Ethereum 2.0 – Minimum deposit reached
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Ethereum 2.0 – Minimum deposit reached
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Re: Ethereum 2.0 – Minimum deposit reached
#2TLDR; The transition from Eth1->Eth2 requires the following steps:
1. Network operators (stakers) deposit at least 524,288 ETH in a special contract
2. The early Eth2 blockchain (the "beacon chain") launches Dec 1st
3. The Eth1 blockchain will be merged into Eth2 (details TBD)
4. Other features will be added to make Eth2 fully functional (sharding being the biggest feature)
Just a few minutes ago, step 1 has been accomplished.
Re: Ethereum 2.0 – Minimum deposit reached
#3TLDR; The transition from Eth1->Eth2 requires the following steps: 1. Network operators (stakers) deposit at least 524,288 ETH in a special contract 2. The early Eth2 blockchain (the "beacon chain") launches Dec 1st 3. The Eth1 blockchain will be merged into Eth2 (details TBD) 4. Other features will be added to make Eth2 fully functional (sharding being the biggest feature) Just a few minutes ago, step 1 has been acc…
Does this mean no more mining and waste of electricity ?
Re: Ethereum 2.0 – Minimum deposit reached
#4TLDR; The transition from Eth1->Eth2 requires the following steps: 1. Network operators (stakers) deposit at least 524,288 ETH in a special contract 2. The early Eth2 blockchain (the "beacon chain") launches Dec 1st 3. The Eth1 blockchain will be merged into Eth2 (details TBD) 4. Other features will be added to make Eth2 fully functional (sharding being the biggest feature) Just a few minutes ago, step 1 has been acc…
Does this mean no more mining and waste of electricity ?
Eventually yes, but mining isn’t a “waste” of electricity any more than any electricity used for any essential service is. Isn’t all electricity effectively wasted if the same service can be offered for less electricity? Ethereum (and bitcoin) provide a service, and that service is protected using electricity.
Re: Ethereum 2.0 – Minimum deposit reached
#5TLDR; The transition from Eth1->Eth2 requires the following steps: 1. Network operators (stakers) deposit at least 524,288 ETH in a special contract 2. The early Eth2 blockchain (the "beacon chain") launches Dec 1st 3. The Eth1 blockchain will be merged into Eth2 (details TBD) 4. Other features will be added to make Eth2 fully functional (sharding being the biggest feature) Just a few minutes ago, step 1 has been acc…
Does this mean no more mining and waste of electricity ?
Said somebody typing a comment online? You can always go back and live in a cave if you think modern society is "too wasteful".
Re: Ethereum 2.0 – Minimum deposit reached
#6Earlier quoted context omitted.
Does this mean no more mining and waste of electricity ?
Eventually yes, but mining isn’t a “waste” of electricity any more than any electricity used for any essential service is. Isn’t all electricity effectively wasted if the same service can be offered for less electricity? Ethereum (and bitcoin) provide a service, and that service is protected using electricity.
If there were refrigerators that could work without electricity with no the same set of capabilities, then any refrigerator still using electricity would be considered wasteful.
Re: Ethereum 2.0 – Minimum deposit reached
#7TLDR; The transition from Eth1->Eth2 requires the following steps: 1. Network operators (stakers) deposit at least 524,288 ETH in a special contract 2. The early Eth2 blockchain (the "beacon chain") launches Dec 1st 3. The Eth1 blockchain will be merged into Eth2 (details TBD) 4. Other features will be added to make Eth2 fully functional (sharding being the biggest feature) Just a few minutes ago, step 1 has been acc…
Does this mean no more mining and waste of electricity ?
Just to riff on this idea, despite inevitable pushback:
Bitcoin's proof-of-work is basically a conversion of energy directly into money. This pushes competition towards cheaper and cheaper sources of energy. First it's finding jurisdictions that subsidize it, then it's creating your own cheaper energy sources. Proof-of-work incentivizes cheap & renewable energy investment.
The penultimate phase is custom off-grid mining farms that power themselves via their own renewables. The endgame is that all energy companies will primarily be Bitcoin mining companies, feeding their excess renewable energy into the grid to power homes, etc.
Re: Ethereum 2.0 – Minimum deposit reached
#8Earlier quoted context omitted.
Eventually yes, but mining isn’t a “waste” of electricity any more than any electricity used for any essential service is. Isn’t all electricity effectively wasted if the same service can be offered for less electricity? Ethereum (and bitcoin) provide a service, and that service is protected using electricity.
If there were refrigerators that could work without electricity with no the same set of capabilities, then any refrigerator still using electricity would be considered wasteful.
I'm not saying that proof-of-stake is bad, but it does change the way the network functions, because it locks capital and therefore affects the velocity of money in the network.
It also changes the distribution of mined coin. Whereas currently it takes an equal mining cost to reap an equal reward, proof-of-stake rewards those who already have enough to stake. This is essentially a recreation of the inflation system we have in the fiat world, where printed money first goes to the government, who can spend it at its current value, eventually having it entropy out to other users through spending, at reduced purchasing power. This makes the rich richer, and increases inequality of savings in the network.
So it's not exactly the same refrigerator, so to speak.
Re: Ethereum 2.0 – Minimum deposit reached
#9Earlier quoted context omitted.
Does this mean no more mining and waste of electricity ?
Just to riff on this idea, despite inevitable pushback: Bitcoin's proof-of-work is basically a conversion of energy directly into money. This pushes competition towards cheaper and cheaper sources of energy. First it's finding jurisdictions that subsidize it, then it's creating your own cheaper energy sources. Proof-of-work incentivizes cheap & renewable energy investment. The penultimate phase is custom off-grid min…
> The endgame is that all energy companies will primarily be Bitcoin mining companies, feeding their excess renewable energy into the grid to power homes, etc.
Or you could just skip the Bitcoin part...
Re: Ethereum 2.0 – Minimum deposit reached
#10Earlier quoted context omitted.
Does this mean no more mining and waste of electricity ?
Just to riff on this idea, despite inevitable pushback: Bitcoin's proof-of-work is basically a conversion of energy directly into money. This pushes competition towards cheaper and cheaper sources of energy. First it's finding jurisdictions that subsidize it, then it's creating your own cheaper energy sources. Proof-of-work incentivizes cheap & renewable energy investment. The penultimate phase is custom off-grid min…
Cool, except so-called renewable energy sources still built using non-renewable materials.
There also physical limits to efficiency of energy transformation and slightly less heat loss per unit of energy with much more energy production is not exactly what climate needs right now.