Vitalik Buterin Proposes Rainbow Staking at ETHTaipei 2024

• Vitalik Buterin shares Ethereum’s long-term plans after the Dencun upgrade.
• Buterin also introduced the concept of “rainbow staking” during the ETHTaipei 2024.
• Rainbow staking focuses on moving the concept of single-slot finality (SSF).

ETHTaipei 2024 is in the spotlight of the global crypto industry, with the presence of Vitalik Buterin, Ethereum Founder, who is ready to share his vision for the future of Ethereum. This event, taking place from March 21 to 24, 2024 at POPOP Taipei, Taiwan, promises an in-depth discussion of Ethereum’s long-term plans after the Dencun upgrade.

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Buterin explained that the goal of the Dencun upgrade is to significantly increase scalability and reduce transaction costs, especially for L2 and rollup. This is achieved by creating independent sections of the database within each block, known as blobs.

This data is not accessible to the EVM, and this is very important because it means clients verifying Ethereum blocks do not need direct access to this data. However, the Ethereum blockchain guarantees its availability.

During the discussion, Buterin made a suggestion for Rainbow staking. Rainbow staking is a conceptual framework that allows protocol service providers to participate in a menu of different protocol services.

Buterin highlighted the potential risks involved in centralization, unveiling rainbow staking, “a conceptual framework that allows protocol service providers, whether solo or professional, to participate maximally in a menu of different protocol services.”

In a separate blog post, Ethereum outlined the key aspects and principles of rainbow staking. Providing a summary of the project’s main goals, the blockchain stated that rainbow staking will help integrate “further protocol services in a plug-and-play manner.” The project is also fighting the “emergence of dominant ESG” that is replacing Ether as the network token.

Additionally, rainbow staking reportedly increases the economic value and agency of solo stakes by providing the opportunity to participate in various service categories.

Ethereum envisions moving smoothly towards the concept of single slot finality (SSF) with good trade-offs, with the help of rainbow staking. Rainbow staking addresses both heavy and light service categories.

Buterin proposed “Hard Fork Recovery” as a counterforce to the potential threat of quantum computers. He emphasized that the advent of quantum computers could cause users to lose their funds through unauthorized access. He added that Ethereum is immune to attacks as the blockchain is ready to implement a hard fork.

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