Name: What is Proof of Stake? - Earn Passive Income with Staking
Uploaded: 2021-02-21T23:49:12.000Z
Duration: 9 min 20 s
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

Can it help me earn passive income  with my cryptocurrency?

And what do I need to know  before I get started?

here on Crypto Whiteboard Tuesday,  we'll answer these questions and more.

where we take complex cryptocurrency topics,  break them down

don't forget to subscribe to the channel  and click the bell

so you'll immediately get notified  when a new video comes out.

Today's topic is staking  and how it's done on Ethereum.

let's take a moment to understand the problem  that staking tries to solve.

“what is Bitcoin”  and “what is Bitcoin mining” videos

to gain a solid foundation  for what we'll be covering here.

Bitcoin and other decentralized  cryptocurrencies

hold the promise of sending money digitally  without any central authority.

Initially,  the solution to managing a blockchain,

which is a fancy term for a ledger of balances  that isn't controlled by any one entity,

where powerful computers try to guess  the solution to a mathematical question.

earns the right to write the next page  of transactions,

With mining,  the more powerful computer you use,

the more guesses it can make in a second,

increasing your chances  of winning this contest.

Thanks to the laws of math and probability,

it is highly unlikely  that any single person or group

will gain a monopoly  over updating the ledger,

and that's how decentralization  is maintained.

Mining's technical term is “proof of work” -

because by displaying the right solution,

miners prove that they've put in  a lot of work,

as there is no other way  to get to the solution

to constantly work at trying to guess it.

Proof of work is what is known  as a consensus mechanism

since its design is to create an agreement

as to who gets to update the ledger  amongst a group of people

or have any other basis  for working together.

While the proof of work  consensus mechanism

may be a reliable and secure solution  for managing a decentralized ledger,

Running all of these supercomputers  just for the sake of guessing a number

takes up a lot of electricity,  among other disadvantages.

other alternative consensus mechanisms  have been suggested throughout the years.

One very popular alternative  is proof of stake.

This means that instead of committing  electricity to run computers

and try to win a contest,  people will stake actual coins.

Well, you basically lock  a certain amount of funds

on an everyday computer  that is connected to the network.

Your computer is called a node  in technical terms

you take part in the contest of which node  will get to forge the next block.

You see stakers forge blocks,  they don't mine them.

The winner of this contest is chosen  by taking into consideration several factors

such as how much money is being staked,  how long the coins have been staked for

so that no single entity  will gain a monopoly over forging.

whoever wins the contest gets to forge  the next block of transactions

and is rewarded in coins  for his contribution to the network.

that there are many coins  that use proof of stake

and each coin has different rules as to  how it calculates and distributes rewards.

In this video we will focus mainly on how  Ethereum's proof of stake model works.

Ethereum's blockchain was based purely  on proof of work;

but in December of 2020 a new blockchain  named “Beacon chain” was set up

and it runs alongside the original  Ethereum blockchain, Ethereum 1.0.

In order to join as a validator  for Ethereum 2.0

you will need to lock up 32 Ether  as collateral,

which in turn will earn you staking rewards.

There's no way to lock up  more than 32 Ether on a single node,

you can just set up multiple nodes  with 32 Ether each.

Ethereum 2.0 will deploy in full  and will merge with Ethereum 1.0.

This event, known as “the docking”,  will happen somewhere around 2022,

after which Ethereum will become  purely a proof of stake network.

will you be able to withdraw  your staked Ether and rewards,

which means that staking is mainly beneficial  for long term Ethereum holders.

Now you're probably asking  how much Ether is rewarded?

In Ethereum 2.0 each validator  that participates

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What is Proof of Stake? - Earn Passive Income with Staking

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