validators – Coin Network News https://coinnetworknews.com If it's coin, it's news. Wed, 13 Mar 2024 10:13:32 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 Creating a More Fair Ecosystem for Stakers and Validators With Bahamut Blockchain https://coinnetworknews.com/creating-a-more-fair-ecosystem-for-stakers-and-validators-with-bahamut-blockchain/ https://coinnetworknews.com/creating-a-more-fair-ecosystem-for-stakers-and-validators-with-bahamut-blockchain/#respond Wed, 13 Mar 2024 10:13:32 +0000 https://coinnetworknews.com/creating-a-more-fair-ecosystem-for-stakers-and-validators-with-bahamut-blockchain/ The Bahamut blockchain is an innovative EVM-based, layer 1 solution, renowned for its security, decentralization, and scalability. It uses the FTN coin for network operations, cross-chain functionalities, and rewards. Notably secure, Bahamut has passed CERTIK and HEXENS assessments and introduces a unique Proof of Stake and Activity (POSA) consensus mechanism, rewarding validators based on engagement […]

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Frenzy in Meme Coin $PEPE’s Price Spreads Wealth to Ethereum Blockchain Validators https://coinnetworknews.com/frenzy-in-meme-coin-pepes-price-spreads-wealth-to-ethereum-blockchain-validators/ https://coinnetworknews.com/frenzy-in-meme-coin-pepes-price-spreads-wealth-to-ethereum-blockchain-validators/#respond Mon, 08 May 2023 17:40:35 +0000 https://coinnetworknews.com/frenzy-in-meme-coin-pepes-price-spreads-wealth-to-ethereum-blockchain-validators/

On May 6, the total reward in MEV revenue was at 549.05 ETH and 2,457.73 ETH in gas fees, for a total of 3,006.78 ETH (worth $5.6 million at current prices). On Nov. 9, at the height of the FTX collapse, MEV revenue was at 2,505.69 ETH while gas fees were at 1,423.99 ETH, for a total revenue of 3,929.68 ETH ($6.1 million).

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Solana Validators to Make Second Restart Attempt as Transaction Freeze Drags On https://coinnetworknews.com/solana-validators-to-make-second-restart-attempt-as-transaction-freeze-drags-on/ https://coinnetworknews.com/solana-validators-to-make-second-restart-attempt-as-transaction-freeze-drags-on/#respond Sun, 26 Feb 2023 00:54:22 +0000 https://coinnetworknews.com/solana-validators-to-make-second-restart-attempt-as-transaction-freeze-drags-on/

By evening New York time, validators running Solana’s infrastructure had long since concluded that the best way to right the chain would be to synchronize a restart and fork the chain. A first attempt was abandoned when validators realized they picked the wrong point at which to restart, further lengthening the delay.

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Only 0.04% of Ethereum validators have been slashed since 2020, says core dev https://coinnetworknews.com/only-0-04-of-ethereum-validators-have-been-slashed-since-2020-says-core-dev/ https://coinnetworknews.com/only-0-04-of-ethereum-validators-have-been-slashed-since-2020-says-core-dev/#respond Thu, 23 Feb 2023 02:45:27 +0000 https://coinnetworknews.com/only-0-04-of-ethereum-validators-have-been-slashed-since-2020-says-core-dev/

The Ethereum ecosystem has seen only 226 validators slashed since the launch of the Beacon Chain on Dec. 1, 2022 — amounting to just 0.04% of 524,060 validators, according to an Ethereum core developer.

Slashing is a process where a validator breaches the proof-of-stake consensus rules, which often results in the removal of that validator from the network and slashing a portion of the staked Ether (ETH) that the validator provided as collateral.

Such slim odds of being slashed were highlighted by Ethereum core developer “Superphiz” in a Feb. 23 Twitter post, which suggests that people shouldn’t be concerned about staking ETH for that particular reason.

The developer also explained “four emerging best practices” to reduce those odds even further.

One of these practices was to wipe any existing chain data on old staking machines and to reinstall and reformat the validator where necessary, said Superphiz, noting that many slashings occur due to “failed systems migrations.”

Superphiz then suggested using “doppelganger detection” — which checks whether the validator’s keys are active before starting the validation process.

While this can impact validator uptime, he explained that “perfect uptime” isn’t worth getting slashed in the grand scheme of things:

“It’s wise to throw away $0.06 to save $1700. (A slashing costs about 1 Ether).”

The developer said it is also worth watching buffers and logs on the Beacon Chain to become aware of any potential problems that may arise.

Log of the slashed validators on The Beacon Chain. Source: beaconcha.in.

If something feels wrong, Superphiz suggested “unplugging everything” and to “come back” when the problem has been identified and a proposed solution is set in place.

The developer also noted that over 150 of the 226 slashings have been caused by services rather than “home stakers.” 

Staked ETH and number of active validators on The Beacon Chain. Source: beaconcha.in.

Slashing can occur due to an “attestation” or a “proposal” violation, according to the Ethereum Foundation.

An attestation violation is one where a malicious validator attempts to change the history of a block or “double votes” by attesting two candidates for the same block.

A proposal violation occurs when a validator proposes and signs two different blocks for the same slot.

The majority of slashing events have come from attestation violations, according to data from beaconcha.in.

One of the largest slashing events occurred on Feb. 4, 2021, when staking infrastructure provider “Staked” had 75 of its validators slashed for producing competing blocks. Staked said the attestation violation came about due to a “technical issue.”

Related: What are the risks of the Ethereum Merge?

Since The Beacon Chain merged with the Ethereum proof-of-work chain on Sept. 15, only 35 of the total 226 slashings have taken place, according to beaconcha.in, which suggests that the Merge has not had a profound impact on slashing rates.

With about 16.7 million ETH staked (according to beaconcha.in) out of 120.4 million ETH currently in circulation  (according to CoinGecko) — the percentage of ETH staked is about 13.9%.

ETH can be staked on a centralized exchange, be delegated to an third-party validator network or be run on an independent node, which requires 32 ETH.