As Ethernet transitions to full proof of stake (PoS), this is a boon for validators who will confirm transactions on the blockchain.
A verifier is an entity that participates in the consensus of the Ether 2.0 protocol. Or in other words, a person running a computer process. This process proposes and guarantees the addition of new blocks to the blockchain.
In other words, you can think of validators as voters for new blocks. The more votes a block receives, the more likely it is to be added to the chain.
Importantly, the weight of a validator's vote depends on the amount involved.
Before you can run the verifier and start protecting the network, you need to pledge 32 ETH. This forms your initial balance. As a validator, you need to have funds to pledge so that you can be punished for dishonest behavior.
In other words, in order for you to be honest, your actions need to have financial consequences.
The following are directions.
- The only way to become a verifier is to make a one-way, irreversible ETH transaction against a current deposit contract on the ethereum chain.
- You will need to be able to run commands in the terminal of your computer. Generating a new Eth2 key pair and installing the verifier software are both done from the terminal. In Ether 1.0, users had only one private key to access their funds. Ether 2.0 requires two different key pairs – a verifier key and a withdrawal key.
The following are some of the system requirements needed to run the node.
To process authenticator deposits from the Eth1 chain, you need to run the Eth1 client and the Eth2 client.
You can use third-party services such as Infura. As of February 2021, the Eth1 master chain data alone will require about 400GB (growing at a rate of about 1GB/day). Be sure to leave enough space on the drive before you run maintenance on the node.
Central Processing Unit / Memory
Check the client documentation to ensure that the hardware you want to use is adequate and supported. Resource usage can vary greatly between clients. If you are dealing with resource limitations, research different clients.
Ideally, your Internet connection should be reliable and as close to 24/7 as possible.
Make sure your bandwidth is not limited and not capped so that your nodes stay in sync and are ready to verify when called. You also need sufficient upload bandwidth. As of February 2021, this is about 700-800 MB/hour and may increase.
Recommended reading: Transactions on the Internet should cost no more than 5 cents, says ethereum founder
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