At the Ethereum Singapore 2024 conference on September 16, Ethereum co-founder Vitalik Buterin emphasized the critical role of solo staking in enhancing the network’s security and decentralization. Solo stakers, who stake Ether (ETH) independently without relying on third-party services or centralized entities, are essential for reducing the reliance on centralized players and protecting Ethereum’s long-term resilience.
Strengthening Ethereum Against Centralization Risks
In his address, Buterin warned about the risks posed by centralized staking services and large staking pools. He argued that solo stakers act as a crucial defense against potential network attacks, specifically 51% attacks, where a malicious entity gains control of the majority of the blockchain’s computing power. Solo stakers provide an additional layer of decentralization, making it harder for any single entity to accumulate enough power to disrupt the network.
Buterin noted that in the event of a 51% attack, the severity depends on how much control the attacker has. If an attacker controls 57% or more of the network, they could finalize blocks and potentially split the blockchain, causing significant damage. To prevent this, Buterin proposed raising Ethereum’s block finality threshold, which currently requires two-thirds approval, to three-quarters or higher.
“One of the ideas that I’ve been promoting recently is that Ethereum should increase its quorum threshold from two-thirds to a higher number, either three-quarters or possibly even more,” Buterin explained.
Buterin Weighs in on Google Automated Sign-In
Outside of Ethereum’s security, Buterin also commented on Google’s automated sign-in feature, which recently sparked debate in the crypto community. While acknowledging the potential risks of using such centralized services to access secure systems, Buterin argued that the feature could be beneficial when combined with secure models like account abstraction.
He suggested a system involving a signing key and a multi-signature setup, known as an M-of-N guardian model, which would protect users’ sensitive data or assets from unauthorized access.
Buterin’s remarks at Ethereum Singapore 2024 underscore his ongoing commitment to making Ethereum more secure and decentralized while balancing the network’s scalability and user experience. His advocacy for solo staking and heightened block finality thresholds could shape the future development of the Ethereum ecosystem as it continues to evolve.
