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Ethereum co-founder Vitalik Buterin has warned against “overloading” Ethereum’s social consensus – which, if discouraged or resisted – could bring “high systemic risk to the ecosystem”.
Acknowledging the “natural urge” to try to extend the core functionality of the Ethereum blockchain, Buterin said such actions could make the consensus layer more fragile.
Risks of overloading concurrency layer
Over the years, several proposals have emerged suggesting the use of Ethereum social consensus for other purposes, including as a price and data oracle, re-staking initiatives, and the use of layer-1 soft forks to recover layer-2 projects. use is included. The Ethereum co-founder, however, cautioned against such an assumption and explained,
“It is natural for application-layer projects to attempt such a strategy, and indeed such ideas are often conceived without an appreciation of the risks involved, but the result is completely in line with the goals of the community.” Could easily go wrong.”
in latest blog Post Titled, ‘Don’t Overload Ethereum’s Consensus’, Buterin offered some possible solutions to address the risks, such as price prediction, either “not-quite-cryptoeconomic decentralized prediction” or validator-voting-based. Forecasters who are clearly committed to their emergency recovery strategies. Anything other than appealing to L1 consensus.
Buterin also pointed out that more complex truth prediction could be counted as a solution as the focus would be on reporting more subjective facts than value. He added that it would be “some sort of decentralized court system” that crypto-economic DAOs are not built upon.
It is also important to reduce reliance on cross-chain bridges as these protocols have become an attractive target for malicious entities.
minimalism
Buterin said that any expansion of the “duties” of Ethereum’s consensus increases the cost, complexity as well as risk of running a validator. He argued that preserving the minimalism of the chain should be the focus, which can be achieved by using support for re-staking which doesn’t look like a slippery slope to expanding the role of Ethereum consensus.
He also highlighted the importance of helping developers find alternative strategies to achieve their security goals.
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[ad_1]
Ethereum co-founder Vitalik Buterin has warned against “overloading” Ethereum’s social consensus – which, if discouraged or resisted – could bring “high systemic risk to the ecosystem”.
Acknowledging the “natural urge” to try to extend the core functionality of the Ethereum blockchain, Buterin said such actions could make the consensus layer more fragile.
Risks of overloading concurrency layer
Over the years, several proposals have emerged suggesting the use of Ethereum social consensus for other purposes, including as a price and data oracle, re-staking initiatives, and the use of layer-1 soft forks to recover layer-2 projects. use is included. The Ethereum co-founder, however, cautioned against such an assumption and explained,
“It is natural for application-layer projects to attempt such a strategy, and indeed such ideas are often conceived without an appreciation of the risks involved, but the result is completely in line with the goals of the community.” Could easily go wrong.”
in latest blog Post Titled, ‘Don’t Overload Ethereum’s Consensus’, Buterin offered some possible solutions to address the risks, such as price prediction, either “not-quite-cryptoeconomic decentralized prediction” or validator-voting-based. Forecasters who are clearly committed to their emergency recovery strategies. Anything other than appealing to L1 consensus.
Buterin also pointed out that more complex truth prediction could be counted as a solution as the focus would be on reporting more subjective facts than value. He added that it would be “some sort of decentralized court system” that crypto-economic DAOs are not built upon.
It is also important to reduce reliance on cross-chain bridges as these protocols have become an attractive target for malicious entities.
minimalism
Buterin said that any expansion of the “duties” of Ethereum’s consensus increases the cost, complexity as well as risk of running a validator. He argued that preserving the minimalism of the chain should be the focus, which can be achieved by using support for re-staking which doesn’t look like a slippery slope to expanding the role of Ethereum consensus.
He also highlighted the importance of helping developers find alternative strategies to achieve their security goals.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
