Ethereum co-founder Vitalik Buterin spoke at Ethereum Singapore 2024 on September 16 about the importance of solo Staking to Ethereum 's secure and decentralized future.
Buterin discussed the risks posed by centralized entities and the Vai of individual Staking in protecting the network from attacks to ensure the network's long-term resilience and sustainability.
Solo Staking are individuals who Staking their cryptocurrencies independently, such as ETH, without relying on third-party services, centralized entities, or Staking Pool.
Vitalik Buterin and Samuel Chong Discuss Network Security and the Vai of Staking at Ethereum Singapore 2024
Buterin emphasized the important role of solo Staking for decentralization, that they are an uncoordinated and diverse group, helping to reduce dependence on centralized entities.
“We can have stronger solos […] I think there are a lot of ways that that Vai as a really important extra layer of defense around security and privacy.”
In Buterin's view, outlined in the discussion, even a small percentage of solo stakers could add an important layer of decentralized protection to Ethereum.
Buterin also talked about the Vai of solo stakers and the network's layer of protection against 51% Attack, where a malicious entity gains a majority of the blockchain's computing power.
In situations where a 51% Attack threatens the network, the key difference lies in whether the attacker controls 50-56% or 57% or more.
At 57% or higher, an attacker can finality* Block , potentially leading to a chain Chia if left unchecked and unstoppable.
To combat this, Vitalik suggested that Ethereum should consider raising the Block finality threshold from 2/3 to a higher number to make attacks more difficult to carry out.
“One of the ideas I've been promoting recently is that Ethereum should increase the eligibility threshold from 2/3 to a higher number. Or 3/4 or maybe even higher.”
Ethereum co-founder recently offered support on social media for Google’s auto-login feature, sparking discussion about the implications.
On September 4, Buterin acknowledged the disadvantages of login services as a bridge to secure the system through account abstraction but asserted that it could be worth the risk.
He proposes service wallets that offer “signing keys” and “M-of-N custodian setups,” which include a security model to protect access to sensitive data or assets similar to Multisignature.
* Finality is the process by which the system accepts a transaction as valid. This process ensures that the transaction cannot be altered by any entity. Finality is exactly the process that a user has to wait for when making a transaction, which can measure the latency of the transaction.
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Dinh Dinh
According to Cointelegraph
