SOTS #8: Due Diligence for Staking, Playing with DAppNode

Transcript

01:05 - Welcome to EthStaker!

Hey, Superfiz here. What is it? Thursday, November 19th, 2020. I think this is my seventh bench chat. I don't know. Don't trust any of those numbers. Um so, um I am a representative of the Eth staker community and I do these videos to help keep you up to date. Uh where are my notes? Um ah, so things I wanted to talk about today. There's a lot of um interest in on the Eth staker Reddit right now about the best third-party staking provider.

And I know I've talked about this before. Um but because the questions keep coming up, I need to keep talking about it until either until so I understand things differently or until the community begins to understand that it's not safe to risk your funds with a third-party service provider right out of the gate. We do have um a program called the Ethereum Due Diligence Committee. They um are developing a site at EDCC Eth, ethddc.org.

02:35 - Ethereum Due Diligence Committee purpose

Um and that's being developed by my friend Michael Geeson and uh if you click on their about page right now, it will take you to more resources that tell you exactly what their progress is and you can even watch um their meetings. But what the due diligence committee is doing is vetting those services that are willing to take your funds to stake them on your behalf. I'm not against staking services. Um I know that there are several staking services that are already staking for other coins and maybe that gives them um more stability and more trustworthiness, but I cannot back away from the line that until these platforms have been vetted by the

Ethereum Due Diligence Committee, should you really consider sending your funds to them. Um Now, honestly, the the Due Diligence Committee is just a recommendation. So, if you know better, by all means, do what you know best. But, that committee is organized to safeguard the community against potential loss due to scammers. Um and I think it's a great resource. Um I know that many people who are staking in a pool are itching to get in and get those gains. But, let's realize that mainnet hasn't even launched yet.

03:13 - Remember! Main net hasn't even launched yet!

Um mainnet may not launch uh December 1st. Now, honestly, I believe that deposits are going to begin pouring in around November 24th. Um But, none of us knows how this is going to unfold. And the thing that I'd like you to do for yourself is just commit to waiting uh a few weeks, even a few weeks after launch, before making that deposit. Now, you might miss out on um you know, a 1% overall gain in your stake.

But, I wouldn't risk it. It's probably not worth it. Um Today, I'm going to I've downloaded DAppNode. I've got a box set up and I'm going to test DAppNode. Uh we have had some internal discussion about being more supportive of the DAppNode um platform. And after doing a little bit of research and a little bit of digging and finding out that um they are custodians of of or I guess good sponsors, good stewards of community resources. Um I'm very willing to um play with DAppNode. I played with it once a couple years ago and it's it's a really solid product. Um I'm not personally buying their

05:14 - Dapp node details

hardware. um but that is a a solution that exists. Uh but I will be exploring it and maybe we'll be talking about it. Um it is a what may be a much uh easier plug-and-play staking option for many home stakers who uh have just not felt really comfortable about using uh or installing uh the software themselves. Now, as Jeremiah Nickel has found out, there may be some barriers to installing DAppNode. Uh it's a Debian-based uh Linux distribution, but really those are things that we can Those are hurdles we can get over. Don't worry about it. Um I think DAppNode is probably going to be an excellent program uh platform to build on. Um

if if you're inclined to buy their their hardware, then by all means, it's pre-installed, it's plug-and-play. DAppNode also has that competitor, well, a fork. Um I'm going to say it wrong, it begins with an A, uh but they I guess have an even more streamlined and even more simplified approach. I don't even remember the name, I don't know a ton about them uh except that they are a um sort of like a fork of DAppNode that focuses on even easier installation. But for my worth at this moment, I am focused on uh exploring DAppNode a little more.

The final thing I'd like to talk about um are community solutions and how you can become more involved in the community. A lot of people um tell us how appreciative they are for the information we're trying to provide and the structure and community support that we're providing. Uh and my response is always going to be um I'm not the community, we're not the community. That's you. You're the community, you're the people that we are here to support. And if you feel like you're receiving benefit, the best thing that you can do is turn around and support the community in kind. Um and so what that really ends up being is maybe you say you have an hour

07:35 - How can you become involved in the EthStaker community

or two to spare a week and you uh maybe reach out to us on Discord. You can find me Superphiz uh pound sign 1038 and say, "Hey, I have a few hours a week that um I'm willing to help. These are my skills or I have no skills." And we'll be glad to find a way to help you plug in and either begin building skills or begin finding a foothold in the community because that's really how you grow uh in knowledge and esteem is to participate and give back to the community. Uh so uh and what you'll find out is I may be a talking head. I really am just a talking head, but there are a lot of people uh who surround me and encourage me and support the things that

we're doing. Um I'm not doing everything. I'm not really doing a lot. I'm helping to organize, uh but I'll tell you that our our core team who is uh Lamboshi or Nolan, um Buddha, uh Michael Geeson and Vedika, and Patricia Worthalter. Those are the people who um work with Eth Staker all day every day to provide organizational support. And then we have a slew of people who just do a couple little jobs. Um and we're looking for more people who are willing to participate and help us. So I'd be glad if you wanted to reach out and uh lend a hand.

Um if it's not right for you, that's fine. I mean, you can move on. If it is right for you, then over time you might find more opportunities and more ways to engage in the community, and that would be really exciting. So anyway, I hope you have a great day. Um looking forward to as we get closer to November 24th um for that what's going to happen with that deposit contract. Don't forget November 21st Saturday, we're having a staking workshop. You can learn more at our newly launched um Eth Staker site. That is ethstaker.cc. Uh Michael and Vedika, Michael who we know as Vedika, and Nolan who you know may know as Lambo Shinakagani, they're going to be running this workshop about installing a

08:07 - Upcoming staking workshop details

staking node from bare metal up to running Lighthouse on the Pyrmont testnet. So, I'm really excited about that. Have a great day. Take care.