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Date
2023-03-08Type
- Conference Paper
ETH Bibliography
yes
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Abstract
In September 2022, Ethereum transitioned from Proof-of-Work (PoW) to Proof-of-Stake (PoS) during "the merge" - making it the largest PoS cryptocurrency in terms of market capitalization. With this work, we present a comprehensive measurement study of the current state of the Ethereum PoS consensus layer on the beacon chain. We perform a longitudinal study of the history of the beacon chain. Our work finds that all dips in network participation are caused by network upgrades, issues with major consensus clients, or issues with service operators controlling a large number of validators. Further, our longitudinal staking power decentralization analysis reveals that Ethereum PoS fairs similarly to its PoW counterpart in terms of decentralization and exhibits the immense impact of (liquid) staking services on staking power decentralization. Finally, we highlight the heightened security concerns in Ethereum PoS caused by high degrees of centralization. Show more
Publication status
acceptedEvent
Subject
Ethereum; Proof-of-Stake; Consensus layer; DecentralizationOrganisational unit
03604 - Wattenhofer, Roger / Wattenhofer, Roger
Related publications and datasets
Is new version of: https://doi.org/10.48550/arXiv.2306.10777
Notes
Conference lecture held on March 8, 2024.More
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yes
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