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Ethereum’s Buterin Unveils Plans to Enhance Network’s Consensus Model
Vitalik Buterin, Ethereum’s co-founder, has announced plans to improve the network’s consensus model. The focus areas include single-slot finality, staking accessibility, and increased validator participation.
Despite the successful transition of Ethereum’s consensus algorithm from proof-of-work to proof-of-stake with the Merge, Buterin notes that there are crucial areas where proof-of-stake needs to improve.
In a blog post dated October 14, Buterin emphasized the need for critical improvements to mitigate centralization risks and enhance overall functionality. The roadmap distinguishes between technical improvements, such as stability and accessibility for validators, and economic changes aimed at addressing centralization.
Key Areas of Improvement
Single-Slot Finality
One major focus is the implementation of single-slot finality. This would reduce the current block finalization time from 15 minutes to just 12 seconds, or even four seconds. Buterin believes this change would significantly enhance the user experience of both the layer-1 and layer-2 solutions, making decentralized finance protocols more efficient.
Staking Democratization
Another pressing concern is making staking more accessible. Currently, a minimum of 32 ETH (around $81,500 at current prices) is required to participate in staking. Buterin suggests lowering the threshold to 1 ETH to increase solo staking participation.
“Poll after poll repeatedly show that the main factor preventing more people from solo staking is the 32 ETH minimum. Reducing the minimum to 1 ETH would solve this issue, to the point where other concerns become the dominant factor limiting solo staking.”
Proposed Strategies
Brute Force Solution
To achieve these enhancements, Buterin outlined several strategies. One proposed solution, referred to as “brute force,” involves improving signature aggregation through the potential use of ZK-SNARKs. This would enable the processing of signatures from millions of validators within each slot.
Orbit Committees
Additionally, Buterin introduced the concept of “orbit committees.” These would involve randomly selected medium-sized committees tasked with finalizing the chain while maintaining robust security features.
Two-Tiered Staking Model
For the staking challenges, Buterin suggested a “two-tiered staking” model. This would allow for two classes of stakers — one with higher deposit requirements and another with lower. This approach aims to create a more inclusive environment for participants while ensuring economic finality.
While the timeline for implementing these proposals remains uncertain, Buterin emphasized the necessity of continued development. He reiterated the importance of identifying a protocol that is “sufficiently simple that we are comfortable implementing it on mainnet.”
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