In a recent blogย post titled โ Doย not overload Ethereumโs consensus,โ Vitalik Buterin has expressed concerns about theย dangers of extending Ethereumโs consensus beyond its core functions.ย
Buterinโs May 21 blogย post concentratesย on the must preserve the minimalism of the blockchainย tech. It outlines theย capacity high systemic dangers of utilizing Ethereumโs network consensus for additional purposes.
Since the implementation of the proof-of-stake mechanism with โthe Mergeโ in September 2022, Ethereumโs consensus has been inย chargeย of validating blocks and securing the network. Nonetheless, Buterin cautions against expanding its functionality, stating that doing so could introduce vulnerabilities to the ecologicalย system that should be discouraged and resisted.
Over the years, plentyย of proposals and ideas suggest using Ethereumโs 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 isย warning that each extension of the blockchainโs core functionality increases its fragility, potentially exposing it to bugs or intentional 51 percent attacks.
Buterin mentions theย dangers of creating ETH/USD price oracles, where bribing Ethereumย (ETH) holders or validators to vote on specific outcomes could result in a fork that penalizes dishonest participants.
Buterin proposes possible solutions
Althoughย while he acknowledges the need for improved oracles, he proposes a case-by-case approach, as different complications inherently possess unique characteristics.
The Ethereumย (ETH) co- founder emphasizes that expanding the responsibilities of Ethereumโs consensus incurs higher costs, complexities, and dangers for validators. He advises caution when application-layer projects effortย to broaden the scope of blockchainย tech consensus beyond verifying the core Ethereumย (ETH) protocol rules.
Instead, Buterin suggests preserving the chainโs minimalism, supporting re-staking practices that doย not lead to a slippery slope of extending Ethereumโs 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 Ethereumโs consensus mechanism tookย place in September of the previous year. Furthermore, theย pastย few Shapella upgrade, implemented on April 12, has made staked Ethereumย (ETH) available for withdrawal.
These developments have sparked increased scrutiny of validator roles and security dangers on the worldโs largest smart contract network.
PEPE triggers Ethereumย (ETH) congestion amidst Memeย Coin mania
PEPE, a memeย cryptocurrency that has gained enormous traction within the cryptocurrency community, recently caused Ethereumย (ETH) blockchainย tech congestion. This surge in popularity resulted in a sharp boostย in gas charges on the network, reaching a 12- 30ย days high earlier this month.
Furthermore, the PEPE frenzy has significantly impacted on the volumeย ofย 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, Uniswapโs volumeย ofย trading reached an impressive $1.2 billion, while Coinbaseย Cryptoย exchange recorded $948 Million in volume during the same period.
