Rainbow Staking is a new conceptual scheme designed to increase the economic value of the Ethereum (ETH) network and the participation of solo stakers. During the Ethtaipei 2024 event in Taiwan, Ethereum co-founder Vitalik Buterin shared several ideas for the development of the network. In particular, the programmer introduced a kind of “rainbow staking” and proposed a “restorative hard fork.”
What is Rainbow Staking?
According to Buterin, “rainbow staking” will allow the integration of various protocol services in a more convenient form. This will increase the economic value of the Ethereum network. In addition, the new scheme will also attract more solo stakers – validators who are directly involved in confirming new transactions.
The concept was called “rainbow” because its architecture suits a wide range of network participants – as diverse as the colors of the rainbow.
The cofounder of ETH noted that this approach would solve the problem of moving to single-slot finality (SSF). SSF is another Buterin concept in which blocks can be proposed and completed in the same slot. Thus, in his opinion, it is possible to speed up the process of confirming blocks in the network.
The concept of “rainbow staking” was first introduced in February of this year. According to the project’s blog post, the idea allows “protocol service providers, Individual or professional, to maximize their participation in a differentiated menu of protocol services tailored to their own strengths and value propositions.”
Quantum computing still scares Vitalik Buterin
The co-founder of Ethereum also mentioned the risks associated with quantum computers. In order to protect the network of the second cryptocurrency from unauthorized access, a “recovery hard fork” can be carried out. According to Buterin, the network is ready for the update.
Buterin has already spoken about the plan to prepare the blockchain for quantum computing. In addition to the “recovery hard fork,” the programmer proposes to introduce methods into the Ethereum network that will be resistant to quantum influence. For example, Winternitz signatures and zero-knowledge proof (ZK) technology – STARKs.
Hard-Fork strategy to protect Ethereum
Recently, Vitalik Buterin, Ethereum co-founder, suggested a hard-fork approach aimed to shield Ethereum assets against potential quantum computer assaults. This idea has sparked extensive discourse on the importance of quantum security measures within the blockchain ecosystem.
Buterin’s suggested strategy entails a sequence of measures crafted to boost Ethereum’s defenses in the face of a quantum computing breach. The theoretical prowess of a quantum computer to resolve specific mathematical dilemmas much more effectively than classical computers is the reason for alarm.
