Ethereum Frequently Asked Questions + Weekly Discussion Thread

Frequently Asked Questions + Weekly Discussion Thread
I wish people could understand that NFT art is not the only use case for unique tokenized assets.
Reducing Ethereum Gas Fee Relies on Sharding and Layer2 Rather than the Transition to PoS
How Meta (And Other Big Tech) Could Ruin NFTs For Everyone
How is decentralization and security achieved on L2 scaling solutions?
Got into crypto in 2018. Those were cold times. This too shall pass
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The great renaming: what happened to Eth2?
Ethereum's Resiliency - The Daily Gwei #422
Validator earnings projects will set ETH price?
Latest Multichain vulnerability write-up
Vitalik Buterin talks Ethereum switch to Proof of Stake
Can an NFT be modified?
Amazing videos about Zero Knowledge Proofs, the concept used by ZK Rollups
I just want my freaking small payout. Why is this so hard?
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Frequently Asked Questions + Weekly Discussion Thread

Posted: 23 Jan 2022 11:00 PM PST

Welcome to the Weekly Discussion. Please read the disclaimer, guidelines, and rules before participating.

Rules:

All sub rules apply in this thread.
Discussion topics must be related to Ethereum.
Behave with civility and politeness. Do not use offensive, racist or homophobic language.
Comments will be sorted by newest first.

Useful Links:

Reminder

/r/ethereum is a community for discussing the technology, news, applications and community of Ethereum. Discussion of the Ether price or trading is not allowed. Please keep those discussions to /r/ethfinance and /r/ethstaker.

Frequently Asked Questions

Where's the best place to buy ETH?

There are many centralized exchanges that support Ethereum. If you live in the US, the most popular exchanges are Coinbase, Gemeni and Kraken. Coinbase users can use Coinbase Pro for lower fees.

When is Eth2 launching?

Eth2 is a marketing term used to represent a number of updates to Ethereum. The Eth2 proof-of-stake chain first launched in December 2020. "The Merge", which is the event that will fully switch Ethereum's consensus to proof-of-stake, is estimated to be ready in early 2022, although there is no exact timeline. Other updates, such as data shards, will follow that update.

Visit ethmerge.com to learn more about "The Merge".

Do I need to do anything to update to Eth2? Will Eth2 create a new token?

No, ETH holders never need to take any action to keep holding ETH. Ethereum users will be unaffected by the Eth2 upgrade. And the Eth2 updates will not create any new tokens.

How can I stake my ETH?

There are two ways that you can stake your ETH: by running your own validator, or providing your ETH to a staking pool.

Running your own validator requires a modern computer and 32 ETH. Visit /r/ethstaker for more details
Staking pools accept any amount of ETH. We recommend Lido or StakeWise

Why are Ethereum transaction fees so high?

Like most blockchains, Ethereum fees are determined by supply-and-demand. The large demand to use Ethereum has pushed transaction fees quite high (however, fees were just a few cents only 2 years ago). Fees are especially high during market volatility, and during NFT drops.

What is being done to lower Ethereum transaction fees?

Ethereum fees are reduced by using layer-2 rollups. Rollups are scaling solutions that allow for significantly cheaper transactions, while still maintaining Ethereum's security.

Additionally, Eth2's data shards will make rollups even cheaper.

While rollups are cutting-edge technology being actively developed, a number are already live on Ethereum mainnet. Visit l2beat.com to learn more about rollups.

What's the best wallet for Ethereum?

The most popular tool for using decentralized applications is Metamask. However, for security reasons, we recommend using a hardware wallet such as a Trezor or Ledger.

Are there questions you'd like to see added? Leave a comment below.

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I wish people could understand that NFT art is not the only use case for unique tokenized assets.

Posted: 24 Jan 2022 08:36 AM PST

submitted by /u/loserbmx
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Reducing Ethereum Gas Fee Relies on Sharding and Layer2 Rather than the Transition to PoS

Posted: 24 Jan 2022 12:24 AM PST

submitted by /u/LuckyHash-
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How Meta (And Other Big Tech) Could Ruin NFTs For Everyone

Posted: 24 Jan 2022 02:04 AM PST

submitted by /u/bdinu89
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How is decentralization and security achieved on L2 scaling solutions?

Posted: 24 Jan 2022 01:35 PM PST

I am taking about projects such as Optimism and Arbitrum. How do they ensure that validators are decentralized and honest? And if they are able to achieve security + speed, then why is the same then not achievable on L1? What is so different about L2s that they can attain scalability and security that L1 can't?

submitted by /u/New_start_new_life
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Got into crypto in 2018. Those were cold times. This too shall pass

Posted: 24 Jan 2022 02:21 PM PST

submitted by /u/ChristianMan710
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Russian Tech and Political Executives Condemn Proposal for Blanket Ban on Crypto

Posted: 24 Jan 2022 12:54 AM PST

submitted by /u/Solodeji
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The great renaming: what happened to Eth2?

Posted: 24 Jan 2022 08:40 AM PST

submitted by /u/domotheus
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Ethereum's Resiliency - The Daily Gwei #422

Posted: 24 Jan 2022 06:11 AM PST

submitted by /u/DailyGweiBot
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Validator earnings projects will set ETH price?

Posted: 24 Jan 2022 02:34 PM PST

So if ETH 2 was live last year (2021) and had ~10 billion in revenue, given there are currently 285,842 stakers, that works out to $34,985 per validator. At 5% of 32 ETH, that yields 1.6 ETH per year. Therefore the value of each ETH would be $34,985 / 1.6 ETH = $21,865 per ETH once ETH 2 goes live. Also if the number of validators and total transactions and transactions cost move equally proportionally to each other. ETH2 merge is in June of this year. Ok time, prove me right.

submitted by /u/othello16
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Latest Multichain vulnerability write-up

Posted: 24 Jan 2022 06:57 AM PST

submitted by /u/iliastsa
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Vitalik Buterin talks Ethereum switch to Proof of Stake

Posted: 23 Jan 2022 06:31 PM PST

submitted by /u/BlazingHotFireFox
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Can an NFT be modified?

Posted: 24 Jan 2022 01:33 PM PST

This is more of a food for thought to see if this idea would be desirable, or even possible, than a proposal. At the current stage, NFT's are not modifiable. But, only because our current consensus came to such a conclusion. But, technically if our consensus is to allow the modification of an NFT, then it should be possible, right?

One might ask, why would we modify an NFT? I'm just contemplating about what it means to own a digital item. An ownership could be like owning an art piece in the museum that we can never modify or it could be owning something that we could do whatever we want with it because, well, we own it. But, where does a digital item stand? Can we do whatever we want with a digital item we own and still maintain its unique identity? (Not just from the collectible standpoint, but from a supply chain to real estate, etc)

Basically, my question is, would the version control of an NFT be possible in the future? Usually an NFT is a token representing something like an image. The reference to the image is the SHA-256 digest of the image itself or the URL pointing to it stored on chain. It's stored in the mapping property of a contract, an owner to the NFT mapping.

This is a very crude concept, but let's say you hash the modified image along with the original image, create a mapping of a mapping that shows the relationship from an owner to the original image to the modified image, sort of like a hierarchical tree, would this be considered a modifiable NFT?

I guess this isn't really changing the consensus, but I'm just imagining what would happen if something like this were to be built into the ERC standard.

submitted by /u/ThisComb
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Amazing videos about Zero Knowledge Proofs, the concept used by ZK Rollups

Posted: 24 Jan 2022 01:26 PM PST

submitted by /u/toby555551
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I just want my freaking small payout. Why is this so hard?

Posted: 24 Jan 2022 01:22 PM PST

I'm tired of troubleshooting and trying to figure this shit out. Crypto shouldn't be this tedious.

ALL I want to do is convert my wETH to MATIC so I can send the MATIC over to my Crypto.com account...

BUT I CAN'T DO IT!

Every time I start to setup the swap in MetaMask, we get to the end where I have to click "Submit", but it won't let me because it say's my MATIC balance is insufficient...

I AM TRYING TO SWAP INTO MATIC. OF COURSE IT'S INSUFFICIENT THERE IS NOTHING IN THERE YET!!!

I'm so confused, and done with Ethereum mining or GPU mining altogether. Please somebody tell me how to get my money.

submitted by /u/teerakzz
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26.22 Million ETH Held by Top Non-Exchange Whales: New All-Time High

Posted: 24 Jan 2022 10:44 AM PST