Hey yo, what’s the lullaby, with the Chico Jarhead dudes, and if you're new, looking
for something to do, subscribe & officially join our rowdy crew.
My name’s Tyler, the host of the crypto channel, that seranades better than this harplady
and cows.
She Mooooveed them, with her sweet songs, now’s its my turn, cuz it’s time for Chico
Crypto!
Well, I’ll tell you this, right now...no other youtuber is going to do a video like
this, as many don’t understand how to do it, and a majority of the others deep down
do not care about the crypto markets.
So what type of video is this?
Well, I’m going to get you prepared and ready to stake Ethereum because the launch
of the Ethereum 2.0 because the beacon chain is slated for a december 1st...and in the
Chico barracks, we spot the opportunities early & we don't delay, we seize them & I
actually made a similar video to this, which was kind of “preparation” for this video,
I showed how to get setup for the ethereum 2.0 testnet, and begin staking with the prysm
client from prismatic labs.
Sooo, what is the opportunity here?
I thought Ethereum staking wasn’t going to be providing much “reward” in the beginning
with the mainnet?
I mean you go to calculators like stakingrewards.com and they estimate only 5.26% APY, which with
32 ETH, the amount needed to run a validator node that is just over 1.6 ETH per year.
Not much, and many are saying: “well that risk is not worth the reward”
Well I’m going to show you, that maybe the risk might be worth the reward.
So, for the beacon chain to go live, there is a minimum amount of validator nodes needed
online...that number is 16,384 validators...which is over half a million Ether, if you add 32
ETH to each node.
Now, they have a tracker of how many ethereum are locked, and how far progress is towards
the validator node goal.
As we can see, there is less than 50 thousand Ethereum locked, and there are over 15000
thousand validators still needed, or 92 percent left to go, and the clock is ticking 20 days
left until december 1st.
If you look at the growth of the deposit contract, initially a major boost, when it launched
but it has been flattening out.
And this is a good thing for the Stakers who take the risk...because if you did not know...if
Ethereum reaches only the minimum needed to launch, that staking APY could be 37 percent
per year.
1 million ETH gets in the deposit contract, double the minimum, about 18 percent, and
then 2.5 million, you're still over 10 percent APY.
There is obviously a slow uptake of ethereum 2.0 validators, sooooooo the early bird gets
the freakin worm, those early stakers, are going to be earning higher than projected
APYs right out the gate.
So, why don’t we become some of those early worms?
Why don’t we become solo stakers where all the risk is put in the protocol itself and
yourself, that’s it...instead of a third party.
User Superphiz, once again put out a warning, a video this time, which show’s it seriousness...saying
early third party staking services are highly highly riskay.
So lets do it, and sorry to burst you’re ready to pull the trigger bubble, but I’m
not just going to do it...in this 1 video, this is preparation guys, we are going to
once again learn how to once again stake on the testnet today, because you better have
your testnet node running, and running smoothly before even thinking about becoming a solo
staker.
So, I’ve included the link to joining the prysm testnet, which is the one I’ve been
liking and with this tutorial, we are going to get a tad bit more technical, as we need
it for mainnet go live, which with the last tutorial, we did the non technical one...which
was still pretty damn technical.
So from their tutorial, our 1st step is to fetch and install the Prysm for your operating
system.
Which we will be doing the recommended using the prysm installation script.
So, I wouldn’t go minimum, I would go with the recommended specifications, but it can
be done with minimum, make sure those are all checked before installing prysm.
We will be doing this on windows, as that is what I use, but there are instructions
for linux, amc, and even arm64.
So number 1 maker sure you have GIT installed on your computer, I’ve included the download
link for git, as well it’s in the description
Once git is downloaded, and installed going back to their tutorial..
We need to install the prysm startup script, and to do this, we need to open the command
prompt.
Decide where you would like to keep prysm files, create a working directory and enter
it: they have everything you need to copy and paste on the tutorial….
I would just copy and paste, as seen here, you create the directory, Copy and paste the
next, and it will install prysm from github, and then finally copy and paste the last to
ensure logging appears properly, you may need to enter yes, and then it should say the operation
is completed successfully.
Now we’re officially onto step 2, getting our testnet ETH.
They are running on the Gorli testnet, so you need 32 gorli ETH, and the easiest way,
is to join their discord server, link for that is also in the description, and then
joining the request goerli eth group.
So, you just need an Ethereum address, and I recommend creating one through Metamask
or whatever service you like, and then in that group, you just need to post exclamation
point, send and your address, and the bot will automatically send the goerli eth to
you, I did it, it’s easy.
Now going back to Metamask, woah, where is my 32 ETH?
Well you have to change to the Gorli testnet, to see them.
Check...step 2 is done.
Now we get into the funstuff, step 3, running our beacon node.
So first, before running it, you need access to an ETH1 node, and they have dedicated instructions
for doing just that.
Now, the most decentralized way to do it, is to run your own ETH node, but that is a
whole freaking video in itself, we will be using a third party provider, Infura….sign
up is free and easy, included in the description.
Once signed up for Infura, you just need to make sure on the left bar, you’re on Ethereum,
click new project, name it, we are calling ours testnet medalla.
Save, and your project is created, but the next step is to change to the Goerli Testnet...make
sure to do that
Now it’s time to use the prysm installation script, copy what they have from the tutorial
and this time do it into something like notepad, or wordpad, and then you need to go back to
infura, and copy your https endpoint, the top one, not the bottom.
Make sure your on Goerli...
Now, in Notepad, replace the piece YOUR_ETH1_NODE_ENDPOINT with your endpoint url...then copy that, and
paste it back into command prompt, and then just to make sure everything works add space,
dash, dash..clear-db to the end of it, this will clear any corrupted data if it’s there,
which could stop you... and then press enter….
everything should succeed, and you will know, when you get an estimation of how long it’s
gonna take to sync.
Will take anywhere from 12 to 18 hours.
Hey, Hey, Step 3 complete...now step 4, the onboarding process in the official ETH2 launchpad.
Link for that is also in the description,
1st Go through the signup intro, doesn’t matter the client, we are using a third party,
click continue, select prysm, continue..now it’s time to generate the key pairs.
Select just 1 validator, then select your operating system, we are windows, and now
you need to download the CLI from github, download the correct one, we are getting the
zip for windows.
Once the file is downloaded you need to extract it, and we will put it into our prysm folder.
Once extracted click into the deposit folder, in it, it will have a file, drap and drop
that into a fresch command prompt window.
Don’t press enter, we need to go back to the launchpad, and copy all of this, and past
it with a space after deposit.exe in command prompt, as see here.
Now press enter, it will then ask for the language you want your mnemonic phrase in,
for english just press enter again.
Then it will ask for a password for this, when you type it nothing shows up, so don’t
freak out, just make sure its correct when typing.
Press enter, and then retype and press enter.
Again nothing will show up.
Now your mnemonic phrase is shown, write it down or copy it, if you are ok with that,
but write it down once you get to mainnet, press enter when you have….and then you
can just copy and paste it for this example, but do not save it open on your computer with
mainnet, that is a bad move!
Press enter, and it will creating them for you, and show you where you can find them!
Going there, they are where they should be...very nice!
Now, that we are done with that, it’s time to go back to the launchpad, check your done
and click continue...Now you need to upload your deposit file, you can find that where
the command prompt told you, upload it...and it should show a check if you're good.
Click continue, and now it’s time to connect your wallet, click the service and your correct
wallet, make sure you’re on the Gorlii testnet, or those eth won’t show up.
Click continue and it’s connected, click continue again, go through the cautions, checking
each box and click continue.
Now it’s time to initiate the deposit transaction, click to initiate, it will pull up metamask,
confirm the transactions, and wait for the deposit….you can check etherscan, but it
should be done in under 30 seconds, and we are good.
Transactions successful, click continue...and we are complete with step 4
But we are not done, it’s time for official step 5, importing validator accounts into
Prysm.
So make sure the beacon node is synced after 12-18 hours, we are good to go, it’s synced...Now
open up a new command prompt window, and the first thing you will type is: cd space prysm….now
go back to the tutorial, and in 5 copy whats under using the prysm bat script, copy and
paste this into notepad, now delete everything after the equals sign, and find the exact
path to the wallet you created, the exact path, copy and paste it into note pad after
the equals sign.
Now copy and paste all of that, into the command prompt window.
Press enter….you will then be prompted to enter the password, you created prior for
the wallet, enter it.
Enter the same password again, and it should import the account, 1 for the one node wallet
we created.
Success!
Finally we get to official step 6, running your validator.
You need to open a new command prompt window, then again type: cd space prysm.
Now from step 6 copy and paste, what’s under using the prysm bat script.
Press enter….you then need to re-enter the wallet password you created, press enter,
and if you see waiting for deposit, you are successful!
But a note that it may take from 5-12 hours for nodes in the ETH2 network to process a
deposit.
In the meantime, leave both terminal windows open and running...beacon and your validator
waiting.
But if you need confirmation, of when it will be done, and when your node will start processing
blocks, you just need to use beaconscan.com, and then enter the public key of your validator
or wallet address, click on the deposit, and it will give you an estimated time, we are
actually about 3 to 7 more hours to go.
But once active, it will look exactly like this, confirmation, we have our validator
node running and securing with proof of stake on the medalla testnet.
So, i pray you didn’t get caught up, hung up with this tutorial, and I hope you didn’t
leave and abandon it...remember, the early bird gets the worm, but even early birds still
gotta put in the effort to prey, and you will too.
Cheers, I’ll see you next time