Vitalik Buterin highlights Ethereum (ETH) consensus limitations

Vitalik Buterin highlights Ethereum (ETH) consensus limitations
фото показано с : invezz.com

2023-5-24 15:04

Ethereum (ETH)‘s co-founder recently published a blog warning against overloading the Ethereum consensus. The post revealed several developers and users watching to ensure correct chain recovery upon crypto-economic consensus failure.

On May 22nd, Vitalik Buterin, co founder of Ethereum, released an article titled "Don't overload Ethereum's consensus".#ETH pic.twitter.com/bJkigC0xtM

— Jim said (@JimsaidETH) May 22, 2023

Buterin highlighted that the post was to clarify that some practices might lead to systemic risks. He added that players should avoid such a subset of techniques. Moreover, the Ethereum co-founder stated that the post’s proposals were benign– not directed to individuals or projects.

Buterin warned against overextending social consensus, stating that while massive layer2 platforms pause as the most secure, any bug that leads to loss of funds will translate to enormous investment losses, forcing the community to fork to recover the investor funds.

The ETH co-founder highlighted the benefit of ensuring Ethereum’s minimalism, stating that expanded consensus heightens costs, running validator risks and complexities. 

The Ethereum blockchain switched to the proof-of-stake consensus mechanism from proof-of-work in September 2022. Moreover, it activated withdrawals of the staked Ethereum following the Shapella upgrade on 12 April. That could be behind the security risks and amplified monitoring of validator roles on the Ethereum platform.

😃⬆️ Vitalik Buterin's cautionary statement on overcomplicating Ethereum consensus mechanism. #ETH #Ethereum

Sentiment: Rocket Fuel 😃⬆️https://t.co/4sGFXdSNFU pic.twitter.com/HfAKI9tnr0

— TokenBeam (@TokenBeam) May 22, 2023 Memecoin mania clogged the Ethereum blockchain

The Ethereum blockchain saw gas fees surging to yearly highs early in the month. That came as the meme coin PEPE took the crypto world by storm, exploding in popularity. Also, the PEPE craze saw surged volumes on the Uniswap protocol. Uniswap volume surpassed Coinbase‘s $948 million, hitting $1.2 billion in May’s first week.

Ethereum price today

The cryptocurrency market remains down on Monday, with most assets recording downward price actions. The second-largest crypto, Ethereum, lost 0.09% over the past day to change hands at $1,813.42 at press time (Invezz.com data). Crypto enthusiasts may have to track broad market trends and Ethereum news to determine upcoming price directions.

The post Vitalik Buterin highlights Ethereum (ETH) consensus limitations appeared first on Invezz.

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