1.
(1) What is Ether 2.0
Ether 2.0, also known as Eth2 or "Serenity", is the future upgrade of the Ether blockchain. Ether 2.0 will be released in multiple "Phases", starting with Phase 0 (Stage 0), which will be released in 2020. Each Phase will improve Ether's functionality and performance in different ways. If you already hold ETH, don't worry; you don't need to do anything; the ETH 2.0 upgrade is being done behind the scenes and holders should never know the difference.
(2) The difference between Ether 2.0 and 1.0
The main difference is the "consensus mechanism" used (to confirm transactions). Ether uses Proof of Work (PoW), while Ether 2.0 will use Proof of Stake (PoS).
The proof of work mechanism in its current form is a computationally and energy-intensive process that solves the complex mathematical puzzle that Ether miners currently use to validate transactions. The miner who solves the puzzle the fastest will be rewarded. It is hoped that the PoW mechanism will facilitate innovation in the renewable energy sector.
In Proof of Stake, transactions are verified by the verifier rather than the miner. PoS is more energy efficient than PoW because the blockchain uses less computing power to create blocks through PoS protection. The Ethernet Foundation estimates that ETH 2.0 will consume 99.95% less energy than ETH 1.0.
Ether mining using PoW is a very competitive business that requires significant investment in mining hardware and power consumption; this will change with the switch to Eth 2.0, making it easier to participate.
(3) What is Proof of Stake in Ether?
Proof of Stake is an upgrade to the proof-of-work consensus model currently used in Ether 1.0, which improves security and scalability.PoS is a consensus mechanism necessary for sharding, which relies on the verifier pledging ETH to get out blocks. A verifier is someone who participates in the block-out process by depositing (or "pledging") 32 ETH into a deposit contract. based on this, the network randomly selects verifiers from a pool of verifiers, and the selected verifier will have the opportunity to create the next block. Successful verifiers will be rewarded with Ether for verifying the block. If a verifier tries to prevent the chain from blocking out properly, the TAs' deposited Ether is forfeited - meaning they lose (partially or completely) their pledged 32 Ether. This mechanism is more cryptographically secure than the more abstract mechanism of preventing the loss of power costs. Unlike the PoW blockchain where you need to invest in a bunch of mining equipment and huge power costs to mine blocks, pledging on Ether 2.0 requires only a consumer grade laptop. Proof of interest will be available with the launch of Ether 2.0 Phase 0.
(4) How do I earn rewards by pledging on Ether 2.0?
As an Ether 2.0 verifier, you can earn rewards by proposing and proving the next block on the chain. If your proposal and proof information is valid, you will receive a reward in the form of ETH.
The reward is calculated dynamically based on the network state at the end of the epoch (a unit of time in which the beacon chain operates). The issuance rate of network level rewards is a function of the total amount of ETH pledged and the average online rate of verifiers. The yield of an individual verifier depends on the total number of verifiers and the online rate of that verifier.
The amount of ETH a verifier can receive at the end of each session (384 seconds to 6.5 minutes) is equal to the reward minus the penalty. Therefore, when you are randomly selected as a verifier, you may expect to receive a different reward than the verifier actually receives. Click to see the Ether 2.0 calculator for information on the types of rewards available for Ether 2.0 pledges.
(5) Will the ETH I have now be affected?
You do not need to do anything special with the ETH you currently hold. It will continue to be completely unaffected on the Ether 1.0 chain. At some point, the Ether 1.0 chain will become part of Ether 2.0 and your ETH will continue to operate as it does now, without any action on your part.
For those who wish to participate in pledging, you can choose to become a verifier on the Ether 2.0 beacon chain by depositing your ETH into a verifier deposit contract on the Ether 1.0 chain. The ETH you deposit then becomes the verifier balance on the Ether 2.0 beacon chain. This process is irreversible. Stage 0 does not enable transfers, so a verifier must wait until Stage 2 is online to withdraw their ETH to a specific slice, at which point your pledged ETH and earned rewards will be fully available on Ether 2.0.
- The content introduced above is only about the basics of cryptocurrency, which is related to whether we can make money through cryptocurrency. Cryptocurrencies make money not only by scientific methods to increase income, but also by finding ways to save money. The handling fees are small, but they must not be ignored. I have calculated that with frequent transactions and long trading hours, the accumulation of fees can add up to more than 10,000 U a year. Next I will introduce a few common ways to reduce fees on large trading platforms.
(1) Lowering Binance's fees
Binance is currently the world's largest digital currency exchange, and you must sign up for Binance if you want to speculate on coins. The transaction fee is deducted from the assets received. For example, if you buy Ethereum/USDT, the fee is paid in Ethereum. If you sell Ethereum/USDT, the commission is paid in USDT.
Example.
You place an order for 10Ethereum at a price of USD3,452.55 per share.
Transaction fee = 10Ethereum0.1% = 0.01Ethereum
Or you place an order to sell 10Ethereum at 3,452.55 USDT per share.
Transaction fee = (10Ethereum3,452.55USDT)*0.1% = 34.5255USDT
What many people do not know is that the Binance transaction fee can also be reduced. If you want to reduce your Binance trading fees, you must register using the invitation link below or use the invitation code "Q022W7SC".
https://accounts.binance.com/en/register?ref=Q022W7SC
(2) Reducing OKX fees
OKX is a professional digital currency trading platform loved by many users, and its transaction fees can be reduced.
Depending on the volume of transactions, OKX divides its users into two levels: normal and professional. Ordinary users are graded according to their OKB positions, while professional users are graded according to their trading volume and asset size. The different tiers determine the trading fees for the next trading day.
When calculating the fee levels, if the coin trading volume, total trading volume of delivery and perpetual contracts (USDT delivery contract, coin-based delivery contract, USDT perpetual contract, coin-based perpetual contract), option contract trading volume, and asset volume meet the conditions of different fee levels, users will enjoy the fee discount of the highest level.
First method: OKX has an official maximum saving of 20%. Use the link below to register with OKX and save 20% on fees.
https://www.ouyi.business/join/BTC1ETH
Second method: Open the OKX website and enter "BTC1ETH" in the "Invitation Code" on the registration page to see the cashback percentage: 20% at the bottom.
Be sure to enter this invitation code, otherwise you can not get 20% cashback percentage.
(3) Reduce FTX fees
FTX is currently a very fast-growing, contract players more exchange, you must register FTX if you play the contract. if you want to reduce the FTX transaction fees, you must use the following invitation link to register.
https://ftx.com/referrals#a=121031692
3, trading road is long, together with forward
Want to know more about how to reduce the commission?
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