Ethereum 2: FIVE things you MUST KNOW

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Ethereum 2.0 is launching on December 1st, 2020. This upgrade will bring drastic new changes to ETH - here are the top 5 things you NEED to know about the network upgrade. Understand what are the ethe...

Ethereum 2.0 is launching on December 1st, 2020. This upgrade will bring drastic new changes to ETH - here are the top 5 things you NEED to know about the network upgrade. Understand what are the ethereum deposit contracts, Medalla testnet, ETH2 currency, Launch phases, and clients. Ethereum 2.0 Guide: https://boxmining.com/ethereum-2 Ethereum 2.0 Phases: https://www.youtube.com/watch?v=Z5gKKFszeAA Ethereum Deposit Contract: https://etherscan.io/address/0x00000000219ab540356cbb839cbe05303d7705fa Ethereum Mining Guide: https://boxmining.com/ethereum-mining-guide/ ●▬▬▬▬▬▬▬Recommendations▬▬▬▬▬▬▬● Recommendation List: https://www.cryptoatlas.io/Boxmining 🌼Buy & Sell Bitcoin: https://join.swissborg.com/r/michaeOQZM 🔎Crypto Prices: https://www.coingecko.com/ 🔒Hardware Wallet: http://boxmining.co/ledger 👍🏻Brave Browser: http://boxmining.co/brave 📲Binance Exchange : http://boxmining.co/binance ●▬▬▬▬▬▬▬▬▬▬Community▬▬▬▬▬▬▬▬▬● Boxmining Official Website: https://www.boxmining.com/ Telegram Discussion Group: https://t.me/boxminingChannel Telegram Announcements: https://t.me/boxminingChannel Facebook Community: https://www.facebook.com/groups/CryptoSpartans/ ●▬▬▬▬▬▬▬▬▬▬▬Social▬▬▬▬▬▬▬▬▬▬▬● Instagram: https://www.instagram.com/boxmining/ Twitter: https://twitter.com/boxmining Facebook: https://www.facebook.com/boxmining Steemit: https://steemit.com/@boxmining ●▬▬▬▬▬▬▬▬▬▬Disclaimer▬▬▬▬▬▬▬▬● I'm not a professional financial adviser and you should always do your own research. I may hold the cryptocurrencies talked about in the video.

AI Analysis

Ethereum 2.0, the highly anticipated upgrade to the current Ethereum network, is set to launch very soon, tentatively on December 1st, 2020. This significant overhaul promises exciting changes like passive income through staking and greatly improved scalability, but it's a complex, multi-stage migration rather than a simple overnight update. Understanding these nuances is crucial for anyone involved with the network.

Here are the key things you absolutely need to know about Ethereum 2.0:

* Ethereum 2.0 launches as a completely separate network. This is a crucial point: it’s not an immediate, over-the-air upgrade to the Ethereum you're using today. Instead, Ethereum 2.0 will run simultaneously, in parallel, with the existing Ethereum 1.0 network. This means your current interactions with decentralized applications (dApps) like Uniswap or collecting NFTs will remain exactly the same for the foreseeable future. The developers opted for this parallel approach to manage the immense complexity of such a migration, allowing a smoother transition. As a result, Ethereum 2.0 will have its own distinct development ecosystem, and applications will need specific support for this new network.

* You can earn passive income by staking your Ethereum. One of the most exciting aspects of Ethereum 2.0 is the introduction of staking, which allows you to earn passive income on your holdings. The current expectation is an annual return of approximately 7%. To become a network validator and directly participate, you need to deposit exactly 32 ETH. Validators are responsible for securing the network; if you behave well and perform your duties correctly, you earn rewards. However, if you act maliciously, your staked ETH can be "slashed," meaning a portion of it is taken away to keep validators honest. While directly running a validator can be a bit technical and involved right now, I've been experimenting with it. Fortunately, I anticipate that easier, more commercial staking services, similar to what we’ve seen with programs like Anchor's staker, will emerge once the network becomes more stable. This will make it much simpler for more people to participate.

The deployment of Ethereum 2.0 depends on a deposit goal being met, and you must be wary of scams. While December 1st is the tentative launch date, there's a vital prerequisite: a specific amount of Ethereum must be deposited into official staking contracts. This deposit goal needs to be reached seven days before* December 1st for the developers to trigger the launch. I'll provide a link to track the current progress of these deposits. It’s incredibly important to exercise extreme caution regarding scams. There are numerous fraudulent schemes trying to trick people into depositing ETH into fake addresses. This is an immensely complicated process, so always do your due diligence and compare any contract address you interact with against the official one. If an address doesn't match, it's a scammer, and you should avoid it.

* Depositing ETH into Ethereum 2.0 is currently a "one-way trip." This is a critical consideration if you're thinking about participating early. If you deposit your ETH into the Ethereum 2.0 deposit contract, that ETH will be "stuck" on the Ethereum 2.0 network for a significant period. You won't be able to withdraw it or transfer it back to Ethereum 1.0 until the final migration process is complete, which is currently projected to take anywhere from two to three years. Essentially, for now, it's a "one-way journey to the moon." While I expect that some exchanges will eventually offer services to facilitate exchanges between ETH1 and ETH2, for the time being, you should treat your deposit as non-withdrawable.

* Ethereum 2.0 is built on multiple clients and is just entering its "Phase Zero." This upgrade is a testament to decentralized development. What's really cool is that multiple independent teams are developing different client software for Ethereum 2.0 (like Lighthouse, Prysm, Teku, and Nimbus). Each client has its own strengths, and this multi-client approach contributes to the network's robustness and decentralization, ensuring no single entity dictates its future. Furthermore, the December 1st launch is merely the beginning, officially dubbed "Phase Zero." This initial phase sets the foundation, but the truly transformative features, such as sharding – which is critical for massive scalability – will arrive later in Phase One and Phase Two. It's important to remember that this isn't an instant, magical upgrade; it's a lengthy, very arduous process involving immense hard work from many developers, and we're just at the start of this exciting journey.

Transcript

this is exciting guys so ethereum 2.0 the much anticipated upgrade to ethereum is coming very soon currently it's stated to arrive on the first of december which is well from today it's less than 20 days away so that's really exciting now as the name suggests ethereum 2.0 it's going to bring a lot of changes and upgrades to what we have right now so in fact it's going to be staking it's going to have some passive income it's going to be much more scalable but of course unlike an upgrade that yo...

this is exciting guys so ethereum 2.0 the much anticipated upgrade to ethereum is coming very soon currently it's stated to arrive on the first of december which is well from today it's less than 20 days away so that's really exciting now as the name suggests ethereum 2.0 it's going to bring a lot of changes and upgrades to what we have right now so in fact it's going to be staking it's going to have some passive income it's going to be much more scalable but of course unlike an upgrade that you get on your phone which kind of happens overnight and then magically you wake up and boom you're experiencing something new ethereum 2.0 is a much more involved process it's been a combination of a lot of work by developers and this is the purpose of this video i compile the list of the must knows about ethereum 2.0 so to get you up to speed and ready when december the first first and foremost ethereum 2.0 will be launched as a separate network so it's not going to be an immediate upgrade to what we have right now it's going to be boom it's done in fact it's going to run at the same time as what we're experiencing what we're using right now co ethereum 1.0 so for all its sense and purposes if you're just using ethereum like normal with your metamask or your uniswap or your nfts and collecting everything will be exactly the same for the time being so that's kind of how the developers have kind of decided to do the migration they're not planning to do every migration at once that's too complicated rather they're going to allow everything to run in parallel and ethereum 2.0 will be a different experience that does mean that ethereum 2.0 will have its own development ecosystem the applications that are around right now they'll have their separate ethereum 2.0 support and it'll be a separate network number two thing you must know is that why everyone's excited for ethereum 2.0 is that when 2.0 launches you're going to be able to earn passive income on your ethereum so if you hold ethereum you're going to be able to earn a little bit on the side currently it's expected to be around roughly seven percent so you earn seven percent per year the process itself is not too easy you have to do something called validate the network and what i have to say here is that i've been experimenting and running these validators for a certain period of time currently as it stands you need exactly 32 ethereum to become a validator and the purpose of this is to make sure that you behave so you can earn on your 32 eth by doing good stuff and if you do evil stuff malicious stuff well they're gonna slash you to make sure that you will keep you in line and what i do expect in the coming months and this is why you don't want to you don't need to rush for this but once it's stable enough there are going to be a lot more commercial services like what we've been seeing with anchor with their staker program there will be allowing easy staking and that's when we will do some easy to go guides for that now when will ethereum 2.0 deploy well everyone's asking that question and tentatively so tentatively the date is set for december the first now this does require one important factor which is that there's these staking contracts that are up that requires a certain amount of ethereum to be deposited in order to jump start the network now this deposit goal must be reached seven days before december the first before the developers decide to press that launch button so so far fingers crossed i'll leave the link down below for what the progress is currently like and of course i do want to say just be careful scams right now there's a bunch of scams running trying to make you deposit trying to kind of invent stories this is an immensely complicated process and you definitely want to do your due diligence and i'll put the contract address down below so you can compare it if anyone uses some different address just they're a scammer don't touch that the next thing you must know is that the journey to ethereum 2.0 is a one-way trip so if you really do decide to try to test out the network i'll do that i'll show you guys all that what's happening on eve 2 once it's launched but if you guys do want to do it it is a one-way trip for now so if you deposit into ethereum the deposit contract and try to get eve 2 well your eve 2 will be stuck on ethereum 2 until the final migration process which is expected to be two years to three years from now so yeah think of it as a one-way trip for the time being i do expect eventually that some exchanges will pick this up and probably allow the exchange back and forth between eve one eve two but currently expect that eve two is a separate network and it's a one-way trip one-way journey to the moon so to speak all right the next thing you must know is that this is a fun one so ethereum 2.0 there's actually multiple clients written for it and this is kind of how much of a crazy achievement there is being the decentralized nature everyone can develop their own software to work with ethereum 2.0 and this is why currently we have a collection of software like lighthouse prism techfu and nimbus that have their own advantages and disadvantages so i know that's kind of cool if you know that there's a lot of decentralized labs or teams developing for ethereum 2.0 and it's not dictated by one single person and lastly this is just the beginning so when ethereum 2.0 officially launches it'll enter what is called phase zero i mean being developers they count from zero instead of one but phase zero is just the start and really the exciting stuff like sharding and all that scalability is going to happen later on in phase one and phase two we have a full video about the ethereum phases the current plans for them i'll link that video up here for a lot more detail about what each phase entails and what's involved in each phase but just remember that this is the start of the journey it's not a magic overnight snap of the finger upgrade but rather a lengthy very very arduous process of upgrading because there's a lot to upgrade so just keep that in mind there's a lot of hard work being done on this and we're just at the start of this journey all right and that's it for the five things you must know about ethereum 2.0 i hope that gets you up to speed of everything that's happening now so you can start understanding all the craziness and what's all contracts and the dates and everything that's surrounding this if you have any further questions leave them down in the comment section down below we'll reply to that we'll make further videos and updates and remember we have a lot of educational content on this channel so check up over here for our educational playlist and of course we cover stuff like decentralized finance that's happening so definitely check that up and with that guys thank you guys so much for watching see you next time i'd like to take the time now to tell you a little bit about everything 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