The exchange highlights that a quarter of the validators in its staking pool do not implement Prysm. The existence of many independent validators could minimize the risks of centralization.
With the transition to Ethereum 2.0 right in the front, more validators are now depositing ether, which is the cryptocurrency of this network, to be a backup by confirming blocks in what they call the possible future merger.
However, recent news highlighted a centralization generating a state of emergency. The Coinbase cryptocurrency exchange has discussed how this centralization would work in various scenarios.
According to data coming from pools in. is. Cloud, Coinbase is the Ethereum 2.0 staking pool with the most extensive number of validators. The current amount of validators already surpasses 48,000, of which 92% apply Prysm as a client.
However, the exchange version revealed via Twitter shows slight differences with such figures; at least 24% of validators do not implement Prysm; this action makes Coinbase perhaps the most diversified staking pool out there. That percentage of validators absorbing other clients is growing steadily fast.
Coinbase also explained that the company’s intention to receive Prysm was because Prysm is the only active client that granted backup to remote signers. Among other benefits, this feature allows validators to house their keys in hermetic environments instead of doing it in the validator itself, skyrocketing its security to another level.
Regarding other clients, Coinbase said that it would soon include a backup service ideal for remote signers with Lighthouse, thus making the adoption of that client in its pool at scale easier.
The other major staking pools such as Kraken, Lido, or Binance have not opened up about this subject. Neither Prysmatic Labs, the developer of Prysm, has revealed any official statements about this situation.
The Centralization of Ethereum 2.0: Subject of a Complete Analysis
Various media outlets reported the high centralization in the new version of Ethereum. The big deal is that most exchange staking pools, some of them counting on more than 40,000 validators, are using the same client, Prysm, to execute the Ethereum 2.0 protocol.
Prysm’s supremacy among validator pools relies on at least 67%, or two-thirds of the total percentage, making this situation a severe issue, mainly of an emergency nature. This situation brings more vulnerability for users if the client fails; the network itself could have to face many struggles, and experts say that erroneous information could appear written in the blockchain, leading to an imminent fork.
By: Jenson Nuñez
