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Phase 0 of ETH2.0 is planned to be launched in the summer of 2020. Phase 0 is based on the beacon chain. Ethereum users can deposit 32 ETH tokens into the pledge storage contract on the current ETH1.0 network and become a beacon The verifier of the chain. Ethereum is currently a PoW chain and will gradually transition to a PoS chain in the future.
The ETH token before the ETH2.0 network can be called ETH1, and the token after ETH2.0 can be called ETH2. Of course, in the long run, there is only one asset at the end, whether ETH1 or ETH2 will eventually run on the ETH2.0 network.
So, how do ordinary users understand the so-called two tokens of ETH? What is the difference between them? After the new tokens are generated, do ordinary users need to do anything?
First of all, ETH1 and ETH2 tokens are not hard-forked tokens. ETH1.0 and ETH2.0 will eventually merge. After the launch of the beacon chain, there will be a transitional period, and integration will occur after ETH2.0 is stabilized, which is also expected by the Ethereum community. This is not a hard fork. The first is that users deposit ETH into the pledge contract of the ETH1.0 mainnet. With the launch of Phase 0, participants who deposit ETH become validators and receive new token rewards through the ETH2.0 network. With the stability of the ETH2.0 network, ETH1.0 will gradually become a shard of ETH2.0.
This means that current ETH (ETH1) token holders will not get two assets. In the chain bifurcation of the crypto world, if you own the encrypted asset 1 of a certain chain at a certain time, and the chain generates the encrypted asset 2 through the bifurcation, at this time, you have both the encrypted asset 1 and the encrypted asset 2 . For example, after the hard fork of bch in Bitcoin's history, users who owned Bitcoin at that time also obtained a new asset bch.
In addition, ETH 2 tokens are not airdrop tokens. It will not give you a certain percentage of ETH 2 tokens because you have ETH 1 tokens in a certain period of time.
In other words, ETH1 tokens come from the current Ethereum PoW chain, and ETH2 tokens are generated through the PoS mechanism after the ETH2.0 network goes online. When ETH2 tokens are generated, ordinary users can choose to keep ETH1 tokens or choose to convert ETH1 to ETH2 tokens. Generally speaking, exchanges or wallets will help users complete this conversion.
If ETH launches a two-way exchange between ETH1 and ETH2 in the future, not only ETH1 can be exchanged for ETH2, but ETH2 can also be exchanged for ETH1, so that even if the prices of ETH1 and ETH2 are different, they will be flattened by arbitrage, which is the difference between the two. Prices will eventually converge.
In addition, if it is a futures contract, such as an ETH/DAI contract, what should be done if ETH2 comes out? The exchange may convert ETH/DAI contract positions to ETH1/DAI positions. If ETH2 starts to be generated on the ETH2.0 chain in the future, the spot market will also support ETH2, and futures contracts will also have ETH2/DAI contracts.
Ultimately, the transaction has the following options:
Only ETH2 is supported, users are required to convert their ETH to ETH2, and users are refused to deposit ETH1. ETH1 and ETH2 transactions are not supported;
Supports both ETH2 and ETH1, allows users to recharge ETH1 and ETH2, allows users to convert ETH1 to ETH2, and allows transactions between ETH1 and ETH2.
