Ethereum 2.0 — What you need to know?

JC jawe.sol
4 min readDec 14, 2020

Ethereum 2.0 you might heard it since Q1 of 2020 or on 1st December 2020 due to the Proof Of Stake mainnet is been launched. If you are excited to be Validator get rewarded for proposing and attesting to blocks.

Ethereum communities generate interested of the Eth2 staking contract having currently about 1,490,593 Ether been staked, (at this time of writing on 15 Dec 2020). Coogan Brennan from ConsenSys will explain the Journey to Becoming a Validator on Ethereum 2.0

What most of the people may not know about Ethereum 2.0 is called Beacon-chain. Most people will not understand about Ethereum 2.0 Keys which had Boneh-Lynn-Shacham (=BLS) signature scheme. These keys (ETH 1.0 and ETH 2.0) are based on the same idea and use elliptic-curve cryptography to create keys; like your public address of your home as (Validator public key) and your private house keys as (Validator private key).

Deposit Process

This post will explain the depositing process and each of the phases. Before we start, to understand the basic idea of how Ethereum 2.0 keys work, the Ethereum 2.0 Keys blog is highly recommended.

FAQ: Ethereum 2.0

The deposit contract

Let’s go through each of the states above and explain how their durations are approximately determined.

Rewards and Penalties

The Honest Validator

If you make one or several payments to the deposit contract deployed in the Eth1 chain, accruing to an amount equal or larger than 32 ETH, you can qualify to be a validator of the Eth2 Beacon chain.

There are no limits on how much ETH you can add to a validator’s stake. There is, however, an…