Vitalik Buterin, one of Ethereum’s creators, reportedly doubts the safety of the infrastructure supporting ETH staking.
To keep the network decentralised and secure against malevolent actors who may attempt to reverse transactions by seizing control of the platform, Buterin recently announced in an interview that he would only stake a small number of coins.
Buterin has voiced his displeasure with staking ether over untrusted third-party infrastructure due to the security risks associated with private key leakage.
He thinks a solution that requires several signatures would be more secure. But because it’s harder to set up the way it is now, he’s been treading more carefully. Users in a multi-sig system may sign transactions with their private key.
The possibility of theft or other forms of misappropriation of money is significantly reduced by this arrangement. The whole Ethereum security infrastructure is the main point of criticism. Without these validators, the blockchain is vulnerable to assaults, and the network cannot be considered safe.
There are approximately 643,000 validators all around the world who have staked over 20.5 million ETH, as shown by the statistics available on the blockchain. Notably, the number of validators has grown gradually over time, and the amount of ETH staked has climbed dramatically, even though an update now allows stakers to withdraw their money.
When asked to elaborate on the fact that all of Cardano’s ADA is staked, Cardano’s creator and original co-founder, Charles Hoskinson, stated he was “lost for words,” adding that this is what should be anticipated from a “properly designed proof-of-stake system.”
So far, Buterin’s remarks have had little effect on the price of ETH, which is still holding steady at the time of writing. However, as of early July 2023, the currency is trending below its April 2023 highs and is below $2,000.
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