Enhancing Security with Lower Self-Staking Requirements
The Fantom Foundation has taken a significant step to improve the security of its Layer-1 blockchain, Fantom. They have reduced the self-staking requirement from 500,000 FTM to 50,000 FTM, making it more accessible for users to participate in validation and strengthen the overall network security.
Fantom Community Supports the Decision
In response to a governance vote, the Fantom team decided to lower the staking requirement. They made the announcement on social media and highlighted how this change would make it easier for anyone to run a Fantom validator. The vote took place in June 2023, and the team recently implemented the changes.
Increasing Validators for Enhanced Security
By reducing the staking requirement, Fantom aims to increase the number of validators on its network. This, in turn, makes it more challenging for malicious actors to launch an attack. The team believes that having a broader pool of validators will significantly improve the platform’s security levels.
Improving Network Performance
Fantom validators play a crucial role in bundling transactions and achieving consensus. With more validators in the network, transaction validation will be faster and more efficient. Despite concerns about potential slowdowns, Fantom ensures users that the network’s hardware configuration will maintain its quick processing time.
A Vision for Future Development
The decision to lower the staking requirement aligns with Fantom’s long-term vision. The foundation envisions smaller validators growing in size and becoming integral to the Fantom ecosystem. Currently, the network has 58 validators, and they aim to encourage further growth in this number.
Maintaining Security with Validator Power
Addressing concerns about compromised security, Fantom clarifies that a validator’s power to confirm transactions is proportional to its staked amount. Even with lower staking requirements, the network’s security remains robust. A validator with 1 million staked FTM holds the same amount of power as twenty smaller validators with 50,000 FTM each.
Hot Take: Enhancing Network Security Through Lowered Staking Requirements
The Fantom Foundation’s decision to reduce the self-staking requirements on its Fantom blockchain demonstrates a commitment to network security and accessibility. By making it easier for users to participate in validation as validators, they aim to increase the number of validators on the network and deter potential attacks. This move aligns with the foundation’s long-term vision for the Fantom ecosystem and ensures that network performance remains efficient. With the quality of hardware running the validators, users can expect consistent performance and quick transaction processing time. Overall, this change enhances the security and decentralization of the Fantom blockchain, making it more robust and resilient.
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