- Vitalik Buterin introduces the concept of “rainbow staking” during the ETHTaipei 2024 event in Taiwan.
- Rainbow staking is a conceptual framework allowing protocol service providers to participate in a differentiated menu of protocol services.
- The project focuses on moving towards the concept of single-slot finality (SSF) with good trade-offs.
Ethereum Founder Vitalik Buterin introduced a novel concept called “rainbow staking” during the ETHTaipei 2024 event in Taiwan. Colin Wu, a Chinese reporter, shared an X post on his Wu Blockchain page, giving insights on Buterin’s rainbow staking project.
According to Wu’s X post, Buterin highlighted the potential risks involved in centralization, unveiling rainbow staking, “a conceptual framework allowing protocol service providers, whether solo or professional, to maximally participate in a differentiated menu of protocol services.”
In a separate blog post, Ethereum elaborated on the key aspects and principles of rainbow staking. Providing a nutshell of the key goals of the project, the blockchain stated that rainbow staking would help integrate further “protocol services in a plug-and-play manner.” The project also counters the “emergence of a dominant LST” that replaces Ether as the token of the network.
In addition, rainbow staking reportedly bolsters the economic value and agency of solo stakers by providing the opportunity to participate in different service categories. According to the blog post, Ethereum envisions moving smoothly towards the concept of single-slot finality (SSF) with good trade-offs, with the aid of rainbow staking.
According to the post, rainbow staking handles both heavy and light categories of services. The post claimed that the proposed concept “allows for differentiated classes of service providers to be maximally effective in each service category.”
In a recent related news, Buterin proposed the “recovery hard fork” as a counterforce to the potential threats of quantum computers. He asserted that the advent of quantum computers may cause users to lose their funds through unauthorized access. He added that Ethereum is immune to such attacks as the blockchain is already prepared to implement the hard fork.
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