The Ethereum Foundation has unveiled details for anyone who wanted to become a validator in the upcoming Ethereum 2.0 testnet called Medalla. In partnership with companies Deep Work Studio and ConsenSys, the foundation is hoping to make the process "as easy as possible" for everyone to participate in confirming transactions in the upcoming version of Ethereum.
Ethereum 2.0, dubbed Serenity, is the next upgrade to the popular blockchain network that will transition its method of confirming transactions from Proof-of-Work (PoW) to Proof-of-Stake (PoS). While PoW relies on physical computing power to build blocks on the blockchain, PoS relies on validators staking their Ether to confirm transactions. Serenity will also introduce "shard chains", which would allow Ethereum nodes to process transactions in parallel instead of doing so in a consecutive manner.
Through the validator launchpad, participants will first be educated with everything related to Ethereum 2.0, what it is and why they are needed to keep 2.0 secure. They will also be briefed on the phases of Ethereum 2.0. Phase 0 will set up the Beacon Chain as well as track validators. In Phase 2, data associated with the upgrade will be added and stored. In Phase 3, programs will finally be allowed to run on top of it.
Participants will also be educated on the potential rewards of becoming a validator. Rewards are dynamic and will depend on the current number of validators and the number of ETH staked by the participant. A low number of ETH staked will lead to higher rewards. However, rewards per validator will decrease the more ETH staked.
The total minimum staked amount is ...