Ethereum co-founder Vitalik Buterin is advocating for a simpler way of staking on the Ethereum network, as the current system is too complex and discourages people from staking on the network.
Buterin emphasized that staking on the Ethereum network does not need any special knowledge, especially when dealing with larger amounts of Ether.
To solve these issues, the Ethereum Foundation is currently experimenting with a distributed staking system using 70,000 ETH. This is based on a lightweight version of the Distributed Validator Technology (DVT), which allows the validator nodes to be run across multiple machines rather than a single server.
The goal here is to make staking easier and more accessible, especially for institutions with large ETH holdings.
With this new system, participants do not need any technical skills. One only needs to choose the computers to be used as nodes, create a common configuration file, and all computers will use the same key, while the network takes care of the rest of the technical issues.
“My hope for this project is that we can make it maximally easy and one-click to do distributed staking for institutions,” said Buterin.
Buterin has spoken out about the perceived notion that running blockchain infrastructure requires professional teams or highly specialized knowledge. He argues that it should not be perceived as such and goes against the notion of decentralization.
He said that the idea of running the infrastructure as a terrifying and complex task that only a trained professional can accomplish is both dreadful and anti-decentralization.
Looking ahead, Buterin sees a future where staking can be initiated with easy-to-use deployment tools such as Docker containers, where a node can “boot with a single command, auto-connect, and start staking.”
The interest in ETH staking services is sustained despite the fluctuations in the price of ETH. About 3.2 million ETH is waiting to be included as validators, which means that the waiting period is about 55 days.
On the other hand, about 29,000 ETH is waiting to be withdrawn, which means that the waiting period is about 12 hours. In total, about 37.5 million ETH, which is worth about $76.5 billion, is already staked and represents about 31% of the total Ethereum supply.
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Buterin’s plan to simplify staking is intended to encourage the involvement of institutions and regular ETH holders as well, thus increasing decentralization and strengthening the Ethereum network.
If this “one-click” approach is successful, it could revolutionize the way in which ETH holders are involved in the network as validators.
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