In a recent blog post titled “ Do not overload Ethereum’s consensus,” Vitalik Buterin has expressed concerns about the dangers of extending Ethereum’s consensus beyond its core functions.
Buterin’s May 21 blog post concentrates on the must preserve the minimalism of the blockchain tech. It outlines the capacity high systemic dangers of utilizing Ethereum’s network consensus for additional purposes.
Since the implementation of the proof-of-stake mechanism with “the Merge” in September 2022, Ethereum’s consensus has been in charge of validating blocks and securing the network. Nonetheless, Buterin cautions against expanding its functionality, stating that doing so could introduce vulnerabilities to the ecological system that should be discouraged and resisted.
Over the years, plenty of proposals and ideas suggest using Ethereum’s social consensus for activities such as price and data oracles, re-staking initiatives, and employing layer-1 soft forks to address issues in layer-2 projects. Buterin is warning that each extension of the blockchain’s core functionality increases its fragility, potentially exposing it to bugs or intentional 51 percent attacks.
Buterin mentions the dangers of creating ETH/USD price oracles, where bribing Ethereum (ETH) holders or validators to vote on specific outcomes could result in a fork that penalizes dishonest participants.
Buterin proposes possible solutions
Although while he acknowledges the need for improved oracles, he proposes a case-by-case approach, as different complications inherently possess unique characteristics.
The Ethereum (ETH) co- founder emphasizes that expanding the responsibilities of Ethereum’s consensus incurs higher costs, complexities, and dangers for validators. He advises caution when application-layer projects effort to broaden the scope of blockchain tech consensus beyond verifying the core Ethereum (ETH) protocol rules.
Instead, Buterin suggests preserving the chain’s minimalism, supporting re-staking practices that do not lead to a slippery slope of extending Ethereum’s consensus role and assisting developers in finding alternative strategies to accomplish their security goals.
The shift from proof-of-work to proof-of-stake in Ethereum’s consensus mechanism took place in September of the previous year. Furthermore, the past few Shapella upgrade, implemented on April 12, has made staked Ethereum (ETH) available for withdrawal.
These developments have sparked increased scrutiny of validator roles and security dangers on the world’s largest smart contract network.
PEPE triggers Ethereum (ETH) congestion amidst Meme Coin mania
PEPE, a meme cryptocurrency that has gained enormous traction within the cryptocurrency community, recently caused Ethereum (ETH) blockchain tech congestion. This surge in popularity resulted in a sharp boost in gas charges on the network, reaching a 12- 30 days high earlier this month.
Furthermore, the PEPE frenzy has significantly impacted on the volume of trading of Uniswap. The platform experienced a substantial surge in trading activity, surpassing even the volume seen on Coinbase.
In the 1st week of May, Uniswap’s volume of trading reached an impressive $1.2 billion, while Coinbase Crypto exchange recorded $948 Million in volume during the same period.