With the Ethereum Merge edging ever closer (June 2022 seems to be the best guess right now), more and more companies are starting to think in terms of a post-merge world.
What is it going to look like? What will people want?
For ssv.network, a crypto staking startup which originally started out as a research paper and received a grant from the Ethereum Foundation last year, the answer seems to be pretty straightforward.
People want profits, of course, but ones that are coupled with decentralization, security, and a long term vision for the future of the Ethereum network.
The Rocketpool success is proof that these factors are all very important to the Ethereum community.
That’s the main premise behind SSV, who just announced a $10M raise from Digital Currency Group, Coinbase, and other investors – Building a distributed staking network using “Distributed Validator Technology”.
The money has been contributed to the SSV DAO treasury, and will be used according to the DAO’s roadmap.
Why We Need SSV and Distributed Validator Technology For The Future Of Ethereum Staking
Achieving infrastructure resilience for Ethereum staking cab be very difficult. The strict protocol rules and decentralization guidelines create a lot of limitations. The result? Everyone is designing and building their staking system in the same ways.
Everyone, large and small.
That’s bad for Ethereum because it promotes centralization throughout the network, and can lead to pretty awful consequences if one of the more centralized components fails.
In simple terms, everyone building their systems in identical ways leads to single point of failures, as what is currently happening with the Prysm client.
It’s the most used client across all of Ethereum staking providers with roughly 70% of all validators using it to operate.
That’s what the SSV Network solution is addressing.
At its core “Distributed Validator Technology” (aka SSV) enables the distributed operation of an Ethereum validator across varying operators, and thus reduce the risk of a single point of failure.
SSV is currently in an incentivized testnet phase and is looking to go fully live once all testing goals are met. Over 8,000 validators are participating.