The co-founder of Ethereum, Vitalik Buterin, has recently put forward a proposal to reduce the strain on the Ethereum blockchain and streamline its proof-of-stake (PoS) consensus. This article will critically analyze Buterin’s proposal and its potential impact on the Ethereum network and its users.
One of the main motivations behind Buterin’s proposal is Ethereum’s pursuit of decentralization and the involvement of regular users in staking. However, this approach has presented significant technical challenges. Supporting around 895,000 validators has resulted in a high number of signatures that need to be processed, approximately 28,000 per slot, which puts a heavy load on the network.
While Ethereum’s attempt to enable broad participation is commendable, it falls short of fully enabling ordinary individuals to participate due to the high minimum requirement of 32 ETH to become a validator. Additionally, this approach has limitations in terms of quantum resistance, complex forking, and the need to scale signatures through zero-knowledge proofs (SNARKs). These drawbacks call for a reevaluation of the current system.
Buterin proposes a more moderate solution to address these issues. By reducing the number of signatures per slot to approximately 8,192, the Ethereum network can experience significant technical simplification and enhanced quantum resistance. This adjustment would also maintain a significant total slashable ETH at around 1-2 million ETH, ensuring the effectiveness of slashing as a mechanism to enforce good validator behavior.
To achieve this reduction in the number of signatures, Buterin suggests three potential approaches. The first is to rely on decentralized staking pools, which would distribute the load across multiple entities. The second approach involves implementing a two-tiered system with “heavy” and “light” staking, where validators have different levels of responsibilities. Lastly, introducing rotating participation with accountable committees would allow for a fair and distributed validation process.
Implementing Buterin’s proposal would set the future signature load at a manageable level, making protocol and infrastructure development much easier. Developers would have a known factor to work with, allowing for potential adjustments through hard forks when the technology is capable of handling a larger number of signatures per slot. This approach provides a strategic path forward for Ethereum’s growth and evolution.
It’s worth noting that Buterin has previously cautioned about the risks associated with stretching Ethereum’s consensus beyond its fundamental roles. While the proposal aims to streamline the blockchain, it’s essential to consider the potential trade-offs and ensure that the network’s security and integrity remain uncompromised.
Vitalik Buterin’s proposed measures to reduce the load on the Ethereum blockchain and simplify its proof-of-stake consensus present a compelling strategy for improving the network’s efficiency and scalability. By decreasing the number of signatures per slot and exploring various approaches, Ethereum can achieve technical simplification, enhance quantum resistance, and enable broader participation. The future adjustment of signature load through hard forks demonstrates a forward-thinking approach to Ethereum’s development. As Ethereum continues to gain attention and experience a surge, these proposed changes could contribute to its long-term success.