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

During a recent interview with the NFT platform Defiant while in Turkey, Ethereum co-founder Vitalik Buterin addressed the issue of staking centralization within the Ethereum network.

Buterin emphasized the need to overhaul Ethereum’s staking mechanism to promote more robust mining and staking pools, ultimately seeking to improve the overall decentralization of the platform.

This proposed initiative is a response to the challenges arising from the sluggish movement of data availability in off-chain systems, primarily driven by high demands in the near-term and mid-term.

Vitalik Shares Dankshrading Details

Discussing an upcoming upgrade in the Ethereum ecosystem, Buterin highlighted EIP 4844, commonly known as Danksharding.

This upgrade aims to expand the data map space, increasing it to 16 Megabytes per slot. The subsequent phase after the upgrade will involve configuring parameters and attributes to refine Ethereum’s scalability and efficiency.

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

The Dencun upgrade, a pivotal element in Ethereum’s roadmap, is anticipated to launch in early 2024. This upgrade seeks to play a crucial role in enhancing Ethereum’s scalability, efficiency, and decentralization.

Ethereum Founder Praises UTxO Payment Model

In the course of the interview, Buterin delved into the potential adoption of the Unspent Transaction Output (UTxO) approach, a model employed by blockchains like Bitcoin and Cardano. This contemplation underscores Ethereum’s willingness to consider diverse approaches to tackle prevailing challenges within its network.

Buterin’s suggestions sparked discussions within the crypto community, prompting a sarcastic response from Cardano founder Charles Hoskinson who quipped, “No worries, Ethereum 3 will have it all sorted.”

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I want to save money. Will cryptocurrency work?

Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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