Vitalik Buterin is the co-founder of the Ethereum network. Hence, he has a lot of influence concerning what is happening in the network. Recently, he made a proposal leading to an outrage from navy crypto enthusiasts. So, according to many of them, they say his plans will lead to centralization. What is this plan about? You can only find out below.
Decentralized of the Ethereum Ecosystem
- To many, Ethereum is an upgrade to Bitcoin. So, this is because of some of the changes it brings to the crypto scene. Apparently, one of the things Ethereum has a footprint for is decentralization. Notably, this is what cryptocurrencies stand for, including Bitcoin. However, it was the Ethereum network that laid more emphasis on this. So, decentralization means not having an entity or government in control of something. Apparently, this is one of the major reasons many crypto enthusiasts are not comfortable with the approval of Spot Bitcoin ETFs. So, there’s a new plan from Ethereum co-founder Vitalik Buterin. Thus, it is creating a life of buzz as many think that it might bring centralization to Ethereum. What is this new plan about?
Ethereum Co-founder Vitalik Buterin Makes a New Proposal
- There was a new proposal from Vitalik Buterin about the Ethereum ecosystem. So, his suggestion was a major simplification of the Proof of Stake (PoS) consensus mechanism. By this simplification, he meant reducing the number of required signatures per slot to 8,192. According to him, this will make the approval of certain decisions in the Ethereum network much faster. So, before talking about Vitalik Buterin’s plan, let’s discuss its current situation.
- According to data, Ethereum presently accommodates an extensive validator network, reaching 895,000 entities. Furthermore, the high number of signatures required per slot is another thing to acknowledge on the Ethereum network. So, this should even rise to 1,790,000 post-Single Slot Finality (SSF) implementation. Because of all these issues, it is forcing the ecosystem to implement a complex attestation propagation mechanism. Furthermore, it also has to optimize BLS signature operations. For those unfamiliar with technical terms, BLS is a signature library focused on performance and security.
Why is Vitalik Buterin Proposing This?
- Apparently, there are some reasons behind Vitalik Buterin’s new proposal for the Ethereum network. So, Vitalik Buterin says the current situation increases technical complexities in the network. Furthermore, it adversely affects fork choice fixes, signature aggregation, and minimum slot times. Hence, Vitalik Buterin wants to reduce the number of entities. In his argument, he wants this to be around 8,192 signatures per slot goal. So, he says it will help make the PoS design more simple, enhance security, and address quantum resistance concerns.
Conclusion
Wrapping up, Vitalik Buterin has quite a lot of influence in the crypto industry, especially within the Ethereum community. So, he made a proposal for the Ethereum ecosystem. He wants to reduce the number of entities serving as validators. However, the community members are against this plan. They say it will bring decentralization to the crypto project.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
Subscribe To Our Newsletter
Join our mailing list to receive the latest news and updates from our team.