Ethereum 2.0. Myths, facts, preparation

What needs to be done to prepare?

Merge is one of the most significant and anticipated updates in the history of Ethereum. In the future, everyone will feel its influence and significance. In the meantime, some people will need a couple of steps to be fully prepared.

Users and Holders

You don’t need do nothing to protect your assets during the transition.

This applies to ETH holders as well as holders of any other Ethereum tokens. As well as non-node stakers.

We repeat, you do not need to do anything with your funds or wallet prior to the merge.

Despite the replacement of the algorithm, the entire blockchain remains intact and unchanged after the transition to Proof-of-Stake. Any assets that were held in your wallet before the merge will remain available after the merge.

Important! The closer the date of the merger, the more you need to be prepared for scammers who want to cash in on the panic. Don’t send your ETH anywhere in an attempt to “upgrade to ETH2”. The “ETH2” token does not exist. You don’t have to do anything to keep the funds safe.

Node Operators and dApp Developers

If you are a staker using your own node or a node infrastructure provider, you need a few things to prepare for the merge.

Basic steps:

  1. Run both consensus layers (layer client and execution layer client); third-party endpoints to receive execution data will not be available after The Merge.
  2. Authenticate runtime and consensus clients using a common JWT secret so they can exchange data securely.
  3. Set the “fee recepient” address to receive fee tips/MEV ( transaction fees earned).

Failure to complete the first two steps will result in your node will be listed as “

offline” after the merge until both layers are in sync and are authenticated.

If you don’t set “fee recepient”, your validator will work as normal, but you will lose the unburnt fee tips and any MEV you earn from validation.

For more information visit Staking Launchpad and checklist.

Important: SaaS stakers or staking pools do not need anything do.

Node operators and Infrastructure Providers (no validation)

If you are running Ethereum nodes without validation, the most important change is the requirement to run both client layers (execution layer and consensus layer).

You are probably already using an execution layer client (Geth, Erigon, Besu, or Nethermind). Before the merge, this was enough to receive and validate blocks.

After the transition, the validation of transactions will also depend on the validation “

    consensus block” in which it is contained. Therefore, after the merge, you will need both a runtime client and a consensus client. These two clients work together using the new Engine API. The Engine API requires authentication using a JWT secret, which is provided to both clients for secure communication.

    What to do:

      Install the consensus layer client in addition to the runlevel client.

    Authenticate execution and consensus clients with a shared access token (JWT secret). Now they can exchange data securely.

    If the above points are not completed in time, your the node will appear “offline” until both layers are synchronized and authenticated.

    Dapp and smart contract developers

    There will be minimal impact on developers. But there are a few minor nuances.

    The Merge changes the consensus algorithm, including:

  • block structure;
  • slot time /block;
  • opcode change;

  • on-chain randomness sources;
  • safe head concepts and block finalization.

Tim Beiko explains this in more detail in his blog.

That’s all for now. We follow further news. If there are changes, we will inform the readers of Incrypted.

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