What happens to my ETHs in Ethereum 2.0

What happens to my ETHs in Ethereum 2.0

Ethereum 2.0 arrives in 2020, and no, you don’t have to do anything with the Ethers that you have accumulated over the years.

We already talked at the time about the what can we expect from Etherem 2.0. Now that the migration is closer than ever it is possible that some users wonder what they have to do with their Ethers to facilitate the migration in the face of an imminent hard fork.

Will they have two currencies as happened with the Ethereum Classic hard fork? What happens if the ETHs are in a hardware wallet or in an Exchange?

For Ethereum holders, it is important to note that they will not have to do anything to facilitate their migration since the Ethereum 1.0 blockchain will be absorbed by Ethereum 2.0 without any necessary action by the users, but now they will be part of a network more secure and scalable that also runs on Proof of Stake instead of Proof of Work.

In fact Ethereum 1.0 will be one of the 64 Shards that will now make up the Ethereum 2.0 network, so its entire history of blocks will be preserved.

Staking on Ethereum 2.0

Ether holders interested in holding, trading or using their Ethers in Dapps will not notice any changes with the migration to Ethereum 2.0. Those who are instead interested in stacking have a good chance to do so in this new update.

Staking is the process of validating blocks on the Ethereum 2.0 blockchain. To be a validator, you will need to own 32 ETH and deposit it in a smart contract developed by the Ethereum Foundation.

To be a validator it will be necessary to download a client like TeKu and always have a node active since if we turn it off we could suffer penalties.

If you do not have at least 32 ETH or you do not want to have a device on 24/7 it will always be possible to stake by joining a mining pool. For this, we will have to deposit our Ethers to the company that mines on our behalf.

Here you have a list of official mining services (audited by the Ethereum Foundation) for people who do not own 32 ETH.

Daniel

About Daniel

Product Owner

Madrid, Spain CRIPTOMO

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