The co-founder of Ethereum, Vitalik Buterin, has put forward a proposal to address the increasing load on the Ethereum blockchain and simplify its proof-of-stake (PoS) consensus. This proposal aims to reduce the number of signatures validators must make to maintain the network’s operation, resulting in a decrease in the overall load on the Ethereum blockchain. In this article, we will delve into the details of Buterin’s proposal and its potential impact.
Challenges Faced by Ethereum
Ethereum’s goal of achieving decentralization and involving regular users in staking has presented significant technical challenges. The current approach of supporting around 895,000 validators imposes a high workload on the network, as each validator needs to process approximately 28,000 signatures per slot. This approach has drawbacks, including limitations on quantum resistance, complex forking, and the scalability of signatures through zero-knowledge proofs (SNARKs).
To address these challenges, Vitalik Buterin proposes reducing the number of signatures per slot to a more moderate level. By aiming for technical simplification and enhanced quantum resistance, this proposed solution seeks to enable broader participation from ordinary individuals. Transitioning to a moderate solution with approximately 8,192 signatures per slot would significantly reduce the current load of 28,000 signatures.
Benefits of Decreased Signatures
Reducing the number of signatures per slot on Ethereum has several advantages. Firstly, it allows for major technical simplification, making infrastructure and protocol development much easier. Moreover, it enhances the chain’s quantum resistance, which is crucial in the face of future threats. The proposal ensures the presence of a significant total slashable ETH, ranging from 1-2 million ETH, maintaining the effectiveness of the slashing mechanism that enforces good validator behavior.
Vitalik Buterin suggests three potential approaches to achieve the desired reduction in the digital signature load. The first option is to rely on decentralized staking pools, which can distribute the workload among a larger number of participants. The second option is to implement a two-tiered system with both “heavy” and “light” staking, allowing for varying levels of participation. The third option involves introducing rotating participation with accountable committees, which can effectively manage the workload while ensuring transparency.
Paving the Way for Future Development
By reducing the signature load to a manageable level, Buterin’s proposal sets the stage for future development of the Ethereum protocol. It allows developers to have a clear understanding of the network’s load, making potential adjustments through hard forks when technology has advanced enough to handle a larger number of signatures per slot effortlessly. This forward-thinking approach ensures the scalability and sustainability of Ethereum in the long run.
Risks and Rewards
Vitalik Buterin has previously expressed concerns about the risks associated with stretching Ethereum’s consensus beyond its fundamental roles. While the proposed measures aim to address technical challenges and improve the network’s efficiency, there are always risks involved in implementing changes of this magnitude. However, with the surge in attention and the recent price increase of Ethereum, it is evident that the market recognizes the potential rewards of finding solutions to these challenges.
The proposed measures put forward by Vitalik Buterin aim to reduce the load on the Ethereum blockchain and simplify its proof-of-stake consensus. By decreasing the number of signatures validators must make, the proposal enables technical simplification, enhances quantum resistance, and fosters broader participation. It is vital for Ethereum to address these challenges and pave the way for future development to ensure the long-term success of the platform.
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