Ethereum co-founder Vitalik Buterin has laid down his vision for the blockchain ecosystem. In a published piece, Vitalik talked about enhancing Ethereum’s proof-of-work system.
He put out two main objectives: democratizing staking (by bringing down the staking threshold to 1 ETH) and attaining single-slot finality (blocks being confirmed in a single slot).
In order to achieve this, he put up three potential fixes: enhancing the signature aggregation technique, adding the Orbit committee structure, and putting in place a two-tier staking scheme.
The future vision is in tandem with a good trading momentum for Ethereum. With a market capitalization of $304.70 billion, the current value of Ethereum is $2,531.02 per (ETH / USD). The amount traded in a day is $13.477 billion. Ethereum has increased by 2.85% over the past day to have 120.38 million in circulation.
Buterin writes “Today, it takes 2-3 epochs (about 15 min) to finalize a block, and 32 ETH is required to be a staker. This was originally a compromise”. He adds “In an ideal world, we would maintain economic finality while concurrently enhancing the current situation in two domains: Complete blocks in a single slot rather than 15 minutes (ideally, maintain or even shorten the existing duration of 12 seconds). And reduce the amount of ETH that validators can stake from 32 to 1 ETH”.
Buterin Emphasizes Orbit Committee and Two-Tier Staking
In the published article, Buterin said that Ethereum is trying to solve both security issues and ease of usage. For this, he believes that two methods can help the ecosystem at large.
First, incorporating an orbit committees. Orbit committees are a novel technique that maintains the desired cost-of-attack qualities while enabling a medium-sized committee to be chosen at random to finalize the chain.
To put it another way, Orbit SSF creates a range of compromise options between x=0 (no economic finality, Algorand-style committees) and x=1 (status quo Ethereum). These points allow Ethereum to remain extremely secure while also offering the efficiency benefits of only requiring a medium-sized random sample of validators to participate in each slot.
The second is multi-layer staking. Two kinds of stakes, one with a larger deposit requirement and the other with a lower deposit requirement make up the two-tiered staking process. Economic finality would only be directly provided by the higher deposit tier.
A typical multi-payer concept consists of the power to assign a stake to a stakeholder at a higher level and a random selection of lower-level participants attesting to each block’s necessity for completion
Additionally, it will also comprise the authority to create inclusion lists. The main idea of both additions will be inculcating a novel approach that maintains the desired cost-of-attack features while enabling a medium-sized committee chosen at random to finalize the chain.