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Cracking the complex world of cryptocurrency, Vitalik Buterin, the brainchild behind Ethereum, made an unexpected revelation that he is not all in with staking his entire Ether fortune. Buterin's cautious stance towards staking is rooted in multifaceted challenges tied to the use of multisignature (Multisig) wallets.
During a June 29 session on the Bankless podcast, Buterin unveiled his reasons for staking only a small part of his Ethereum (ETH). He highlighted the necessity for the keys that unlock the staked ETH to be public and online. This mechanism calls for a Multisig setup for added security—a system Buterin describes as exceedingly intricate and difficult to orchestrate.
Adding to the discourse, Charles Hoskinson, Ethereum's co-founder and creator of Cardano, expressed disbelief on Twitter. He compared his strategy, stating that he stakes all his Cardano without reservation.
On the same note, Buterin broached the topic of the EigenLayer protocol—a promising technology that enables Ethereum stakers and validators to recommit their assets onto new, evolving networks. However, this service is still in its testing phase, not expected to fully launch until late 2023. While promising, Buterin highlighted the centralization risks inherent in the protocol. The system could potentially favor reliable stakers over untrustworthy ones, thus reducing the chances of being slashed for the former.
Sreeram Kaanan, the mind behind EigenLayer, acknowledged the intricacies surrounding restaking and stressed the need for a restrained approach in its development.
This revelation comes on the heels of a candid blog post by Buterin on June 9, where he proclaimed the Ethereum blockchain to be dysfunctional without an adequate scaling framework to facilitate affordable transactions. He also flagged the shift to smart contract wallets as a potential failure point, citing challenges in user experience when handling multiple addresses simultaneously.
Vitalik Buterin's cautious approach to Ethereum staking, alongside his concerns about the future of the blockchain, paint a picture of the complex landscape that cryptocurrency continues to navigate.
