Cryptocurrency

You can already subscribe as a validator in a Medal, a trial version of Ethereum 2.0


Key facts:

It was developed by the Foundation Ethereum, ConsenSys, and Deep Work Studio.

Seeks to educate future validators on basic concepts of Ethereum 2.0.

The Foundation Ethereum announced the launch of a test version of a launchpad validator for Ethereum 2.0, giving rise to the phase 0 transition. This platform was developed over several months in partnership with software companies ConsenSys and Deep Work Studio so that users could track and start to make deposits in the test network multiclientes, Medal, with the purpose of testing the new security mechanisms of the network.

This version of tests, according to the research team on the blog of the Foundation, aims to educate the future validators on basic concepts of Ethereum 2.0: your roadmap, its rewards, its hazards and their associated responsibilities.

Educational function of the launchpad

In Ethereum 2.0, which will implement the proof-of-participation (or PoS, for its acronym in English), it is called validators to the users who deposited 32 ETH in the deposit agreement and executed a node to validate transactions. In return, they receive a reward at ETH, if they maintain an honest behavior and active.

In the case of Medal, since it is a testing version, the deposits will be made in GöETH, tokens native to the testnet Göerli. You must deposit 32 GöETH for each validator that you want to run.

In contrast with the use of a third-party service, you run a custom validator involves the responsibility of managing the keys themselves. In addition, the research team of the Foundation says that they want to make sure that the validators know what they do and why they do it.

In the home screen of launchpad users receive all the necessary information before you run the validator. Source: Medal Launchpad Ethereum

The responsibilities of the validator, the launchpad warns on your home screen, that “only the validators that are actively involved in the consensus are rewarded”. Instead, it clarifies that those who are out of line will receive a penalty equal to the reward it would receive if actively participate.

It emphasizes the importance of preserving the key a secure and private manner. It is clarified that without them, the validator can’t make proposals nor to withdraw your investment, or the rewards accumulated.

It is important to note that, this being the phase 0, the transfers between validator will not be available, but at least until the start of phase 1. Also, for being a one-way transition from Ethereum 1.0 to Ethereum 2.0, transfers will be irreversible, that is to say, not be able to return to the previous chain. To be able to withdraw coins to a specific partition, you will have to wait until phase 2, which is estimated to happen in about two years.

Also the platform warns about the risks that has the early adoption of an emerging technology. “As with any new piece of software, there is the possibility that there are errors,” he says, and adds: “while it is unlikely, these errors could lead to the slashing” (it’s called slashing to the loss of the stake and expulsion of the validator).

In this connection it should be noted that the Foundation Ethereum carried out numerous tests in order to detect errors. As a regular practice offers rewards to those who find vulnerabilities and weak points in the network.

Medal: the last step before Serenity

This validator will be run on the test network with the Medal, which is the full simulation of Ethereum 2.0. It is expected that Medal is the final step prior to Serenity, the long-awaited update.

Medal, unlike other networks test, will be suitable for all audiences. Any person interested in use it may do so, and not just a small group of developers of Ethereum.

As reported Breaking News days ago, the tentative date for the launch of Medal is the 4 of August, but for this you must have 48 hours before with 16,384 nodes validators that have among all of at least 524.288 ETH.

Not met this requirement, the launch of the network will be deferred until the necessary amount of validators.

About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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