定义：持有一定数量的ETH参与到网络活动中并获得回报。
Definition: holds a certain number of ETHs involved in network activities and returns.
质押指的是将一定数量的ETH锁定在钱包中并参与区块链的操作，以换取奖励。从理论上说，任何人都可以在任何PoS权益证明共识机制的区块链上参与质押。PoS有几种变体，都可以使人们参与质押。
The pledge refers to locking a certain number of ETHs in their wallets and participating in the operation of the block chain in exchange for rewards. In theory, anyone can participate in the pledge on the chain of blocks of any PoS-proclaimed consensus mechanism.
以太坊核心开发团队目前正在着手进行ETH 2.0重大升级。它涉及重新设计整个以太坊平台，并有效启动更具扩展性的新版本。该版本计划于2020年夏季开始实施，运行时间可能需要一到两年，直到完成所有三个阶段。ETH 2.0的部分内容涉及将以太坊从PoW工作量证明转为PoS。
PoS可以为token持有者提供一种权利：通过验证区块而获得奖励。这与PoW形成对比，PoW是比特币使用的共识模型。PoW将区块确认权限分配给那些展示出最高算力的矿工。
PoS can provide totoken holders a right: is rewarded by validating blocks. In contrast to PoW, PoW is the consensus model used by bitcoin.
验证者同意质押其token后，该质押token将被锁定。在很多情况下，如果验证者违背网络利益或故意作恶，其质押的全部或部分token将被没收。
In many cases, all or part of the pledge will be forfeited if it is committed against the interests of the network or intentionally.
原则上，任何人都可以进行token质押。但实际上，需要使用协议来选择参与者来验证区块并赢得奖励。验证区块并获得奖励的权利通常根据持有token数量比例来进行分配。有时候，质押时间长度也可能会影响协议对验证者的选择。
In principle, anyone can pledge totoken. But, in practice, protocols are needed to select participants to validate blocks and win incentives. The right to validate blocks and receive incentives is usually distributed in proportion to the number of tokens held.
从PoW转向PoS机制的好处之一是更加节能，而且PoS可以加速网络并使其更加去中心化。以太坊的核心开发人员非常赞成这一点。
One of the benefits of moving
近年来，由于开发算力更高、更复杂的挖矿硬件的竞争，包括BTC和ETH在内加密货币挖矿已严重依赖少数几个大型矿池。
In recent years, as a result of competition for the development of more numeric and sophisticated mining hardware, encrypted currency mining, including BTC and ETH, has become heavily dependent on a few large mining ponds.
相比之下，任何人都可以充当PoS验证者，无需专业矿机。因此，从理论上说，由于进入门槛较低，PoS区块链更有利于做到去中心化。另外，ETH 2.0还涉及分片的实施，这是一种分区技术，可实现更强大的吞吐量。
By contrast, anyone can act as a PoS certifier without a specialized miner. Thus, theoretically, the PoS block chain is more conducive to decentralisation because of the low entry threshold.
具体过程与大多数其他平台一样：锁定、加载和等待。
参与质押的最低门槛为32 ETH，并且验证者将需要运行验证者节点。整个质押过程不需要用到专业机器，只需要普通计算机或笔记本电脑上就可以完成。但是，验证者需要将始终保持在线状态，否则将面临小额罚款。
The minimum threshold for participation in the pledge is 32 ETH, and the certifying officer will need to run the certifying officer node. The entire pledge process does not need to be carried out by a professional machine, but only on a normal computer or laptop.
ETH质押回报率预计约为4％-10％。一款被称为“slashing”的程序将被用于应对那些通过对网络进行恶意操作的验证者，具体做法是没收他们的质押资产。
The return on the ETH pledge is expected to be about 4-10%. A procedure called “slashing” will be used to deal with those certifying by maliciously operating the network by confiscating their pledged assets.
目前几个规模较大的PoS区块链平台包括Tezos，Algorand和Qtum等。
currently has several larger PoS block chain platforms, including Tezos, Algorand and Qtum.
Tezos在“流动性PoS（LPoS）”算法下运行质押程序，LPoS是纯PoS和委托权益证明（DPoS）的混合体。在Tezos网络中验证区块的行为被称作“baking”。任何Tezos（XTZ）持有者都可以将其XTZ委托给验证者以代表他们进行“baking”。但是，原始所有者可以将XTZ保留在自己的钱包中。拥有8000+ XTZ的用户才可以自己进行“baking”，并运行验证程序节点。目前在Tezos上进行质押的回报率约为7％。
Tezos runs the pledge procedure under the Mobile PoS (LPoS) algorithm, which is a mixture of Pure PoS and Letter of Interest (DPoS). The act of the block is called “baking” in the Tezos network. Any Tezos (XTZ) holder can entrust his XTZ to the certifying officer to “baking” on their behalf. However, the original owner can keep the XTZ in his wallet. Users with 8,000+XTZ can “baking” themselves and run the validation process node. The return on the present pledge is about 7% in Tezos.
Algorand（ALGO）实施的是一种被称为“纯PoS”的共识协议。它使用“秘密自选”系统来随机选择持币者委员会，以验证每个区块。Algorand的与众不同之处在于，所有持ALGO有者都可以因持币而获得奖励，无论他们是否选择参加PoS项目并验证区块。因此，获得的奖励没有最低质押额度。目前持有ALGO的回报率约为5％。
Algorand (ALGO) operates a consensus agreement known as “pure Pos.” It uses a “secret self-selection” system to randomly select a board of currency bearers to verify each block. The difference between Algorand and the rest of the world is that all ALO owners can be rewarded for holding a currency, whether or not they choose to participate in the PoS project and to verify blocks.
同样，Qtum也是在“纯PoS”共识基础上运行，在该共识机制中，只要拥有QTUM（甚至不足一个都参与区块奖励竞争，并有机会成为验证者。该项目已实现了原生应用程序，使日常用户更容易参与质押项目，并且为更多技术用户提供了命令行选项。在Qtum上进行质押每年可获得约7％的回报。Qtum没有最低质押要求，但是持有更多QTUM的用户有更高的概率获得在网络中验证和处理交易的权利。
Similarly, Qtum operates on the basis of a “pure PoS” consensus, in which QTUM is available (even less than one is involved in block awards and has the opportunity to become a certificationer). The project has achieved the original application, making it easier for day-to-day users to participate in the pledge project and providing more technical users with command line options. The pledge on Qtum is rewarded by about 7 per cent per year. Qtum does not have a minimum pledge requirement, but users holding more QTUM have a higher probability of acquiring the right to authenticate and process transactions on the web.
除此之外，EOS，Cosmos等项目运行的都是PoS共识机制的变体，例如DPoS等。
In addition, projects such as EOS, Cosmos and others operate as variants of the PoS consensus mechanism, such as DPOS.
质押矿池涉及多个参与方，各方作为一个验证者一起参与质押。质押矿池由矿池操作员来运行。
The pledge pool is operated by a pool operator.
例如，Binance，Crypto.com和Kraken等交易所运行质押矿池程序，这些交易所将用户的资金存入一个钱包，然后用于质押。用户将token保存在个人钱包（甚至是冷钱包）中也有机会参与质押矿池。
For example, exchanges such as Binance, Crypto.com, and Kraken run pledge ponds, which deposit funds from their users in a wallet and then use them for pledge. Users keep token in their personal wallets (even cold wallets) and have the opportunity to participate in pledge ponds.
质押矿池的优势在于，它可以把用户的token集中起来，从而有更大的机会被选为验证者并获得质押奖励，所得奖励将按持有比例分给所有参与者。由于不需要在网络中设置验证节点，用户参与质押矿池也是赚取被动收入的不错选择。
The advantage of a pledge pond is that it can centralize the user’s token, and thus have a greater chance of being selected as a certifier and receiving a pledge incentive, which will be distributed to all participants in proportion to their holdings. Since there is no need to set certification nodes in the network, the user’s participation in the pledge pool is also a good option for earning passive income.
质押最明显的好处是有机会通过持有加密货币来产生收入，也算是积极参与了自己看好的区块链项目。
The most obvious benefit of the pledge is the opportunity to generate income through the possession of encrypted currency, which is an active participation in the block chain project for which you see it.
但是，风险在于，用户需要在规定的时间内锁定参与质押的token。这意味着，如果市场突然出现崩溃，用户将不能从质押中撤出token，无法通过出售token进行止损。
The risk, however, is that the user will have to lock in the token involved in the pledge for a specified period of time. This means that if the market suddenly collapses, the user will not be able to withdraw the token from the pledge and will not be able to stop damage by selling the token.
即使在小幅下跌的情况下，质押所得奖励的价值也可能无法弥补币价下降造成的亏损。还要注意的是，当参与质押矿池时，用户可能需要将token交给他人保管，这也带来了一定的风险。最后，切记所有私钥必须保持安全，不与其他个人或实体共享。
Even in the case of a small fall, the value of the pledge incentive may not compensate for the loss caused by the fall in the value of the currency. It is also important to note that, when participating in the pledge pool, users may need to leave token in the custody of others, which poses a certain risk.
数据研究科学家Osho Jha认为，质押是使以太坊成为价值存储的关键。以太坊2.0将从PoW转变为PoS，而这个因素还未反映在当前的价格中（200美元）。
Osho Jha, a data research scientist for 众所周知，比特币固定供应量为2100万，并且新供应的释放速度会随时间推移而降低，因此被称为“数字黄金”。相比之下，以太坊虽没有固定供应量，但通货膨胀率也是不断下降的。 It is well known that the fixed supply of Bitcoin is 21 million and that the rate of release of the new supply will decline over time, thus being referred to as “digital gold.” By contrast, while there is no fixed supply, the inflation rate is declining. （图）以太坊长期通胀率 (Figures) With a long-term rate of inflation in Taiwan 按白皮书的设计，以太坊每年会按照一定比例增加供应。随着总量增加，新发行量占供应总量的比例会越来越低。转为PoS之后，以太坊年通胀率将降低至
0.5％-2.0％，与比特币和黄金达到同一水平。 As the total volume increases, the share of new distributions in total supply will become increasingly low. After moving to PoS, the annual rate of inflation will be reduced to 0.5% - 2.0%, the same level as that of Bitcoin and gold. 根据Osho
Jha的理解，尽管加密社区对法币的无限供应量有负面评价，但其实它也有自身优点，那就是可以在多变的经济环境中灵活调整供应量（央行近年来已将这种灵活性发挥到了极致）。从这个角度来看，以太坊虽然没有限量，但其低通胀率可能是固定供给（比特币）与无限印钞（法币）之间的一个平衡。 As Osho Jha understands, while the encryption community has a negative assessment of the unlimited supply of French coins, it has its own advantages, namely, the flexibility to adjust supply in a volatile economic environment (which the central bank has done to the extreme in recent years). From this point of view, while there is no limit, the low inflation rate in the Taiku may be a balance between fixed supply (bitcoin) and unlimited printing (French currency). 从本质上看，质押会激励节点尽可能多地持有以太坊，将其用于验证交易。节点数量越多，网络运行速度就会越快，而且越安全。对于投资者而言，质押的动机来自系统的激励，类似于把钱存进银行赚取利息。投资回报因网络性能和使用率而异，预计最高可达10%。 In essence, the pledge encourages the holding of as many nodes as possible to validate the transaction. The more the number of nodes, the faster the network will run and the safer it will be. For investors, the pledge is motivated by systemic incentives, similar to the deposit of money into a bank to earn interest. 在全球低利率的环境中，以太坊的持币生息机制无疑将会吸引更多人参与质押。质押可能会成为杀手级应用，使以太坊成为“积极的套利资产”。与持有黄金需要存储成本不同，持有以太坊将得到更积极的回报。长期来看，这将刺激该以太坊的市场需求，并吸引投资者借款去买入该资产，以赚取利息差。也就是说，正收益将提高以太坊价格的稳定性，并扩大长期持有者和投资者的基数。 In a global low-interest-rate environment, Ether’s currency-bearing mechanism will undoubtedly attract more people to pledge. A pledge may become a killer-level application, making Ether’s role as a “positive arbitrage asset.” Unlike the cost of holding gold, holding Ether will yield more positive returns. 实际上，投资者已经开始意识到这种趋势，由于参与以太坊质押最少需要 32 ETH（质押矿池只需 1 个ETH就能满足最低要求），近期持有
32ETH以上的地址数量持续创下新高。 In fact, investors have become aware of this trend, and the number of addresses with more than 32 ETHs has continued to rise in recent times, owing to the minimum need for 32 ETHs (one ETH for a pledge pond). （图）以太坊链上的交易笔数和稳定币市值 (Figures) Number of transactional pens and stabilization of the market value of the currency in the Taiwan chain 当然，除了staking预期之外，以太坊的价值最终还是取决于可持续的系统和网络使用价值的长期增长。投资者通常会从dapp的使用情况和链上交易来衡量网络使用情况。 Of course, the value of the tavern ultimately depends on the long-term growth of the value of sustainable systems and network use, in addition to what is expected. Investors usually measure the use of the network from dapp and from chain-to-chain transactions. （图）DeFi 中锁仓的ETH市值 Market value of ETH in DeFi lockdown 在2020年3月份的流动性危机后，以太坊区块链上的稳定币总市值不断创下新高，链上交易数也上升至 2019 年夏季以来的最高水平。而且，以太坊在稳定币和
DeFi中也得到了大量应用。 After the March 2020 liquidity crisis, the total market value of the stable currency on the Etherton block chain continued to rise, with the number of transactions on the chain rising to its highest level since the summer of 2019. Moreover, Ether was used extensively in the stabilization of the currency and in the DeFi. 当今世界的变化迫使人们拥抱更加数字化的生活，也展示了传统银行系统的局限性。在比特币得到广泛关注的同时，以太坊2.0也将为更好的数字体验搭建平台，减少个人和机构走向“数字优先世界”的阻力。 Changes in today’s world have forced people to embrace a more digital life, also demonstrating the limitations of traditional banking systems. While Bitcoin is receiving wide attention, Taicha 2.0 will also provide a platform for better digital experiences and reduce the resistance of individuals and institutions to a “digital world.” 总而言之，质押将使以太坊成为一种能够产生正收益的资产，从而让价格趋向稳定并能扩大投资者基数。通过质押，投资者既能从中赚取收益，又能为网络的安全性贡献力量。 In short, the pledge will make the Etherm an asset capable of generating positive returns, thereby stabilizing prices and broadening the investor base. Through the pledge, investors will be able to earn both from them and contribute to the security of the network. 而当以太坊被用来质押的同时，在DeFi中部署稳定币和类似银行服务的需求也在崛起。这种改变将促使交易者更多地使用稳定币，而以太坊则更多扮演利息收入来源的角色。这听起来有点科幻，简单来说就是，稳定币是未来日常使用的现金，而以太坊质押将成为未来的投资理财产品。 And the need for stable currency and similar banking services to be deployed in DeFi is also rising. Such a change would encourage traders to use more stable currency, while it would act more as a source of interest income. That sounds a little schizophrenic, in short, that stable currency is the cash that will be used in the future, and that will be the asset of the future.
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