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Tuesday, December 7, 2021

ETH 2.0 Launch

Altcoins or Bitcoin? Hard decision right now, tears you apart from the inside you just don’t know what to do kind of like this clip. Home is where you make it cuz its time for Chico Crypto! Well, there is one altcoin to pick over Bitcoin in my opinion, that isn’t really a hard decision. XRPeeeee?

No, Ethereum. I said it, over a month ago in early October, that the better HODL in the coming months would be Ethereum, and it came down to 1 reason why: STAKING! And in that time frame, we can see Ether has risen from around 350 bucks to basically 600 as of yesterday, a 71 percent increase!! BTC has been a surging too since then, from just over 11 thousand three hundred to over 18 thousand-two hundred! An increase of 61 percent Hey, now that was a good call, there are not too many altcoins who have outperformed BTC over that period.

But, things are going to ramp up even further than that. As Ethereum hasn’t even transitioned into phase 0 of the beacon chain. That is still coming, hasn’t even happened yet.

When is it happening? The go-live of the beacon chain? Well earlier in the month, the rumour started circling that it would launch on December 1st but as we can see in Decrypts subheading if everything went to plan. Is the plan going smoothly? As to go live on December 1st, they have to reach the threshold number of validator nodes ready and those nodes to have 32 Ether deposited.

Initially, there was a slow uptick in deposits, but recently a surge. Nearly 70 percent of the threshold level and only 5,188 validators left. Now, as we can see here, the number of deposits and validators getting ready has come in bulk in the last few days.

So, if this rate keeps up, the threshold limit should be hit very soon. Here is the process for activation of the beacon chain.

Number 1, threshold validator number has to be met. The next day, #2 the genesis would be initiated. Then #3, there is a 7 day period, where each ethereal 2.0 client, prsym, lighthouse and the others can hardcode some main chain data so they can test that hardcoded data with their clients before distributing it to people who have chosen to stake and validate. Then the blocks start coming, and they are supposed to never stop.

So the December 1st launch was an estimation based on us hitting the validated deposit threshold by today, and it looks like that will happen… Per example, from trust nodes, they reported that Bitcoin Suisse was going to deposit nearly 100k ETH today. From the article, it’s more like nearly 80k, but that alone is going to push the number of ethereal above 438 thousand ETH, or over 83 percent of the threshold.

That means just 17 percent to go, and if Ethereum wants to go live in the 1st week of December, it’s going to need a 4th quarter push, from a crew I like to call the Chico Jarheads, part of this Army.

We’ve been getting prepared for this So what are the options you are going to have for early staking? You can run a node at home with a dedicated, which means on at all times, running on the node, computer 2 weeks ago, I made this video, in preparation how to get set up, on the Ethereum tested, with the Prysm client using windows.

I would highly recommend, you give it a watch, do the tutorial, and get set up stakes on the testnet, before ever thinking about trying mainnet staking yourself. Its included in the description, and you can click on the tag at the very end of this video to be taken directly to it.

But its technical, a lot of people don’t want to do that, have the time to do it, or can’t do it. So what other options are there?? Well, there is something a bit easier. Which takes a lot less of the weight off your shoulders.

And I would love to thanks Bankless, Ryan Sean Adams, and Justin Leroux for this content, as they put it out there, their piece Running an ETH Validator for the Barely Motivated is also included in the description if you want to check out their content In the article, they give two easier options for running an ETH validator node, app node & avail. So what are these? Well, its decentralized infrastructure open-source software packages and operating systems that include everything needed to set up a computer as a server running ethereal nodes, ipfs, staking and more.

Avado and Dappnode both offer you the option to download the package and do a clean install yourself on a home device or purchase a preconfigured system directly from the team. So what is the easier route?? Well, let’s look at the install guide for app node, putting its OS on a piece of hardware. Ya seems pretty technical, doesn’t it?? So definitely purchasing a pre-configured system from app or avado is the easier route.

And by doing this, you’re actually supporting decentralization, and infrastructure efforts, both of these teams are for running full decentralized nodes from your own home & that’s what crypto is all about. And I’m doing it, buying a pre-configured system, today it will hopefully be in the mail, and that is where my Ethereum will be staked…why? Well, you just plug it in, follow the simple instruction sheet, and it’s ready to go. You don’t have a reliance on third parties, your stake is with you, and a significant majority of the technical ground work is done for you.

That’s worth the cost to me So my Avado XXXXX is in the mail when it comes, I will be staking it up baby now, stake it up Chico updates will come then. So extremely technical, on a home device, or a preconfigured system and requirement to do either is you need 32 ETH.

At 600 buckaroos an ETH, that’s 19 thousand 200 dollars!! A significant investment that many cannot make. So what are those with less than 32 ETH to do? Can they stake?? Yes, the 3rd and final option, staking pools. So, you guys should remember my previous content running your own node is the best, and safest route as you are not relying on a third party.

And with most staking pools you are relying on a centralized 3rd party. Don’t do that. If you do go the 3rd route, look for the decentralized staking pool opportunities. And the one I’ve been covering & liking is Rockpool. And they just put out an update last week, concluding their staking beta on the Medalla tested.

As we can see from the post they said The new Rocket Pool beta on the Pyrmont testnet will open on 26th November 2020 00:00 UTC and feature another 10,000 RPL giveaway for participants! We expect this beta to run over the Xmas period and into the new year. It is expected that it will be replaced by a final beta next year, which will include our tokenomics aimed at making the network more resilient and take the first steps towards becoming a full-fledged staking network under the governance of a DAO. So, more betas from Rocketpool and the mainnet…It’s not going to launch this year deeper into the post they say With all that in mind, we are hoping for a Q1 2021 launch if the stars align 🙂 (*Home Alone Face) Oh no! Mainnet q1? Well, actually this is a good thing, as they are taking security #1 those that are rushing their supposed decentralized products out they are not decentralized so beware. The rocketpool post explains why any of them that say they are decentralized, in reality, aren’t. Under When Mainnet? Rocketpool says The main feature we are aiming to launch alongside on mainnet is the ability for an ETH1 smart contract to receive a withdrawal from the beacon chain.

Currently, services which pool ETH together for staking are unable to perform withdrawals in a restless way. This feature has been anticipated by us for some time and was actually proposed by Vitalik not so long ago. In order to be a decentralised AND trustees staking protocol, this is a must-have feature And that feature isn’t out, it’s slated for a quarter launch so what does that mean Chico? Well in some form or way, the decentralized services claiming to be decentralized at launch, is centralized.

So at LAUNCH all pools will be centralized…and many of them are going to be competing to get your ETH…but personally, I wouldn’t put a lick of mine with them! Well, viewers, the choice is yours and yours alone…how will you stake your ETH? But remember, the early bird always gets the worm.

Cheers Ill see you next time!

Read More: Litecoin Inventor Charlie Lee on the Creation of Litecoin (w/ Mike Green of Thiel Macro)

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