HI, I have ETH on my account and ETH 2.0 will be released soon. Please advice how will I be able to convert my ETH to ETH 2.0. and do I need to take any action in advance. Apparently there is a procedure called “STAKING” which has to be started now in order to be able to execute conversion.
Please advise
Thanks
There is no need to do anything special with the ETH you currently own. It continues to be fully usable on the Ethereum 1.0 chain. At some point, the Ethereum 1.0 chain will become part of Ethereum 2.0, and your ETH will continue to function just as it does now, with no action required on your part.
For those who want to participate in staking, you can choose to become a validator on the Ethereum 2.0 beacon chain by depositing your ETH into the validator deposit contract on the Ethereum 1.0 chain. It then becomes a validator balance on the Ethereum 2.0 beacon chain. This process is non-reversible. Transfers are disabled during Phase 0 so validators will have to wait until Phase 2 until withdraws to a specific shard are possible, at which point your ETH stake and the rewards accrued will be fully usable within Ethereum 2.0.