Co-founder of Ethereum, Vitalik Buterin has called for more decentralization of the network to allow more participants. According to a Monday blog post, Buterin discussed how more participants will help mitigate the risk of a single entity taking too much power on the network.
Likewise, the expert exemplified how the present staking requirement has been an obstacle for more people to participate in the blockchain network. He proposed the reduction of the minimum staking amount from 32 Ether to 1 Ether, allowing more individuals to contribute to the security of the network.
Similarly, the co-founder emphasized the significance of protecting the ecosystem from cyber attacks by incorporating single secret leader election. It is worth mentioning that the single secret leader election is a cryptographic technique that makes it difficult for bad actors to disrupt the running of Ethereum.
How the Ethereum Merge Has Helped the Network
Also, in the post, the co-founder shared his opinion on the state of the network and potential projection after the Merge. The Ethereum boss discussed how the ecosystem has recorded significant success in a host of core areas.
In the post, Vitalik Buterin established how the Merge has brought about faster completion time, advanced security, and improved accessibility for solo stakers. Further, the expert highlighted how the Merge has been long due to manifest, explaining how the improvements are “hard-earned” for the network.
Room for Improvement
However, the co-founder admitted that the proof-of-stake consensus mechanism still requires more development. Providing insight into the key focus of the project, Vitalik Buterin revealed that some of the future focus of Ethereum is to reduce transaction consumption time.
Among traders today, Ethereum is known as a heavily trafficked network and it can take up to 15 minutes sometimes to complete a transaction. The network is most congested due to the lag time. In response, Buterin opined that single-shot finality can be one of the solutions to the issue.
It is worth mentioning that in July, Vitalik Buterin proposed the single-shot finality discussing how it could effectively reduce transaction time.
More so, he indicated that such improvement would make the blockchain more competitive while enhancing users’ experience. Recall that in September, Binbits reported the successful transition of the network from proof-of-work to proof-of-stake.
The transition; Ethereum Merge surfaced to help reduce the huge consumption of energy by the blockchain due to its PoW consensus mechanism. According to the Ethereum Foundation, the switch to PoS will help reduce the consumption of energy by 99.99% making the network more eco-friendly.
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