Staking on Eth2
While Ethereum 1.0 uses a consensus mechanism known as proof of work (PoW), Ethereum 2.0 will use a proof of stake (PoS) mechanism. Proof of stake (PoS) differs in that instead of miners, transaction validators stake crypto for the right to verify a transaction. These validators are selected to propose a block based on how much crypto they hold, and how long they’ve held it for.
At the current time, all the aspects of setting up staking Eth2 are internalized. Meaning we’ll take care of all the setup lifting and toting for you.
Some bullet point highlights.
• 524,288 ETH must be staked by 16,381 stakers to trigger ETH 2.0 trigger event.
• Each stake must be exactly 32 ETH at time of stake.
• ETH 2.0 Staking contract went live first week of November, 2020.
The creation of a wallet to support the staking account is outlined below