In a new controversial proposal, Vitalik Buterin suggests decreasing the number of PoS validators
Ethereum (ETH) co-founder Vitalik Buterin has released a proposal to simplify Ethereum’s proof-of-stake (PoS) system. Buterin argues that the current system, with almost 900,000 validators, is too complex and does not fully achieve the goal of accessibility for small-scale stakes. To address this, Buterin proposes reducing the number of signatures per slot to 8,192 from over 1.7 million. This would simplify Ethereum, facilitate the transition to quantum resistance, and maintain a cost for attacks between 1-2 million ETH. However, developer Micah Zoltu questions whether this attack cost would be sufficient to deter state-level attackers.
Reducing complexity and expanding design possibilities
Vitalik Buterin has proposed a plan to simplify Ethereum’s proof-of-stake (PoS) system in order to reduce complexity and enable more design possibilities. The current system supports decentralization by allowing nearly 900,000 validators. However, Buterin argues that this creates significant complexity and sacrifices while still not achieving accessibility for small-scale stakes. To address this issue, Buterin suggests reducing the number of signatures per slot to just 8,192 from the current plan of over 1.7 million. This simplification would make it easier to transition to quantum resistance and maintain a cost for attacks between 1-2 million ETH.
Concerns about attack cost
Developer Micah Zoltu raises concerns about whether the proposed attack cost of 1-2 million ETH would be sufficient to deter state-level attackers. Zoltu points out that many governments are willing to spend significant amounts of money to achieve their goals, including attacking cryptocurrency networks. While Buterin’s proposed attack cost may be a deterrent for some attackers, Zoltu suggests that it may not be enough to protect against determined state-level attackers. The optimal attack cost remains uncertain, and further debate is expected within the Ethereum community.
Potential approaches to the reduced signature scheme
Vitalik Buterin outlines three potential approaches to implementing the reduced signature scheme. These include relying entirely on decentralized staking pools, using a two-tiered system with lighter and heavier staking requirements, or rotating participation across slots for increased accountability. The goal of these approaches is to simplify Ethereum’s PoS system while maintaining security and accessibility for small-scale stakes. However, there is ongoing debate about the optimal approach and whether the proposed attack cost would be sufficient to deter state-level attackers.
Hot Take: Debate and uncertainty surround Vitalik Buterin’s proposal
The proposal by Vitalik Buterin to simplify Ethereum’s proof-of-stake system has sparked debate within the Ethereum community. While Buterin’s plan aims to reduce complexity and expand design possibilities, concerns have been raised about the proposed attack cost of 1-2 million ETH. Developer Micah Zoltu questions whether this cost would be enough to deter state-level attackers who may have significant resources at their disposal. The optimal attack cost remains uncertain, and the community continues to discuss and analyze Buterin’s proposal. As Ethereum moves towards a more streamlined PoS system, finding the right balance between simplicity and security will be crucial.
Noah Rypton stands as an enigmatic fusion of crypto analyst, relentless researcher, and editorial virtuoso, illuminating the uncharted corridors of cryptocurrency. His odyssey through the crypto realms reveals intricate tapestries of digital assets, resonating harmoniously with seekers of all stripes. Noah’s ability to unfurl the labyrinthine nuances of crypto intricacies is elegantly interwoven with his editorial finesse, transmuting complexity into an engaging symphony of comprehension.