Published in · 8 min read · May 14, 2023
Introducing the Ethereum Validator, your gateway to earning potential in the world of Ethereum staking! With 32 ETH, you can create your Ethereum validator and start making the most of your ETH investments.
At Allnodes, we strive to make the staking process seamless for you. Let’s embark on this journey together and get started!
1. If you don’t have an account with Allnodes, you will need to create one. The sign-up process is straightforward.
2. Next, click the “HOST” button in your portfolio’s dashboard.
3. Next, you’ll need to choose Ethereum from the list of coins Allnodes currently supports.
4. Click “Host a Node” button, and let’s begin.
5. Read the brief explanation and click Proceed. We will show you how to run an Ethereum Validator with 32 ETH on the testnet.
6. It is important to keep in mind that you need your wallet installed on your computer. You can use different wallets for the same purpose. You will also need a minimum of 32 ETH in your wallet and a small amount of ETH to cover transaction fees. Click “Connect”.
7. To demonstrate, we’ll be using the MetaMask browser extension.
8. Now you need to connect your MetaMask wallet to Allnodes with these two steps.
9. If you have enough ETH in your wallet, this is the prompt you will receive:
10. The next stage is inquiring whether you have validator keys. This step may be disregarded if you have already generated them. However, in most cases, validator keys have not been created, so you should click the “NO, I NEED TO GENERATE THEM” button.
We need validator keys because they allow your node to sign and attest blocks to help secure the Ethereum blockchain. The validator keys do not allow Allnodes or anyone to withdraw your funds. Only you, the wallet owner, with your mnemonic or seed phrase, can withdraw your funds. You never share your seed phrase or private withdrawal keys with anyone, including Allnodes.
11. Now click “OPEN ETH VALIDATOR KEYS GENERATOR”, which will open up a new tab. If you prefer, you can also generate your keys by using the Staking Deposit CLI app. Once you have chosen the appropriate network and wallet, click on “Continue”.
12. MetaMask will request to sign a message. Click “Sign”.
Upon clicking “Sign”, we will receive a new message confirming our wallet address, which also needs to be signed. This allows you to decide to restore keys in the future.
13. We will now generate our deposit data file and validator key. Click “CONTINUE”.
14. We will now encrypt our file with a strong password. Make sure to write your password down in a safe and secure place. Once you have done this, click “GENERATE”. It will take some time to generate your validator keys.
15. We have successfully obtained the necessary files for our Ethereum Validator node, which are presently compressed in a zip file. The next step involves unzipping them, enabling us to upload them later. We must now return to the first tab and indicate that we have generated our validator keys.
Afterward, we will click “OPEN ABYSS ETH DEPOSITOR” to initiate our ETH deposit to the smart contract. We opted for Abyss Finance to make our deposits because it offers optimized low gas costs and supports batch transactions for multiple node deposits.
16. A new tab will open on Abyss Finance. Since we are creating a Testnet validator today, we will change “Mainnet” to “Goerli” in the top right-hand corner. Subsequently, we will click the “CONNECT WALLET” option located next to it. (If you’re configuring a Mainnet validator, keep “Mainnet” selected.)
17. Several wallet options are available for selection. As we are using MetaMask in this article, we will choose MetaMask.
18. We are now ready to upload our Deposit Data file. This file is one of the two files that were generated earlier. If you have not done so already, please unzip the files now. We are clicking the browse button and selecting the deposit data file. Once the correct file has been uploaded, click the “CONTINUE” button.
19. For this particular setup, we will be performing a single node deposit, and we have not deposited any funds previously to this Ethereum address. Our goal is to initiate a new deposit by sending 32 ETH to the official Beacon Chain smart contract address. Once ready, click on the “CONFIRM” button.
20. We are now prepared to make our deposit and start our node. Simply click “START” under the “Action” tab to initiate the ETH deposit.
21. MetaMask will now prompt us to make the 32 ETH deposit. Since each Ethereum transaction requires computational resources to execute, each transaction requires a fee. Gas refers to the fee required to execute a transaction on Ethereum, regardless of transaction success or failure. Gas fees are paid in ETH. We click “Confirm” and wait for confirmation of an approved transaction.
22. We have now received confirmation that our transaction is confirmed and can move back to our first tab. Click the checkmark on “I’ve deposited ETH to the smart contract”. Then click “CHECK NOW”.
23. Click “NEXT STEP”.
24. Now, we need to choose a hosting plan. Considering that we are on the testnet, we have only one hosting plan available “Advanced”, and it is free of charge. The “Basic” and “Enterprise” hosting plans are available on mainnet. One of the main differences between the “Enterprise” hosting plan and the “Advanced” is the maximum number of MEV-boost relays (currently 7) while the “Advanced” hosting plan allows you to choose either Flashbots or Ultra Sound MEV-Boost Relays.
A description of the hosting plans is found below. Choose your hosting plan and click “NEXT STEP”.
Basic ($5/month + $5 one time setup fee)*
1 Location
Uptime SLA 99.00%
Uplink: 100 Mbit/sec
MEV-Boost Relays: N/AAdvanced ($10/month)
6 Locations
Uptime SLA 99.90%
Uplink: 1 Gbit/sec
Priority Support
Insurance against slashing**
MEV-Boost Relays: Flashbots or Ultra SoundEnterprise ($20/month)
6 Locations
Uptime SLA 99.95%
Uplink: 2 Gbit/sec
High Priority Support
Insurance against slashing**
External insurance (additional cost)
Standby hardware
MEV-Boost maximum settings
White label graffiti*Basic plan: No insurance from slashing
**Advanced\Enterprise plan: Basic insurance from slashing that covers direct loss from slashing (Applicable only if no more than 100 of our nodes were slashed in a 24 hours period).
25. You need to confirm that you will not launch the same validator node without disabling your Ethereum Validator on the Allnodes website first.
26. Now we need to upload our validator key for this node. As a quick reminder, this is one of the files we created earlier and downloaded. This is the file that starts with “keystore.”
27. Scroll down and enter your password for your keystore file. The final step that you will need to do is click “Create nodes”.
28. The Starting servers page will appear. You need to wait for activation on Beacon Chain. This period refers to the process of becoming active and participating in the network as a Validator.
Congratulations! You have successfully launched an Ethereum Validator.
You can also watch a step-by-step video guide on how to set up an Ethereum Validator.
About Allnodes
Allnodes is a non-custodial platform providing enterprise-grade hosting and staking services to crypto investors. Allnodes helps institutions compound earnings on their token holdings and creates a trustworthy and convenient
gateway into the world of blockchain for their clients. We operate a robust infrastructure that is highly available, secure, and compliant.
Website: https://www.allnodes.com
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