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Vitalik Buterin, co-founder of Ethereum 
$2,423, discusses the potential risks associated with the Proof-of-Stake (PoS) mechanism and proposes solutions to address these challenges. He evaluates the impact of PoS on the centralization and security of the Ethereum network.
Centralization Risks
Buterin notes that economies of scale may leave small stakers behind, potentially leading them to withdraw from the process and join larger staking pools. This situation increases the risk of a 51% attack on the network and the possibility of transaction delays.
Role of Network Participants
It was mentioned that large participants in Ethereum could use complex algorithms to optimize block creation, thereby increasing their revenue potential. Additionally, participants with more capital could offer liquid staking tokens (LST), assuming the risks of capital lock-up and transferring this risk to smaller participants.
Buterin emphasizes that approximately 30% of the total ETH is currently staked, and if this ratio continues to rise, Ethereum may become more centralized. This trend could lead ETH holders to utilize their tokens through centralized providers.
To prevent centralization in Ethereum’s block creation process, mechanisms such as “committee inclusion lists” should be implemented, allowing smaller stakers to participate equally with larger players.
To curb excessive staking, Buterin suggests altering the supply curve of Ethereum such that yield rates decrease once the staked ETH surpasses a certain threshold. This would prevent any specific group from holding an overwhelming amount of staked ETH while also supporting deflation in an environment where revenue diminishes due to increased network activity.
Future Plans
Buterin believes that more work is necessary to address Ethereum’s centralization and security issues, viewing these risks as significant long-term threats. Ultimately, addressing the risks within Ethereum’s PoS system is crucial for the network’s long-term success.
