How do I buy Ethereum 2
questions and answers
Why is the switch to Ethereum 2.0 taking place?
Since the launch of Ethereum in 2015, the interest group around Vitalik Buterin and Ethereum has wanted to replace the current proof-of-work mining with a more efficient proof-of-stake system. In addition to eliminating mining, Ethereum 2.0 enables higher transaction throughput (scaling) and low demands on the nodes in the network.
When does Ethereum 2.0 start?
Probably at the end of 2020 with phase 0 of the “Beacon Chain” of a three-stage process that will take several years.
When is Ethereum 2.0 ready??
That is still in the stars and depends on how smoothly the development and launch of the individual phases go.
Will Ethereum 1.0 be further developed?
Yes. There are still a number of optimizations and improvements. Given the fact that Ethereum 1.0 will be around for many years to come, there are various development teams working on Ethereum 1.0 and 2.0.
Is Ethereum 2.0 a fork of Ethereum?
No. Both Ethereum versions will exist in parallel for years. You can only get tokens on Ethereum 2.0 if you do without the Ethereum 1.0 tokens.
Is ETH2 its own token?
From a technical point of view, it is a new chain and thus also a new token. This token also initially has completely different capabilities. Since the Ethereum 2.0 token on the Beacon Chain cannot be transferred back to the Ethereum 1.0 Chain, it can be assumed that a market for the ETH2 token will develop. Then the ETH 1.0 token and the ETH 2.0 token will have different rates. But since you can switch from ETH 1.0 to ETH 2.0 at any time (but not the other way around), the price for the ETH2 token should never be higher than the price of ETH. But maybe below.
When can I buy ETH2?
That depends on which exchange will offer an ETH2 market. Bitfinex and Binance are very likely.
How do I get ETH2 tokens?
There will be an address on the Ethereum 1.0 chain to which Ether sends and in return receives ETH2 tokens.
Can I exchange it back again?
No. The transition is only planned in one direction.
Will there be transaction fees with Ethereum 2.0?
Yes. Ethereum 2.0 also has transaction fees, but they will be lower. In the medium term, they should also become more predictable thanks to the improvement suggestion “EIP-1559”.
What does sharding mean in connection with Ethereum 2.0?
Shards are individual parts of the overall system that can act independently of one another in Ethereum. They are the crucial factor that makes Ethereum 2.0 scalable.
What happens to the smart contracts on the previous chain?
The Ethereum 1.0 chain including all smart contracts will continue to exist forever. Over time, however, they will lose more and more importance because new projects use the new chain at some point.
Do I have to do anything with my Ethereum Token (Ether)?
No. Unless you want to switch to Ethereum 2.0 to stake there or later use an application that runs on Ethereum 2.0.
When can Ethereum 2.0 at least do the same as Ethereum 1.0 can?
The new execution environment (EWASM), with which smart contracts can also be executed, will not be introduced until phase 2 at the earliest in 2022.
How do I get ETH2 tokens?
What is EWASM?
The Ethereum WebAssembly (eWASM) replaces the previous Ethereum Virtual Machine (EVM) as the execution environment for the smart contracts.
How do I become a validator on Ethereum 2.0?
By using 32 ETH in a staking contract and running the Ethereum 2.0 node software. It is very likely that there will also be providers who take on this task for users or offer it as a service. Then all you need to do is use 32 ETH (or even less, if the services offer that)
Why should I become a validator?
In the proof-of-stake procedure, validators vote on which transactions are included in a block and validate the transaction. Validators (also called stakers) receive newly created ETH tokens as a reward.
How much return does staking bring?
That depends on how many stakers there are. The following diagram should clarify this. 1million ETH currently corresponds to just under 1% of the ETH in circulation.
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