SOTS #9: Getting your beacon chain and validator ready for genesis

Transcript

hey my friends superfits here november 21st 2020 um this will be my ninth bench chat and i'm getting really excited about things uh let me tell you what i'm excited about so the deposit contract is filling up and it started very slow and a lot of people thought that it might not fill up in time or they're well anti that it might not fill up quickly and that we would be left trying to figure out other solutions this morning i see that we have about 200 000 of the 500 000 ether deposit required um and i'm optimistic because i think that

in the next three days that would be the november 21st 22nd 23rd those days we're going to see a substantial uptick in the number of deposits to that contract because as you probably know the minimum genesis time is december 1st but we have to have 500 000 ether in the deposit contract before we can initiate minimum genesis and then there is a seven day delay so for all practical reasons the earliest that the deposit contract could be filled to launch genesis on december 1st is november 24th um at 1200 hours utc

so i think it's going to happen i could be wrong but regardless i appreciate the staker community stepping up to the plate we had a great workshop this morning installing lighthouse on ubuntu with samara assat's guide we had about 70 live users and quite a few watching along on youtube i think it went really well i know that it seems difficult to get a validator set up right right now but i know that it's on one hand it's going to become much easier in the future and on the other hand like learning those skills now it's not installing different validators is not

that different so once you get the basics down you should be good to go um but today i want to talk about where as a home validator where you should be um in terms of getting ready for mainnet and so if you've deposited already if you deposit before november 24th you're guaranteed a spot in the genesis block so as long as you're in the first 500 000 deposits you're guaranteed a spot in the genesis block um there are there there will be a little bit of of trail room um if you get in the same day that that max that the 500 000 deposits is reached but in general

just focus on that first 500 000 if you're a part of that you're going to be in genesis and if you're there right now you should have your staking box um partially set up that means that you should have the operating system installed and secured and you should be syncing the ether1 chain or you should already be planning to get your source from infira or wherever you get it i do not suggest that people have installed the um sorry i just got a text i do not suggest that people would have installed the validator client yet because after we reach the minimum deposits required for genesis

things are going to go into a bit of a freeze for seven days and that freeze is your chance to um actually first it's the developers chance to release a main net release and that's going to come out a couple days after that freeze begins and so then you'll have about five days to install that client um and basically you'll install your client you'll import your keys and then you'll just see this screen that says waiting um it won't really say waiting but that's that's the idea and it will simply just wait for the minimum genesis time and win the minimum genesis time well let me clarify that the minimum genesis time is december 1st the genesis time may be after

december 1st if deposits don't come in early enough so anyway your validator will be waiting for the actual genesis time and as soon as that genesis time happens you'll be able to see your validator spring into action um during that time we'll be doing a live stream through each staker we should have a big exciting view party that you can watch streamed on youtube um and we'll be watching validator metrics all day it should be very exciting what i expect to happen is that um the first 24 hours we'll see things like

probably 90 participation because 10 of validators will still be trying to figure out how to get set up or they'll be out of town or something they just didn't get it done so we'll see 90 participation we're also probably going to see some slashings in the first 24 hours and those slashings will be by people who wanted to create redundant systems and install their validator keys in two locations thinking they have a really strong and robust system and as most of you know now that is a poor choice because those validators will send conflicting messages to the network that will result in a slashing so that's what i expect in that first 24 hours i think the validator clients are going to do their job well

i think some stakers will be a little bit delayed in getting online um and i think that we'll see a few slashings due to uh running validator keys in two places and those will also likely be the people who are very upset and blame the network uh when in fact they just didn't get the message if you know those people if you know anyone else who's taking check with them make sure hey you know you can only run those volunteer kids in one place oh yeah you know um i just i don't want anyone to get uh to get screwed and it's not the fault of the network it is the lack of preparation on the part of of the staker but it's not going to

feel that way when it happens if it happens to you it's not going to feel that way so yeah set up your eth1 node um get get your keys ready to import and then uh on um a couple days after we reach that 500 000 deposit mark you'll be ready to install your final beacon chain client your mainnet beacon chain client import your keys and then it's just waiting for launch so i'm getting really excited i think it's going to be awesome i hope you make plans to join us at the party i hope it's december 1st but i feel very confident it will be sometime in december all right take care