Preserving Ethereum Blockchains Minimalism: Vitalik Buterins Promotion

Preserving Ethereum Blockchains Minimalism: Vitalik Buterins Promotion


Ethereum co-founder Vitalik Buterin warns against overloading the Ethereum blockchain’s social consensus, which could lead to high systemic risks to the ecosystem, and suggests potential solutions to address such risks in his latest blog post.

Ethereumย (ETH) co- founder Vitalik Buterin has warned against โ€˜โ€overloadingโ€ Ethereumโ€™s social consensus โ€“ which, if discouraged or resisted โ€“ could attract โ€œhigh systemic dangers to the ecosystem.โ€

Althoughย while admitting the โ€œnatural urgeโ€ to try to extend the Ethereumย (ETH) blockchainโ€™s core functionality, Buterin alsoย mentionedย that such actions could end up making the consensus layer more fragile.

Risks of Overloading Consensus Layer

Over the years, plentyย of proposals have resurfaced suggesting the use of Ethereumย (ETH) social consensus for other objectives, including price and data oracles, re-staking initiatives, and using layer-1 soft forks to recover layer-2 projects. The Ethereumย (ETH) co- founder, onย theย otherย hand, warned against such a notion and explained,

โ€œIt is natural for application-layer projects to attempt such a strategy, and indeed such ideas are often simply conceived without an appreciation of theย dangers, but its result can easily become very misaligned with the goals of the community as a whole.โ€

In the latest blog post titled, โ€˜ Doย not overload Ethereumโ€™s consensus,โ€™ Buterin offered some potential solutions to address dangers such as price oracles, either โ€œnot-quite-cryptoeconomic decentralized oraclesโ€ or validator-voting-based oracles that explicitly commit to their emergency recovery strategies being something other than attractiveย to L1 consensus.

READ NOW
Coinbase Unleashes Massive Bitcoin and Ethereum Futures Contracts for Institutions

Buterin likewise notedย that more complex truth oracles mayย be counted as a solution as the focus would be on reporting facts more subjective than price. He alsoย mentionedย that it would be โ€œ aย type of decentralized court systemโ€ built on a not-quite-cryptoeconomic DAO.

Minimizing reliance on cross-chain bridges is likewise important since these protocols have become an attractive target for malicious entities.

Minimalism

Buterin stated that any expansion of the โ€œdutiesโ€ of Ethereumโ€™s consensus triggers an boostย in costs, complexities likewise as dangers of running a validator. He claimedย that preserving the chainโ€™s minimalism should be the focus which can be achieved by supporting uses of re-staking that doย not look like slippery slopes to extending the role of Ethereumย (ETH) consensus.

READ NOW
Unlocking the Cost of DeFi App Development

He likewise highlighted the importance of helping developers find alternate strategies to accomplish their security goals.

Source

Read Disclaimer
This page is simply meant to provide information. It does not constitute a direct offer to purchase or sell, a solicitation of an offer to buy or sell, or a suggestion or endorsement of any goods, services, or businesses. Lolacoin.org does not offer accounting, tax, or legal advice. When using or relying on any of the products, services, or content described in this article, neither the firm nor the author is liable, directly or indirectly, for any harm or loss that may result. Read more at Important Disclaimers and at Risk Disclaimers.




Follow us

Latest Crypto News

Share via
Share via
Send this to a friend