Ethereum co-founder Vitalik Buterin has proposed several significant changes to the blockchain’s proof-of-stake model aimed at making the network faster and more accessible. In a recent blog post, Buterin suggested lowering the financial barriers for solo stakers and improving the transaction finalization process.
Despite the success of Ethereum’s transition to proof-of-stake two years ago, known as “The Merge,” Buterin believes more improvements are necessary. Currently, validators must stake a minimum of 32 ETH (around $84,000) to participate in securing the network. Buterin proposed reducing this requirement to just 1 ETH ($2,600), which could encourage more individuals to become solo validators and reduce centralization concerns.
“Poll after poll repeatedly shows that the main factor preventing more people from solo staking is the 32 ETH minimum,” Buterin wrote. “Reducing the minimum to 1 ETH would solve this issue, to the point where other concerns become the dominant factor limiting solo staking.”
He also addressed the time it takes for Ethereum transactions to become finalized. Currently, it takes about 15 minutes to achieve finality, a process that Buterin believes could be improved to just 12 seconds through “single-slot finality.”
These proposed changes aim to bring Ethereum’s performance more in line with that of faster, more centralized layer-1 blockchains. Buterin acknowledged that implementing these enhancements will require overcoming technical challenges, including potential new cryptographic methods and a two-tiered staking system.
The proposals come as Ethereum prepares for its next significant upgrade, Pectra, scheduled to begin rolling out early next year. This update is expected to include further refinements to staking rewards and bolster Ethereum’s position in the competitive blockchain landscape.