Following several months of diligent effort from the eth2 research group, alongside Consensys and DeepWork Studio, we are thrilled to unveil the launch of the eth2 validator launchpad (testnet edition).
We are issuing it at this moment so that you can monitor and contribute deposits to the forthcoming Medalla multi-client testnet. However, we will persist in optimizing the interface as we approach the mainnet launch.
The objective of the launchpad is to simplify the transition to becoming an eth2 validator as much as possible, while ensuring security and understanding are not compromised.
Unlike using a third-party provider, operating your own validator entails the responsibility of managing your own keys. This responsibility brings an unavoidable compromise between user-friendliness, security, and education.
Understanding
The initial goal of the launchpad is to assist validators in educating themselves about all elements of the process. Primarily, we aim to ensure that validators comprehend what they are undertaking and the reasons behind it.
Fundamentals
We begin with the fundamentals. Before you embark on the sign-up procedure, it is essential to grasp what eth2 is and the significance of validators for the proper functioning of eth2.
Schedules and Achievements
You should also be aware that eth2 will be launched in multiple phases.
And be informed about our current position within that timeline.
Incentives
Before making a decision to operate a validator, it is crucial to have a solid understanding of the potential incentives you might earn.
Specifically, you need to recognize that incentives are not static, but variable (dependent on the amount of eth staked within the network).
In simple terms, if the total ETH staked is low, the yearly reward is high, but as the total stake increases, the reward each validator receives begins to decrease.
Once you believe you have a solid understanding of the concepts above, you are prepared to initiate the sign-up process.
The initial section comprises a series of statement pairs — a piece of information followed by an acknowledgment in the form of “I understand this piece of information” — which can be broadly categorized into three areas: risk, responsibility, and security (though there is some intersection among all three).
Risk and Responsibility
The eth2 network can only function effectively if validators are aware of their responsibilities and the associated risks.
Concerning risk, we want you to recognize what your slashing risks entail, as well as the inherent risks associated with being an early adopter.
Regarding responsibility, we aim to ensure that you understand that rewards are only granted if you actively engage in consensus, and that this process is irreversible (you will not be able to withdraw your staked ETH from eth2 until much later).
a few examples of statement pairs
Security (Keys)
In contrast to participating in a staking pool, operating your own validator comes with the obligation of managing your own keys.
Before we proceed with generating keys, we want you to understand what they do, and the process involved in their creation. Most importantly, you should be aware that your keys are generated from a unique mnemonic, and that you cannot retrieve your funds without access to this mnemonic.
Key Creation
Once you have accepted the risks and responsibilities, the dapp guides you on how to utilize a distinct command line interface (CLI) application to generate your keys offline.
What does this process involve in practice?
1. Select Your Preferred Language
Upon entering the interactive CLI, you will be prompted to select your preferred language
Please select your mnemonic language (czech, chinese_traditional, chinese_simplified, english, spanish, italian, korean) [english]:
2. Enter password to safeguard keystores & create mnemonic
You will then be prompted to enter a password
Input the password that secures your validator keystore(s):
Successfully validating the password will generate your mnemonic (a sequence of 24 words used for creating your private keys).
3. Document Mnemonic
Notate it and keep it secure (you’ll require it to recover your deposit)
This is your seed phrase. Make sure to write it down and store it securely, as it is the ONLY method to retrieve your deposit. crater positive retire course wide arch ring zoo leader cup steak head spoon host about acquire across duck firm frog raccoon gasp exist valid Press any key upon successfully recording your mnemonic.
4. Produce keys, keystores, and deposit details
Please input your mnemonic (separated by spaces) to verify you have recorded it:
After you have demonstrated that you have accurately documented your mnemonic, you will receive your keys:
##### ##### ## ##### ## ### ## ####### ######################### ## ## ##### ## ## ## ##### ## ## ## ## ##```html ### ######## ## #### ## ## ### ##### ##### # ## # ##### # # # ##### ## ## ## ## ## ## ## ### ## ## ############### ## ## ### ## ## ############################# ## ## ### ####### ################# ### ## ## ## ## ## ### ############## ############# Creating your keys. Saving your keystore(s). Creating your deposit(s). Verifying your keystore(s). Verifying your deposit(s). Success! Your keys can be located at: YOUR_FOLDER_PATH>
That’s all!
Transactions
After you have securely created your keys, we will guide you on how to upload your public keys online, where they will subsequently be validated and dispatched to the deposit contract.
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We ensure that the information you’re submitting is accurate.
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Reconfirm that you grasp the crucial aspects.
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And then assist you in executing those transactions.
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And voila! That’s everything you need to know. You’ve successfully deposited and pledged to become a validator on eth2!
Now that you’ve completed your deposit, the next phase is to select your client (the software you’ll utilize to establish your Beacon Node, import your keystores, and operate your Validator).
It appears that there will be at least four clients active at genesis — Lighthouse, Nimbus, Prysm, and Teku. Even though the client teams might not have Medalla specific documentation ready until closer to August 4th, now is likely a suitable moment to start researching which client (or clients) you wish to experiment with. Check their documentation, try out their local testnets, and feel free to reach out directly to the teams (discord is likely a good platform for that).
The Launchpad has been a significant endeavor for us as a means to create a friendly and informative experience for beacon chain and eth2 onboarding. Nonetheless, we anticipate that other excellent interfaces will emerge over time from client operators and leading teams, and we hope you’ll explore their releases when they become available as well.
We hope you found this straightforward guide enjoyable. We’re excited for you to use the launchpad to make your Medalla testnet deposits 🎉
Special recognition to both Consensys and DeepWork Studio 💙
P.S. If you’re interested in a fundamental overview of what it entails to be a validator in eth2, along with clear definitions of the responsibilities involved, you might want to take a look at our FAQ.
P.P.S If you experience any issues with the launchpad, please feel free to report them here.
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