Vitalik Buterin: Ethereum 2.0’s PoS Can Reduce the Chain’s Energy Consumption By Over 10,000x
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The co-founder of Ethereum, Vitalik Buterin, has recently revealed that one percent of ETH total supply is now locked in Ethereum 2.0 deposit contract.

Buterin shared this with the Ethereum community via his official Twitter handle a couple of hours ago. In the tweet, he shared the stats of the upgrade, stating that there is still no obvious improvement in the decentralization level.

He said this was caused by the fact that Bitcoin Suisse is now properly treated with their multiple addresses as a single unit. Buterin, however, stated that the performance noticed is still far better than expected.

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Buterin tweeted, “1% of all ETH is now in the deposit contract! Updated stats; the decentralization numbers are a bit worse than last time but only because they now properly treat Bitcoin Suisse with their multiple addresses as a single unit. Still doing far better than I expected!”

Ethereum 2.0 Comes With Improved Security

Ethereum 2.0 is being developed with security in mind. Virtually all proof-of-stake (PoS) networks have a small set of validators that makes for a more centralized system and decreased network security. The consensus algorithm that powers Ethereum 2.0 requires a minimum of 16,384 validators, which makes it much more decentralized and secure.

Nevertheless, the co-founder of Jelurida and lead core developer of the Ardor and Nxt blockchains, Lior Yaffe, posited that there is a potential vulnerability that targets the level of participation rates on the network.

Read Also: Ethereum Miners Kicks against the Proposal to Reduce Block Rewards By 75%

Also, organizations such as blockchain security firm Least Authority are involved in security audits of Ethereum 2.0 code, which showcases the determination of Ethereum Foundation in setting up a dedicated security team for ETH 2.0.

In a tweet back in August 2020, an Ethereum 2.0 researcher, Justin Drake, stated that “The Ethereum Foundation is building an internal security team dedicated to Eth2. Fuzzing, bounty hunting, pager duty, cryptoeconomic modelling, applied cryptanalysis, formal verification—you name it”

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.