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1/ Why I won& #39;t be staking ETH at launch, a thread...
#Ethereum #eth2
Like many of you, I am excited for ETH2, the Beacon Chain, Phase 0, and everything that will come after.
I have participated in Onyx, Witti, Altona, and Medalla test networks.
I tried Prysm and Lighthouse.
#Ethereum #eth2
Like many of you, I am excited for ETH2, the Beacon Chain, Phase 0, and everything that will come after.
I have participated in Onyx, Witti, Altona, and Medalla test networks.
I tried Prysm and Lighthouse.
2/ I ran the clients in docker on Windows, docker in Linux, and bare metal on Linux.
I& #39;ve opened github issues against both clients multiple times. I even participated in the fuzz testing.
I& #39;ve opened github issues against both clients multiple times. I even participated in the fuzz testing.
3/ I& #39;ve pretty much done it all when it comes to getting familiar with the clients, how to run them, how to configure them, etc.
However, I will not be participating in the genesis, and I will not be staking ETH. Why?
Well, a few reasons really.
However, I will not be participating in the genesis, and I will not be staking ETH. Why?
Well, a few reasons really.
4/ First we have the fact that the average Medalla validator is still in the red.
We all know that everyone is in the red due to a bug in a single client, and the bug was fix...yay?
What happens when/if a similar bug happens on mainnet? What& #39;s the response?
We all know that everyone is in the red due to a bug in a single client, and the bug was fix...yay?
What happens when/if a similar bug happens on mainnet? What& #39;s the response?
5/ Because the Medalla response to do fuck all is an unacceptable response. None of the teams have demonstrated their ability to "fix" a situation like this. To this date there hasn& #39;t been a single successful fork of an ETH2 beacon chain.
6/ This is something that the ETH2 teams seem to be proud of as well. Their response to questions like this is "Let& #39;s get it out the door and worry about forks later." Excuse me?
7/ No. You want to come into a production network with potentially hundreds of millions of dollars day one with pristine, audited code, only to figure out how to deal with forks later? No thanks. The DAO Part 2 will happen, it& #39;s not a matter of if but when.
8/ When Vitalik& #39;s answer to what do we do when ETH2 is attacked is "fork" but nobody wants to demonstrate what a fork for ETH2 looks like...yikes...
9/ Now, speaking of the issue being caused by a single client...that brings me to my second issue, you would think that prior to going to mainnet the teams would all just agree on unified APIs that would allow a validator node from one client to talk to a beacon node from…
10/ …another client...but no, that seems to be something to finalize / work out later too. The whole thing wreaks of being in a hurry to deliver on an arbitrary deadline that nobody is enforcing but themselves.
11/ Without a doubt there is a disconnect between the quality, funding, and cooperation between the ETH2 client teams. It& #39;s one thing to say "You should run a non-Prysm node" and it& #39;s another thing to actually put your $ down on doing so.
12/ Third issue: All of the testnets to date have been HEAVILY centralized and don& #39;t at all resemble what mainnet will/should look like. What do I mean by this? Simple. Goerli ETH is easy to get and people are running hundreds or thousands of validators at a time.
13/ Who the fuck as 32,000 ETH sitting around waiting for ETH2 to launch? Nobody. That& #39;s who. The ETH2 testnets to date have a few beacon nodes and then thousands of validators hanging off those beacon nodes.
14/ Unless we& #39;re all happy with staking pools controlling everything like mining pools do today, this is a piss poor test of network conditions. You guys know how everyone makes fun of ETH killers and their centralized IOPS because they only have a handful of nodes?
15/ That& #39;s what ETH2 test networks look like today.
16/ 1,000 beacon nodes running 64 validators looks a lot different than 64,000 beacon nodes running 1 validator when it comes to network behavior, propagation, delay, etc.
Finally we have the fourth and final reason: Inactivity Leak, Incorrectly Voting, and ? Rewards?
Finally we have the fourth and final reason: Inactivity Leak, Incorrectly Voting, and ? Rewards?
17/ If I put enough effort into it, and I use good stable hardware, solid monitoring tools (that really don& #39;t exist), have a stable internet, don& #39;t have power outages, etc. then sure Inactivity Leak won& #39;t be a problem. But...good luck with all that...
18/ You might not know this but even if your node is online and behaving correctly, it can still vote wrong. Yes, that& #39;s right, your validators don& #39;t always vote correctly.
The question really becomes, how rewarding is staking?
The question really becomes, how rewarding is staking?
19/ How much rewards for staking makes staking worth it for me, as a normal computer nerd who loves Ethereum to participate? I mean, I can invest in a lot of stuff these days...DeFi is blowing up. Why stake as an individual? When Phase 2?
