SOTS #27: Awesome progress toward decentralized staking and lightweight staking clients

Transcript

hey everyone superfish here i'm really excited to talk today about uh some big stuff coming up today's december 11th and in about seven hours the east acre group is going to meet with lakshman sangkar uh that will be live streamed and available on uh zoom if you want to join us or if you want to send questions to me that would be great um blacksman wrote an article last week that talks about uh the the withdrawal address for beacon chain deposits and right now that withdrawal address is specified by uh the seed phrase that it's going to be a derived address but the plan is to

offer the opportunity for eth1 depositors to say what their withdrawal address will be on the eth1 network this is really exciting because that withdrawal address could potentially be a smart contract this gets even more exciting because if that smart contract were a staking pool then users could make deposits into a staking pool now and have trust and certainty that the withdrawals will be handled correctly based on the rules of that smart contract so if that smart contract is created well then when deposits or withdrawals are enabled

those fees will go right to the smart contract and the smart contract will deliver them correctly that is big that is a thing that will enable uh trustless staking pools and something i've been talking about for weeks and weeks it's it's great so that is today with lachmancenkar i hope you'll join us to learn more about that concept in that paper on monday we have two calls the first one is at 7 am central time and that's with the nimbus team and one of the things you hear me talking about a lot about is the need for more home stakers for home stakers to feel comfortable with their setup one of the biggest barriers for home

stakers has been this need for hardware i generally say you need about 600 dollars in hardware to run a validator with nimbus the requirements are substantially lower and i know now that you can use a raspberry pi to stake on nimbus successfully and i'm going to extend that to say that when phase one comes around that's when shards are enabled if you have one validator you can pretty certainly do that with a raspberry pi that's something i have gone back and forth on something i have contradicted i may contradict myself again but i firmly believe right now that you'll be able to

host one validator node on a raspberry pi when sharding is enabled and that by extension means that you could also run validators now you can actually run multiple validators on a raspberry pi right now but my concern has been when sharding goes live the computing requirements are going to increase and if you're not prepared for that you could be left behind but if you're running one validator i am confident at this moment that you can do that on a raspberry pi you can learn more about that when we meet with nimbus on monday i'm very excited about that call the third thing and this ties back into the thing the call with lakshman is um on december again december 14th at 5 pm

uh east staker is going to meet with dave ruckendyk and dave is created this um staking pool called rocket pool he's been working on it for about three years now um and they are very close to mainnet launch and you're going to say well if you've been working on it for three years why haven't they launched a mainnet when other pools have well this is the thing i've been talking about there are no trustless staking pools any of the pools that exist right now are custodial and they have control over your funds and i feel there's a strong chance you're not going to get your funds back if you participate with them i hope you do i'm not being negative just realistic now with this um ability to specify a withdrawal address

from laxman's call um we're going to talk about how that applies to trustless staking pools like what does it mean for them um how quickly can they get to market uh i know i try not to promote rocket pull too much but they're honestly the only project i know of that is doing this and doing it well so if there were 10 market competitors i might still be obsessed with rocket pool but the fact is they are the market leader for trustless staking pools um and one of the reasons i'm so interested in them is that they have shown so much responsibility and restraint they could have launched already they could be

uh grappling for market share at this moment but instead they're saying we're going to wait until the conditions are correct and then we're going to launch so i'm looking forward to that call with dave i'm looking forward to seeing how that ties in with this um specified withdrawal address and i think it's going to be awesome and so when we're looking at this big picture i know now that coinbase binance and kraken just made a hundred thousand ether deposit into the smart contract into the deposit contract for staking these exchanges intend to be big players i'm telling you don't do it if if i

i so i'm the guy and standing at a cliff and i'm watching people walk over the cliff and i'm the guy shouting wait they're building an elevator and so that elevator would be trustless staking pools they are coming soon and with trust trustless staking pools especially ones that are verified and audited you can have a very strong certainty that you will get your coins back at the end of staking when it comes to exchanges when it comes to other pools there is zero guarantee you are trusting either a business or an individual to always act in your best interest and if you don't know this yet

companies and businesses and individuals do not act in your best interest it's not right it's not good for you i'm asking you just to be patient um a lot of this also boils down to network decentralization uh these exchanges do not care about the health of the beacon chain they don't care about the success of ethereum they care about making money and they're going to offer you a service to make that money what we haven't invested interest in is the health of the network the long-term health of the beacon chain now i know it's already decentralized enough to be healthy for a very long time but i can't stop promoting that decentralization and i hope that you will join me in this

journey um and i hope you'll join us for our three calls uh today 4 p.m central with lakshman sankar monday december 14th at 7 a.m with nimbus and monday december 14th at 5 p.m all central time um with uh dave reagan dyke from from rocketville i'm sorry i didn't convert those times to utc but i know central time best wishes it's been a great day and take care