Blog post: Should I buy Ethereum? How to make money staking with ethereum 2.0
Bitcoin mining in 5 minutes: https://www.youtube.com/watch?v=OlVyhFPuNNY
Ethereum roadmap: https://docs.ethhub.io/ethereum-roadmap/ethereum-2.0/eth-2.0-phases/
Ethereum rewards calculator: https://www.stakingrewards.com/asset/ethereum-2-0
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00:00 Intro
01:36 What is Staking? Basically A better way to mine: Uses less hardware and less electricity.
04:36 How will Ethereum move from Proof-of-work to Proof-of-stake?
The Serenity Phases
07:43 What exactly is Proof of Work – A quick explanation
10:13 Proof of Work vs Proof of Stake
13:58 When is Ethereum switching to Proof of Stake?
16:03 How can I start staking Ethereum
16:29 Why would I want to stake Ethereum?
16:50 How much do I earn staking Ethereum?
20:36 What software do I need to stake Ethereum?
21:16 How long is my Ethereum be locked up when I stake?
22:00 Can I stake Ethereum with less than 32 Ethereum?
23:00 Conclusion – Should I buy Ethereum? Can I Earn money staking Ethereum?
I’ll try to explain in detail what proof-of-stake is later on in the article – spoiler alert: it has nothing to do with buffy. The short answer is: staking is the process of holding funds to receive rewards, while contributing to the operations of a blockchain.
The important part here is by locking up your Ethereum you will earn interest as Ethereum (ETH) in return. You can picture it like a stock that you buy for which you get some yearly dividends. Pretty awesome right? Yes it is.
Now you might be wondering why will Ethereum use staking and stop using proof of work? Well, staking brings a lot of advantages to the Ethereum blockchain.
First and foremost staking is a lot more energy-efficient than mining – Greta Thunberg approves! /jk
Furthermore, it will address the burning issue of scalability and reduce Ethereum’s inflation rates. To sum it up staking is in general more secure and leads to a higher decentralization and scalability than mining.
These changes are pretty big for the Ethereum blockchain and the decentralized application running on it.
How will Ethereum move from Proof-of-work to Proof-of-stake?
A very good question. This transformation, in technical terms consensus protocol switch, will happen with a larger set of upgrades known under the alias Serenity – Ethereum 2.0
However, Serenity brings a lot more changes than just a switch from PoW to PoS. Ethereum’s core the Ethereum Virtual Engine EVM will be replaced by eWASM, which has some quantum-proofing attributes. Furthermore, there will be some improvements to improve the survivability of the network (protection against quantum computers.)
Ethereum staking is just the first step of the Serenity upgrade.
It all starts with the new Casper PoS protocol which is launched on a parallel Beacon Chain. Casper addresses many issues such as increasing scalability and removing centralisation caused by the current PoW protocol.
The Ethereum network is secured through a process called mining. Miners solve complex calculations, which can be compared to hard sudoku puzzles. They need a lot of computer power to solve these puzzles. However, when a miner manages to solve one of these puzzles (a block) the proof of their “work” is stored on the blockchain. Miners race each other to compute the next block. The first miner to solve the next block receives newly minted Ether (ETH) as a reward as well as transaction fees for that block. If you want to learn more about mining I posted a video a while ago explaining What is Bitcoin mining in 5 minutes.
The security of the Ethereum network relies upon the amount of computing power, also known as hashrate, which powers the network. Since mining requires a lot of computing power, there are a lot of miners on the network. This is to prevent a person or a group of people from having more than 2/3s of the hashrate and to prevent a 51% attack. However, with mining farms getting bigger, the computing power is no longer as decentralised as we would like it to be.
This is where Proof of stake comes in and why moving to proof-of-stake is a sensible decision.
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