Ethereum Self Staking: How to Get Started
Staking is a way of extracting ether by storing it in a wallet, and not by mining it with video cards. This feature is already available. Let's see how to use it.
Ethereum staking process
A user can participate in a process in two ways: alone and in a pool. To do it yourself, you need to have at least 32 ETH on your wallet. As of the beginning of 2022, this will be about $100.8 thousand.
The duty of the validator in the blockchain is to keep a copy of the block chain, form new transactions into blocks and attach them to the existing database, and verify the transactions. That is, the health of the network and the security of transactions depend on the validator.
Since at the time of writing the material there was no full-fledged transition to ETH2, you need to use the launch pad of the new protocol to make money. The algorithm of actions is as follows:
- Familiarize yourself with the rules of participation in staking and confirm your agreement with the terms. One of them is the transfer of 32 ethers to the new network and their blocking until the transition to the new protocol. It is also necessary to agree with all other points (there are 10 in total).
- Select the client that will be used to maintain the operation of the blockchain. You need to understand that you will have to process attachments of two protocols at the same time. Therefore, clients for ETH1 and ETH2 will be needed.
- Select a program for the broadcast protocol of the second version. For example, Lighthouse.
- Generate security keys. You must specify the number of validators, the operating system used, and the CLI launch method. You can also download the application from Github. All actions are described in detail in the instructions for the utilities.
- Next, you need to upload the validator file and make a transaction from ETH1 to ETH2.
There is also an easier option. For example, pre-configured devices (Avado) are being sold that can already function as a validator node in the Ethereum PoS network. That is, the user practically does not need to configure the system and programs.
Another option is to become a validator in one of the services (not to be confused with joint staking). For example, Attestant. This is a platform on the Internet that helps to set up and run a node. But they do not store the user’s funds, but only provide the resources necessary for this.
Now you know how to start staking Ethereum on your own. But if there are no 32 coins available, you can still stake Ethereum. Pools are used for this.