I’m new to crypto and lacking a lot of knowledge. Basically I’m hoping some of you would respond to my questions in a “Explain me like I’m 5” style. Thank you in a advance kind strangers.
What I undeserved is that ETH is moving to proof of stake protocol. But not there yet. As part of it is there and for this part you can stake ETH on an exchange and earn interest (coins generated from fees).
How is it possible for ETH to simultaneously be on both Proof of Stake and Proof of Work protocols?
All ETH that is currently staked on exchanges is locked until the proof of stake is implemented. What happens to this ETH if proof of stake fails, is not implemented or just the idea is abandoned? Is there a date till when the new protocol will be implemented?
What the your security measures with staking as you are giving away your coin keys right? I’m thinking here a hacker attack or even the exchange disappears tomorrow?
Thank you in advance kind strangers.