#How to set up an ethereum wallet how to#
#How to set up an ethereum wallet install#

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#How to set up an ethereum wallet install#

As gif below demonstrates, run through the checklist, then go ahead and skip the next two pages, those are for a hardware-specific setupвЂЉ-вЂЉthese two pages detail the software clients you must download, install and run in order to host your own validatorвЂЉ-вЂЉbut since we will be using a cloud solution in an effort to simplify our learning, we wonвЂ™t be needing these today!

Make sure to read and understand all of these steps! A quick summary: explains proof-of-stake consensus and how your stake is your collateral in case you participate in a dishonest manner, outlines that the deposit required is that of 32 GГ¶ETH per validator, warns that part of setup involves being comfortable with a computer terminal, warns that if your validator becomes inactive you will get slashed (вЂњslashedвЂќ means your collateralized stake will be subtracted from), warns against attempting to run the same validator file on two different machines, warns that advanced key security is required-this means you must protect your 24-word mnemonic phrase with your LIFE as it will be the only way to redeem your deposit, warns that your 32 GГ¶ETH will be locked up until mainnet is merged with the Beacon ChainвЂЉ-вЂЉwhich is estimated to be in 1 to 2 yearsвЂЉ-вЂЉand finally, warns that this is all very new software you are interacting with and that in and of itself carries lots of potential risks.ДЈ. Step #1: Generate Your Keys & Deposit 32 GГ¶ETH Using Pyrmont LaunchpadДў. Select вЂњGive me EtherвЂќ and wait 1вЂ“2 mins for the GГ¶ETH to show up in your wallet. You then have to copy the URL of this social media post and paste it into the faucet - you are given a choice between 14 ETH, 35 ETH or 87.5 ETH -вЂЉyour choice (IвЂ™d recommend going for the highest amount) but youвЂ™ll want at least the 35 ETH option, since weвЂ™ll need 32 for our validator.

In order to get large amounts of GГ¶ETH, you will have to create either a Tweet or Facebook post containing your MetaMask public address.

Go to the Goerli Authenticated Faucet.

Once you have made sure you selected the вЂњGoerli Test NetworkвЂќ and it now shows on your MetaMask wallet UI, letвЂ™s get some Goerli ETH, aka GГ¶ETH!.

Second warning: open MetaMask now and select the вЂњGoerli Test NetworkвЂќ from the dropdown menu. For this guide, we will use the Pyrmont ETH2.0 Launchpad, which was set up for testing and educational purposes only, but UI-wise is an exact replica of the real ETH2.0 launchpad. We will run through the setup on the Goerli Testnet but should you ever wish to become a validator on the main network, you only need to apply these exact same stepsвЂ¦ but instead of using the testnet, youвЂ™ll have to use the mainnet with real ETH.