Ethereum co-founder Vitalik Buterin is betting small amounts of ETH out of concern about the complexity of keeping it safe and secure.
speak in bankless podcastButerin said he doesn’t stake all of Ethereum, but only “a good portion” of it, as multisig is required to safely stake on the network and remains a tricky process. Said it was staking.
“When staking ETH, the key to access it must be publicly available on the system online. It’s hard, it gets complicated in many ways.”
Multisig refers to requiring multiple users to sign and approve a transaction. Therefore, even if your private key is compromised, your crypto assets remain safe.
of 2021Ethereum Foundation Researcher Justin Drake He said he is not betting all of his ETH. He compared his reasoning to sausage making, adding that rare and unpredictable events also influenced his decision.
“When you make a sausage, you know how it is made, but there are many tail risks that are difficult to quantify.”
Input Output CEO and Cardano Founder Charles Hoskinson Piggybacking on Buterin’s comments, he said he was betting everything on ADA and took the opportunity to speculate that Ethereum was “not properly designed.”
“I had to ask this several times. I am just at a loss for words. All of our Ada’s are at stake. That’s what a well-designed proof-of-stake protocol should be.“
But co-founder Max Laderius INTUthe protocol that introduced dEOAs (Decentralized Externally Owned Accounts) at this year’s ETHDenver, argued Buterin may have underestimated what is possible with Ethereum’s continued innovation.
EOA is the most basic type of Ethereum account that uses a public/private key pair. INTU introduced a cryptographic method that splits private keys without the need for a smart contract wallet. A smart contract wallet is the kind of account that Buterin probably mentioned when talking about multisig.
“As Buterin succinctly underscores, secure solutions on-chain are currently difficult. So if he has a problem with that, who doesn’t? We’re not done yet, dEOA makes it easier to launch multi-party (MPC) accounts and solves many of Vitalik’s problems, and perhaps this is what we need for further staking adoption.”
Vitalik Buterin’s post only stakes a fraction of Ethereum, which is why it was first listed on CryptoSlate.