Validator Infrastructure Developer Launches New Fund to Support … – Blockchain.News

ssv.network, a provider of validator infrastructure, has announced the introduction of a new ecosystem fund to assist Ethereum proof-of-stake decentralisation. The business said that this step will foster innovation around Ether (ETH) staking technology. The business made the announcement on January 19 about the ecosystem fund, which has a value of fifty million dollars and would help companies creating apps employing distributed validator technology, or DVT.
The primary purpose of the fund is to provide financial support for DVT use cases that contribute to Ethereum’s efforts to decentralise the platform over the long run.
DVT is a protocol that is open-source and has the capability of distributing the tasks of a validator over a number of different nodes.
Because more DVT implementation results in increased decentralisation, the protocol was an essential part of the roadmap that Ethereum co-founder Vitalik Buterin developed for Eth2.
SSV made notice of the fact that a number of venture capital investors, including as Digital Currency Group, HashKey, NGC, Everstake, GSR, and SevenX, have advocated for Ethereum’s use of DVT.
SSV said that it had already contributed $3 million toward developer awards and that $1.2 million had been distributed to over 20 proof-of-stake projects. Some of these projects include Blockscape, ANKR, and Moonstake.
“Ethereum is now protected by a tiny set of corporations,” claims Alon Muroch, the core development lead at SSV. “When you bring all of these companies together, they control the whole blockchain.”
According to what he stated, the objective of the DVT technology is “to share Ethereum’s security by enabling rapid and simple access to an open-source, public good that will totally revolutionise the way that staking is done today.”
The switch from proof-of-work to proof-of-stake on Ethereum will take place in stages, and each one will be intended to improve the scalability, security, and decentralisation of the network.
The change led to the implementation of ETH staking, in which users take an active role in the validation of transactions.
On Ethereum, the minimum amount of ETH that must be staked in order to qualify as a validator is 32.
According to recent reports, the demand for liquid ETH staking was reportedly on the increase as of the beginning of December.
Staked ETH was characterised to as the “first yield-bearing instrument to attain considerable size in DeFi” by the blockchain analytics company Nansen.
Subscribe now and get exclusive news, interviews and stories.
With blockchain, we will put an end to the monopoly of government-issued currencies, as suggested in the title of Hayek’s work – “Denationalization of Money.” Blockchain will simplify the set of concepts revolving around financial services and the complexity of the IT systems. With blockchain, we will have a cryptocurrency that is more stable and safer than any currency that has ever existed before it. This will bring about true “monetary and financial freedom.” (Read More)
– Kun Hu (CEO of Worldmoney)
Subscribe today and get the latest news, exclusive interviews and analyses.
Copyright © 2023 Blockchain News. All Rights Reserved.
We use cookies to improve your user experience and our services. By clicking “Accept” or continuing to use our site, you agree to the terms of our Privacy Policy.

source