Sunday, April 11, 2021

Vitalik Buterin: 1% of Ethereum (ETH) Total Supply Is Now Locked In Deposit Contract

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.

Read Also: Ethereum Analytics Platform Raises $2 Million in a Funding Round

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”

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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