In this video you will learn what you need to do when Eth 2.0 comes out if you own some Eth 1.0 during the Ethereum 2.0 Serenity Upgrade
The short answer. Unless you want to become a validator you do not need to do anything with your Ethereum 1.0. You don’t have to worry Eth 1.0 is transferred automatically into Eth 2.0 after Phase 2.
If you want the long answer and more information about what is happening behind the scenes with the migration of Ethereum 1.0 into Ethereum 2.0 then continue watching.
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Camilo Tapia asked a very good question. I will read it out for you:
Hey does anyone know and mind explaining what I’m supposed to do when eth2.0 comes out if I owned some eth 1.0?
Will my current eth be “old” and become useless? Does it automatically exchange to eth 2.0? I’m confused and have a hard time finding the answer.
What happens to ETH 1.0 when ETH 2.0 comes out.
The short answer is yes.
The current proposal is that in Phase 0 users can lock up their ETH 1.0
Once Phase 0 is complete, there will be two active Ethereum chains.
Eth 1.0 the proof of work chain and
Eth 2.0 the proof of stake chain
During this phase users can become validators by staking 32 Ethereum. They need to send their Eth 1.0 to the Eth 2.0 chain. At the moment this a one way bridge with no way to migrate this Ethereum back.
ETH 2.0 Migration for users that are not validators
The current proposal is that in phase 2, all the transactions and the state of the current Eth 1.0 chain will be transferred into a shard on the Eth 2.0 chain.
Ethereum 2.0 introduces sharding. This means that the entire Ethereum 2.0 network is split into multiple data layers. Each of these data layers is called a shard and has their own unique set of account balances and smart contracts.
The idea is that in phase 2 of the Ethereum 2.0 roadmap, Ethereum 1.0 will be transferred in it’s whole, all transactions and state into a shard on the Eth 2.0.
Quoting Danny Ryan:
“Once the state execution layer is in the new 1024 shards, users will be able to transfer ETH directly to the shards from the PoW chain. In the long term, the plan is to roll the PoW state into one of the shards.”
After Phase 2 the infrastructure of Ethereum 2.0 will be configured such that the present ethereum mainnet can safely and securely be merged into the new network fully.
Does ETH 1.0 become “old” and useless?
You do not need to worry about your Ethereum 1.0 becoming old and useless. You do not need to do anything.
What to do when ETH 2.0 comes out if I own some ETH 1.0
You can either become a validator and stake ethereum or you can do nothing and just hold on to your ethereum 1.0 until it is fully integrated into Eth 2.0
Please be aware that this information is always subject to change. If there is new information concerning the Ethereum 2.0 migration, I will keep you informed.
Thanks again Camilo Tapia for this great question. If you find value in these types of video then hit the red subscribe button to be part of the team and to stay up to date with ethereum and blockchain related topics.
Do you have any questions? Then ask them down below. I do my best to answer each and every question.
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