Vitalik Buterin, shows new developments in Ethereum 2.0, in order to adapt to the current needs of the project and its enormous ecosystem.
Recently, Vitalik Buterin, co-founder of Ethereum, has published an article in which he discusses improving Ethereum's Proof of Stake (PoS) mechanism. His proposal focuses on two key objectives: achieve the single-slot goal, i.e. allow blocks to be confirmed in a single slot, and democratize staking by reducing the participation threshold to 1 ETH.
These proposals not only seek to optimize the efficiency and security of the network, but also to make the staking process more accessible to a larger number of users. To achieve these goals, Buterin suggests three main solutions: improving the signature aggregation protocol, introducing the Orbit committee mechanism, and implementing a two-tier staking system.
Vitalik Buterin shows new tweaks for Ethereum 2.0
Vitalik Buterin highlights that the finality of a single slot is crucial to improving the user experience on Ethereum. Recall that currently, the block finalization process on Ethereum can take between 2 and 3 epochs, which is equivalent to approximately 15 minutes. This delay can be frustrating for users who want to see their transactions fully confirmed quickly.
By achieving single-slot finality, the wait time would be significantly reduced, allowing users to see their transactions confirmed almost immediately. Not only would this improve the user experience, but it would also bring Ethereum in line with other, more centralized blockchains that offer faster confirmation times.
Furthermore, the speed of block completion would simplify the protocol and surrounding infrastructure. For example, developers and applications would not have to worry as much about the possibility of the chain being rolled back, which could facilitate the creation of more efficient decentralized applications. In this sense, Buterin's proposal has the potential to attract more users and developers to the platform, thus fostering a more dynamic and innovative ecosystem.
On the other hand, democratising staking is another key aspect of Buterin’s proposal. Currently, a minimum of 32 ETH is required to become a validator, which limits participation for many users. By lowering this threshold to 1 ETH, more people would have the opportunity to participate in staking on an individual basis. This would not only encourage further decentralisation, but would also allow more people to become solo stakers, thus increasing the diversity and security of the network.
Addressing the challenges
Buterin’s proposal includes three specific solutions to address these challenges. The first is to improve the signature aggregation protocol. This improvement would allow the signatures of a larger number of validators to be processed in a short period of time, using advanced technologies such as ZK-SNARKs. This would not only increase the efficiency of the validation process, but would also reduce the risk of centralization, by allowing more validators to participate without compromising the security of the network.
The second solution is the introduction of the Orbit committee mechanism. This mechanism allows for a medium-sized committee to be randomly selected to be responsible for chain finalization. This can help keep attack costs low while improving the efficiency of the finalization process. Orbit leverages the existing heterogeneity in validator deposit sizes, allowing for the highest possible economic finality while giving a proportional role to small validators. Furthermore, it uses a slow committee rotation to ensure that economic finality is applied across committee change boundaries.
The third solution is to implement a two-tier staking system. In this system, there would be two classes of stakers: one class with higher deposit requirements that would be directly involved in the economic purpose, and another class with lower requirements that would have different rights and responsibilities. This proposal could allow low-level stakers to delegate their stake to high-level stakers, generate inclusion lists, or even attest blocks. This would encourage greater participation and diversity in the validation process, while maintaining a high level of security.
A positive impact for the world's second blockchain
Vitalik Buterin also highlights that the implementation of these proposals could have a significant impact on the Ethereum ecosystem, benefiting users, developers, and businesses. For users, the improved speed of transaction confirmations and the lowering of the staking threshold would mean a smoother and more accessible experience. The ability to see transactions confirmed almost immediately would increase trust in the network and encourage more people to participate in the ecosystem. Additionally, by allowing more people to become stakers, it would encourage greater decentralization, which is critical to the long-term health of the network.
For developers, a more efficient and streamlined protocol would allow them to focus on building innovative applications without worrying as much about block finalization and reversal issues. The ability for more validators to participate in the validation process could also lead to new opportunities to develop dApps that address diverse needs and problems. With a more diverse and competitive ecosystem, developers would have the opportunity to explore new ideas and solutions.
On the other hand, businesses operating on Ethereum would also benefit from these improvements. Reducing operational costs by making staking easier to access and improving network efficiency could attract more investors and businesses to build on Ethereum. As more companies join the ecosystem, a network effect will be generated that will further drive adoption of the platform. Democratizing staking could also allow more small businesses and entrepreneurs to participate in the ecosystem, which would foster innovation and competition.
More challenges on the way
However, the implementation of these proposals put forward by Vitalik Buterin is not without its challenges. Improving the signature aggregation protocol will require extensive research and community collaboration to ensure that the new technologies are safe and effective. Introducing the Orbit committee mechanism will also require careful analysis to ensure that the economic finality and security of the network are maintained. Furthermore, the two-tier staking system will need to be designed in a way that prevents centralization and ensures that all participants have a meaningful role in the validation process.
In conclusion, Vitalik Buterin’s vision for ETH 2.0 represents a bold step towards a more efficient and accessible future for Ethereum. By addressing block finalization issues and staking inclusion, Buterin not only seeks to improve the user experience but also foster a more decentralized and innovative ecosystem. The implementation of these proposals could mark the beginning of a new era for Ethereum, cementing its position as the leading platform for smart contracts and blockchain technology. The Ethereum community will need to come together to discuss and work on these ideas, ensuring that the network can evolve and adapt to the changing needs of its users and developers.
