefy um natalia why taylor says will you save this for a replay yes absolutely um yeah you can uh lama666 says the hard drive must be an ssd i've seen that but you can all right you can maybe get away with it if you run on an hdd i've seen multiple requirements okay i've been a kind of i'm kind of a douche here i've seen multiple requirements for a lot of nodes to run on an ssd if you're sneaky you can probably probably get away with hdd all right just for a little bit cheaper but you know it doesn't really matter nowadays you know if you want to have a two terabyte ssd it's not hard here you're gonna mean quen says who wants my 12 week word passphrase guys guys guys stay safe guys stay safe guys bill chances um can apple m1 run the if one node um it could possibly possibly i haven't tested it out so there has been several attempts to run light nodes for if so um the one that i used was geff um if you want to run if one it could um technically speaking you can run the beacon node or the the validated client on about a pi there's an arm project if you want to go all nerdy for that you can potentially run it on a raspberry pi maybe maybe maybe it's not really mature yet i would definitely not recommend it look at the end of the day um it's 10 bucks right um that's the way i think about it like it's 10 bucks and a little bit of trust the reason why i would say i wouldn't run it is because you need to run time as well um in the past when i ran my um run my testnet client if the client would go offline you will start losing money right so that's that's never something you want so anyways um yeah you'll like this is the one that realistically i would recommend at this current point for self custody solution so yeah um yeah pretty much that's it um arc arc time burger says otherwise it'll take ages to sync if it's not on an ssd i think so but anyways uh you have we'll have to test it out i did um i did run my if one node on the hdd and it did take roughly around three weeks of sync so yeah if you want the speed to be faster sure um go for an ssd anyways guys that's pretty much it uh uh tara l says you can't get that apy anywhere without uh without security you need an apy and you need self-custody boom we got kevin svenson's crypto says smash up that like button i hope you guys enjoyed this episode for sure um it was definitely a big undertaking on my side definitely definitely appreciate if you smash up the like button i will make i i think i will edit this to a video um um edit bits and pieces of it and uh yeah it will we'll see how it goes and with that guys thank you guys so much so much for watching hope this answers all the questions and if you have any more questions do shoot them down in the comment section below we'll include the answers in the next stream um big shoutouts to the next stream as well next stream will be on on uh friday on friday 11 a.m hong kong time that's pretty much it for today um black rainbow says x black rainbow says how do you take your if2 out in two years so the instructions will be a little bit more clear in two years so a few things what we expect is that in roughly a year if phase one launches successfully so this is when you know it depends on how fast the developers program so if phase one launches you'll be able to transfer your if2 so you can't transfer back onto if1 but you will be able to transfer within ethereum 2.0 this is very likely going to be a time when exchanges will allow deposits for if2 and during that time very likely you can transfer out so to speak so how are you going to do that that's unclear at this current point very likely in the future you can probably import those words into metamask at some point to transfer those if but yet again it's unclear because the you know the developers haven't done that yet we can't even make any transfers right now on ethereum 2.0 the it's just not capable of doing that yet so at this current point we don't know how but it will arrive in roughly a year that's why you gotta keep those words safe just make sure your your words are safe there so um that's number one if you want to transfer back onto your main account which is on ethereum one what's going to happen is that you're going to wait for another phase called phase two phase two is when ethereum one gets merged into ethereum two so the whole of ethereum will become eve two i made this really bad joke instead of this bad analogy which is like right now if one just gave birth to a baby eve two this baby can do nothing i mean it can't they can't even cry at this current point right you can't do transfers it can't do anything but once it grows up into phase one it's going to be a big boy you can start sending transactions once it grows to next the year after that phase two uh it's going to be a giant and it's going to eat up its mom right it's going to eat up ethereum 1.0 it's going to that's going to merge into it and it's going to become an entire network so that's when you can merge everything together that's when it's going to be uh fun man there's so many ads have you have you guys noticed there's so many ads today for brave uh you know i want to support brave but come on man lower the ads a little bit um we got a question from anthony says cyberfi uh yes i do want to do give a shout out so if you guys are interested in finding out what's happening with cyberfi intelligent defy automation we have a new podcast this this podcast was fast it's like 19 minutes podcast unbox mining bitcoin out of the box check it out you can search for it on spotify anything bitcoin out of the box in fact if you search on google i'm pretty sure it takes you to spotify podcast tail everything so yeah pretty much um there we go so search for that everywhere and with that guys thank you guys so much for watching today uh let me just do the outro and thank you guys do hit those like buttons really does help thank you guys i like to take the time now to tell you a little bit about everything that's happening in the box mining ecosystem first and foremost if you guys like listening to all that's happening in crypto on the go then i would highly recommend you checking out the box 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ways to know a little bit more to extend that knowledge especially in your spare time and then of course check out the newsletter if you're um you know if you want those updates and summaries and trends newsletter is the place for you and with that guys thank you so much for watching this video i really hope you have a good one see you in the next video make sureuh why Hamb craic Thank you. Thank you.