Cryptonews Ethereum News Vitalik Buterin Plans to Redesign Ethereum Staking, Praises UTXO Payment Model

Vitalik Buterin Plans to Redesign Ethereum Staking, Praises UTXO Payment Model

Jai Pratap

Last updated: November 27, 2023 01:10 EST | 1 min read

In a recent interview with the NFT platform Defiant during his visit to Turkey, Ethereum co-founder Vitalik Buterin tackled the issue of staking centralization within the Ethereum network.

Buterin highlighted the necessity to revamp Ethereum’s staking mechanism to foster healthier mining and staking pools, ultimately aiming to enhance the overall decentralization of the platform.

The proposed initiative comes as a response to the challenges posed by the sluggish movement of data availability in off-chain systems, primarily attributed to the high demands in the near-term and mid-term.

Vitalik Shares Dankshrading Details

Addressing an imminent upgrade in the Ethereum ecosystem, Buterin shed light on EIP 4844, commonly known as Danksharding.

This upgrade is poised to enhance the data map space, increasing it to 16 Megabytes per slot. The post-upgrade phase will involve configuring parameters and attributes to refine Ethereum’s scalability and efficiency.

In a shift toward a more democratic and less disruptive process, Buterin proposed the implementation of a voting system to govern future changes on the Ethereum network, potentially eliminating the need for hard forks. This strategic move aligns with Ethereum’s continuous evolution to address scalability challenges.

The Dencun upgrade, a crucial element in Ethereum’s roadmap, is expected to go live in early 2024. This upgrade aims to play a pivotal role in improving Ethereum’s scalability, efficiency, and decentralization.

Ethereum Founder Praises UTxO Payment Model

During the interview, Buterin also explored the possibility of adopting the Unspent Transaction Output (UTxO) approach, a model utilized by blockchains such as Bitcoin and Cardano. This consideration reflects Ethereum’s openness to diverse approaches in addressing existing challenges within its network.

While Buterin’s proposals generated discussions within the crypto community, Cardano founder Charles Hoskinson responded with a touch of sarcasm, stating, “No worries, Ethereum 3 will have it all sorted.”