State of the Stake with Superphiz #40

Transcript

01:58 - The Future of Solo Staking

[Music] today is something like february 26 2021 and i have a couple big picture things i've just recorded this once i think they'll come out better this time let me give it a shot i have been in a bit of a conundrum with staking the past few weeks and it's one of the reasons i haven't really put a lot of videos out because in november december i had a very clear goal and that was to promote solo

staking that was to encourage people to try the test nets encourage client diversity train people to install eth2 clients and basically build this big support network for eth2 home validators and i'll be honest i'm very proud of the product and um i'm proud of what our eath staker team put into that and i'm really proud of what we are today so i just i want to send a huge shout out to nolan patricio buddha and michael michael who produces this video for me so eaststaker is a strong team we've provided a lot of support to the community and i'm proud of that

but we've reached this kind of transition where the people who are going to set up solo staker staking notes pretty much have and the people who don't may aren't really likely to have that 40 or 50 or 60 000 of ether to set up a staking node so kind of what has happened is we've reached this lull where people who can stake with a full node have and people who can't are just left waiting or left using a pool and if you've listened to anything that i've said i really i'm not ready to promote staking pools right now and i've kind of thought of an analogy to explain why

05:58 - Secret Shared Validator (SSV)

that is imagine that staking pools are adolescents they're 14 years old and many of them have good hearts they have great intentions they are really good organizations but let's say that staking is like driving a car would you really be comfortable putting a 14 year old behind a car and saying i believe in you drive me a hundred miles down the road uh yeah in many cases it can work but it's really not a good idea they need more time to mature more time to develop more time to understand life and how things work and when they grow up a little they'll really be ready to drive that car that is how i

see staking pools right now they may be well intentioned many of them are great organizations but because there hasn't been a lot of opportunity for them to develop over time they're still immature products and it's not a great idea to trust them with such a big responsibility yet by saying i don't trust them it doesn't mean that i don't like them it just means that i don't believe they're ready for that responsibility in time i think that they will mature in several ways so the first way they might mature is by holding deposits for a long time they establish a track record of doing good business that's great there are many pools right now that have not been slashed are doing a great job

but beyond that i'm looking for an improvement in technology that allows them to operate more efficiently and more safely with user funds and you know you've heard me talk about rocket pool a lot and it's because rocket pool is bringing about this trustless decentralized and open source staking pool it's a great solution but it's not the only thing that's coming up the alley and i don't want to lose sight of this big goal for us which is um diverse staking by focusing on one or two solutions it brings me to the crux of this video there are two things two resources that i want you to check out

and the first one i want to bring up is the secret shared validators call that was held about a week ago i posted about this on reddit and it didn't get a lot of traction and i'm not really sure why but secret shared validators is an incredible uh opportunity revolution development in east 2 that's going to significantly improve the security and safety of pool operation and so it's a development that will support not just staking pools but can also be used by home stakers and i think that it's going to be developed in a way by some operators to decentralize staking pools even further

what i really want to see are staking pools who encourage home users to use a tool like secret shared validators to promote decentralization of the and kind of what that means is uh it sort of means that 10 different people at home can run a staking node and a as they vote as they cast votes their their computers will kind of combine signatures to pass this threshold that will send one shared vote and so that means that none of those 10 individual operators has control over the coins but together they can represent a validator and

provide services to the network and so i really look forward to secret shared validators being developed in a way in several ways that will promote the greater decentralization and greater beacon chain health so if you don't do anything that i say i really would encourage you to check out the secret shared validators call linked below i've listened to it twice it is in plain language and it is very uh understandable for people who don't really know a lot about ethereum what you're going to find out is that there are developments coming in the next few months that will allow for more safe more robust uh staking

08:25 - ETH 2.0 Merge

by individuals and by pools and i really think that's going to increase the diversity of pools that we can say you know we can give that that badge of uh faith to because we're not looking for trust we're looking for faith and by having a decentralized pool we can place our faith knowing that they're they're handling our funds uh in a responsible way the other thing that i want to talk about is the all-core devs call that was held i guess like friday maybe three or four or five days ago maybe a week ago uh on this all-core devs call the developers from the ether1 clients and the eth2 clients

began talking about how they can structure the merge and how a merge between eth2 and eth1 might look and they talked a lot about some of the hard forks that are going to be coming up the berlin hard fork the london hard fork and so they're framing out this plan to merge eath one chain with the eth2 consensus model that is now proof of stake and their work is going very well um they're i would i would hazard to say that they're ahead of schedule and we can feel good about a high likelihood that we'll see the merge sometime in 20 to 20 22 just like we had hoped for but i really

want you to take a chance listen to that all core devs call pay attention to the dates um you're going to need to update your ethereum one client several times and so i think right now the best target time to plan that update is going to be around march 15th so just kind of pencil in that week to say make sure uh my eth1 client that's like gas open ethereum make sure that they are updated because without an update they won't know about the hard fork and your eth2 client will be left behind it won't be disastrous but for the health of the beacon chain we want to make sure that everyone is

09:56 - What's next in ETH 2.0

updated and on target you should hear a lot more about that from me later i think that's all i wanted to say today i i left some parts out and i condensed some but the two things that i want to get across to you are secret shared validators are coming they are a fantastic big deal please become aware of them and pay attention to them and the merge is coming and it's important that we as a community get ready to look forward to the merge and know what to expect as east staker moves forward we're going to work to be more inclusive of small validators or small stakers who may not have 32 ether but maybe even have .01 ether to stake we want to be a place where you can come to get

support and answers and honestly right now that answer is weight uh but it's going to change very soon a lot of new options are going up and i can't wait to share those with you thanks by the way don't forget to join us at reddit.com or in our discord at invite dot gg slash eatstaker i do these state of the state videos every time i get myself in front of the camera if you subscribe then you can get a notification every time because honestly they don't have a huge shelf life but i'd still love if you participated with us in the community all right take care