Vitalik Buterin wants to burn the validators’ ethers according to the requirements of the regulators
The tornado cash affair continues to shake things up, and the question of true decentralization is more relevant than ever. Vitalik Buterin, the co-founder of Ethereum (ETH), has indicated that he wants to burn the ether of depositors on the Beacon Chain who come to meet the requirements of regulators like OFAC.
The problem of Ethereum censorship
The recent Tornado Cash cryptocurrency mixer banned untilOffice for Foreign Assets Control (OFAC) raises many questions within the cryptocurrency ecosystem, and censorship doesn’t seem timely for everyone.
On twitter, Lefteris Karapetsasthe founder of the portfolio tracker redkiinterviewed 5 of the top depositors of the beacon chain They asked them what they would do if a regulator ordered them to censor certain transactions on Ethereum.
For information, the Beacon Chain ensures the operation of the Proof of Involvement (POS) and will join the Ethereum mainnet during the merge update scheduled around September 15, 2022.
questions for @LidoFinance, @coinbase, @krakenfx, @stakedus, @BitcoinSuisseAG
If the regulators ask you to at the #Ether Log level with your validators you will:
A) Protocol-level compliance and censorship
B) Stop staking service and preserve network integrity https://t.co/UYVR2L6tB1— Lefteris Karapetsas | Hiring for @rotkiapp (@LefterisJP) August 14, 2022
“Will you: A) keep protocol and censor? B) Complete staking and preserve network integrity. »
This tweet in question was itself a reply to a tweet by @TheEylonwho pointed out that currently 66% of depositors of the beacon chain were entities likely to comply with possible OFAC sanctions or a similar place.
Note that Lido has 31% of ETH deposited on the Beacon Chain With more than 129,000 validatorscomes next octopus with 1.2 million ETH deposited then finally staked.us deposited with 396,000 ETH.
👉 To deepen: What is Proof of Stake or Proof-of-Stake (PoS)?
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Vitalik wants to keep the network
In return, Eric Wand questioned the potential for censorship on the Ethereum network by offering a poll to find out if the Ethereum community would or would prefer to accept some form of censorship from the aforementioned entities burn their used ethereffectively viewed censorship as a form of blockchain attack.
Currently, the survey in question represents more than 61% of votes vote for burning staked ether9% of the votes against and 30% neutral. Vitalik Buterinthe co-founder of Ethereum, also contributed his voice:
fwiw I voted X in your poll above
— vitalik.eth (@VitalikButerin) August 15, 2022
“For what it’s worth, I voted X in your poll above. »
So Vitalik Buterin is positive about it Burn the ETH staked by any validator who want to meet the requirements of the regulatory authorities. Note that this would make the latter opt for a Selection of the blocks to be validatedwhich can lead to disruptions.
Although this is just a reaction to a tweet, it seems obvious that this issue should be resolved quickly, not just for Ethereum but for everyone Services that present themselves as decentralized.
This reflects in particular the recent decision of the Circle, who decided to freeze multiple wallets after interacting with the Tornado Cash protocol, which led MakerDAO’s founder to question it DAI Collateralthat is largely provided by USDC.
👉 In the news: The city of Buenos Aires will deploy Ethereum (ETH) validator nodes in 2023
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Maximilian Prue
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