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Ethereum staking ETH 2.0 Guide Tutorial Validator

How to Stake Ethereum 2.0 Guide

Posted 05-04-2021, 01:01 AM
Ethereum 2.0 Staking Tutorial -  Simple

This tutorial will go into through why and how to stake Ethereum

[Image: logo11.png]


Let's begin this by explaining what is Ethereum 2.0 in the first place. Ethereum 2.0 is a proof-of-stake (POS) consensus upgrade from the current proof-of-work (POW) consensus.

To put it simply instead of having massive amounts of miners, Ethereum 2.0 will use validators that require 32 ETH for staking. Validators are consumer-friendly and have very low computing power so that even older laptops or computers would be able to run it. Ethereum 2.0 will improve the performance, scaling, and functionality compared to Ethereum now. It will lead to more innovation and greater things for everyone!

To make things as simple as possible we will assume you want to build a rig yourself with windows as the OS for running the validator yourself with 32 ETH. I will touch on staking services at the end briefly.


Why would you want to stake?
The reason for many who want to stake is the profit aspect. Validators are rewarded ETH for their attestation and proposal. But aside from rewards, staking promotes decentralization and security of the network. Win-win for everyone doing your part and getting rewarded.

You can use this Ethereum staking calculator to view the current APY

One-click ETH staking calculator: https://ethprofit.net/



What are the requirements?
To run a validator you need essentially 2 things, Sufficient Hardware & 32 Ethereum.



Hardware recommended plus my opinion
Operating System: 64-bit Linux, Mac OS X, Windows
Processor: Intel Core i7-4770 or AMD FX-8310 (or better) (Ryzen APUs)
Memory: 8GB-16GB RAM (16GB RAM DUAL CHANNEL IMO)
Storage: 500GB-2TB available space SSD (1TB minimum IMO)
GPU: Not necessary onboard graphics is sufficient

Many have opted not to build the system themselves but rather buy a prebuilt/intel nuc. You can do the same it will cost more, it's a personal preference. For the sake of this guide, I assume you are not technically savvy and would rather use windows than Ubuntu/Linux.

My system:
Spoiler (Click to View)



Section 1 - Ethereum deposit process

1. Head over to https://launchpad.ethereum.org/en this is where you will be directed and guided on how to deposit your ETH for staking into the verified deposit contract for Ethereum 2.0. Just follow the steps and read. Do not just follow this guide read the instructions on the launchpad.


Spoiler (Click to View)

2. Click become a validator AND READ THROUGH ALL THE INFORMATION PROMPT. Your understanding of being an Ethereum validator even if it's basic knowledge is crucial. Do not skip through it.

Spoiler (Click to View)

3. You can run your own ETH1 node from the available clients which helps decentralization or use infura which essentially is running the ETH1 node for you. We'll touch on infura in a bit.
Spoiler (Click to View)

4. You can run your validator on the available clients, but for this guide we'll be using prysm.

Spoiler (Click to View)

5. Input however many validators you wish to run then select windows. Go to GitHub to download the CLI.

Spoiler (Click to View)
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6. Extract file and open CMD, type the following commands. REMEMBER TO SAFELY STORE YOUR PHRASES you can do this on a safe machine disconnected from the internet.

Code
cd [DIRECTORY TO THE DEPOSIT.EXE

Enter the code given to you on launchpad that you customized THIS IS AN EXAMPLE
Code
.\deposit.exe new-mnemonic --num_validators 1 --chain mainnet

Spoiler (Click to View)

After you verify your phrases WHICH YOU SHOULD HAVE STORED SAFELY on the success page. You lose this you lost your money. BACK IT UP/STORE IT SAFELY!
Spoiler (Click to View)


7. Next continued, You will have a folder called 'validator_keys' in the deposit.exe folder. Upload the deposit data. Store safely these files!

Spoiler (Click to View)

8. STOP! Now it's time to setup the validator before depositing. Remember once you deposit once you are activated. Your validator expected to be online remember? Now we move into the setup. We will come back to this.





Section 2: Staking setup

1. Head over to Prysm website https://docs.prylabs.network/docs/mainnet/joining-eth2/, click 'the Prysm installation script' in the first step. We'll be following the steps on prylabs.

Spoiler (Click to View)

Follow code prompt on prysm

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2. If you are lazy you'll use infura, head over to https://infura.io/ and create an account. Go into 'Ethereum->Settings->Endpoints mainnet'

Spoiler (Click to View)

Back on Prysm use their step 2 code

Code
prysm.bat beacon-chain --http-web3provider=<YOUR_ETH1_NODE_ENDPOINT>

yours should look like
Code
prysm.bat beacon-chain --http-web3provider=wss://mainnet.infura.io/ws/v3/1361i0hg9wuihg123

anyways throw it into CMD it should look like so. Read the prompts the continue

Spoiler (Click to View)

The end result, will take a couple of hours to sync depends on your hardware and internet

Spoiler (Click to View)


3. Once you have FULLY SYNCED, You can now head over back to https://launchpad.ethereum.org/ where we left off on connect wallet and complete the deposit process. Sync all the way to the head before completing the deposit process.

Spoiler (Click to View)


4.
Import the validator keys we had generated in section 1: Step 7 from the validator key folder. Open CMD and put in the code

Code
prysm.bat validator accounts import --keys-dir=%LOCALAPPDATA%\eth2.0-deposit-cli\validator_keys
Enter the directory of your validator key

Spoiler (Click to View)

5. Open a second CMD alongside your beacon (the syncing CMD) and use the follow code to launch your validator.


Code
prysm.bat validator

It can take hours or a couple of days depending on pending validators. Normally it's a couple of hours for your validator to be activated.

Spoiler (Click to View)
Congratulations you are now a validator staking on Ethereum!


I've read everything yet I still feel uneasy
Totally normal and expected. You can literally do all of this SAFELY on Ethereum Pyrmont testnet with test ETH. You will get to familiarize yourself with all these steps and processes exactly like mainnet. This will boost your confidence in running a validator.

https://pyrmont.launchpad.ethereum.org/

Brain dump
  • Store your phrases safely.
  • UPS won't be a bad idea for your validator if you plan to run it at home.
  • Go to sleep well knowing you are securing the network thus protecting yourself from centralization.
  • PoW to PoS merger is hopefully shortly after the July London Hard Fork.



Important resources
Block explorers:
Communities/Tools:
ETH2 clients: