Co-founder of Ethereum Vitalik Buterin has expressed his concerns about the infrastructure’s security in an interview. Buterin’s main worries center on the disclosure of private keys and the hazards this poses for the entire staked sum. He had therefore chosen to only stake a small amount of his ETH holdings to protect the network from future attacks that try to reverse transactions.
Buterin has suggested the introduction of a multi-signature mechanism as a viable remedy to increase the security of ETH staking. In this system, users sign transactions with their private keys, and depending on the Ethereum wallet setup, a certain number of signatures are required to approve a transaction. This configuration provides better protection and reduces the possibility of unapproved access to cash. Buterin admits that building up multi-sig systems for staking can be difficult, which is why he is being careful.
“Probably the biggest reason why I am not just staking all of my ETH, that I’m instead staking a fairly small portion, is because if you stake your ETH, it has to be all out, like the keys that access it have to be public on some system that’s online, and for safety, it has to be a multi-sig, and multi-sigs for staking are still fairly difficult to set up, and it gets complicated in a bunch of ways”, said Buterin, during an episode of the Bankless Podcast.
Buterin Remarks and Ethereum Security Measures
Community debates on Ethereum security architecture arise from Buterin’s comments. Detractors question its integrity. Ethereum uses validators who stake 32 ETH to validate transactions and earn rewards. This transitioned from proof-of-work to proof-of-stake. These validators are essential to the network’s security and defense against intrusions. Currently, over 643,000 validators spread all over the globe are staking a total of over 20.5 million ETH. Each validator has bet, on average, 32.17 ETH. Recent enhancements allow speakers to unlock funds, while the number of validators and staked ETH have grown.
In response to Buterin’s worries, Charles Hoskinson, the creator of Cardano and a founding member of Ethereum, expressed being “lost for words”, He emphasized that they stake all of their ADA holdings as anticipated within a properly designed proof-of-stake system.
At the time of writing, ETH values are stable at or below $2,000, therefore Buterin’s remarks did not significantly affect them. As it trends in early July 2023, the coin has yet to surpass its April 2023 highs.
To address security concerns, the Ethereum community aims for advancements and improvements in the network’s staking infrastructure. These measures ensure long-term stability and integrity.
