- The post is about the social consensus of the Ethereum network.
- Have two distinguished concepts one is resuing the validators and overloading the social consensus.
- Ethereum is a decentralized open-source blockchain system that has its own cryptocurrency.
A recent post by the co-founder has raised concern about the risk, which is about the scope of social consensus about the Ethereum network. He has given a warning regarding the potential threats to the consensus of the network.
In the blog, he mentioned a variety of things stating that Ethereum is the most highly secure cryptocurrency system till now. The validators finalize the block in 6.4 minutes and have different implementations of the protocol for redundancy.
Have ultimate oracle which allows the users to vote through the ETH with the help of a shelling coin machine. Also provides the re-staking technique, which is basically used by protocols. It can be known as the game of principles.
Stretching Etheruem’s Consensus
To save the incentives, oracles were introduced and were also allowed to vote, where 90% of validators were participating.
Vitalik has expressed his reservations about certain proposals. He also acknowledged the good intentions of the nature of these ideas. Also, were need to be very careful in order to evaluate the potential risk such proposals may pose to the Ethereum ecosystem.
Reuse and Social Consensus
The blog focused on distinguishing between two concepts that were reusing the validators. It involves utilizing the Ethereum validators in different contexts for the network’s stability.
The co-founder of Ethereum has highlighted the implications of extending Etheruem’s consensus beyond its intended purpose. He also pointed out the attempts to incorporate real-world information as it risks it’s compromising the core functionality.
One of the key concerns raised by him was increased complexity and costs for validators. Validators would need to manage and update multiple protocols leading the insufficiencies and heightened risk.
He also suggested case-by-case solutions in order to find out the challenges. Others have expanded in economic and social significance. which has raised the concern about the misuse of social consensus which has risen from different factors.
Vitalik founder of Ethereum has shown concern right after proposals were made to Ethereum’s consensus for varied applications. He mentioned that the overuse of Ethereum consensus could be dangerous.
Whereas May 21’s blog post of Buterin says about the need to preserve the minimalism of the blockchain. As it highlights the high risk of systematically utilizing Ethereum’s network.
Buterin mentions the risks of creating an ETH price oracle while bringing ETH validators and voting on specific outcomes
What is Ethereum?
Ethereum is a decentralized open-source blockchain system that features its own cryptocurrency. It is programmable and can build and deploy a decentralized application on its one network. Was launched in 2015 and is built on Bitcoin’s innovation.
It is a private internet, having peer to peer network. It provides financial services to everyone. But access is needed in order to avail of the services. No government or company has control over it. Developers are certain about the rules that won’t change.
