Whether we want to admit it or not, centralization remains a significant concern and issue for our industry, and is faced by most major blockchains, including Ethereum.
To combat this, protocols like Rocket Pool and Etherfi have worked to lower the hurdles for people to join the network as validators. new protocol, hero characterswe take a different approach to this problem and turn to speculation, Role of solo staker It's more attractive.
Developed by OGs like 0x MakiAnon, co-founder of Sushiswap, said the new system seeks to take advantage of Ethereum's often overlooked potential. graffitiIt is a small segment of arbitrary data within a block header that powers a more decentralized and robust network of complete validators by providing the ability to earn, deploy, and lease (yes, lease) tokens. To do.
Ethereum centralization problem
Ethereum’s transition to proof-of-stake (PoS) brought many improvements, such as energy efficiency, but it also ushered in a new era of centralization concerns.
This means that the consolidation of verification powers into the hands of a few large operators poses significant risks, including increased vulnerability to regulatory pressure (as we have seen). block builder and relay) and network failure.
This centralization dilutes the fundamental decentralization philosophy of blockchain and should be guarded against. Now, let's take a look at the herroglyph clues.
How does Hero Glyph try to solve this?
Heroglyphs aims to address validator centralization through a feature called Graffiti, which uses small arbitrary data that validators can include in proposed blocks.
Heroglyphs introduces three main operations through Graffiti: encoding, translation, and leasing. Each of these operations is designed to maximize the potential of this small piece of data within a transaction. Let's break down these pillars.
- encoding This includes embedding critical operational data like Graffiti on Ethereum blocks and encoding commands for the creation, issuance, transfer, and conversion of assets such as NFTs and meme coins. By inserting this data into Graffiti, block space becomes a secure and immutable medium for developing tokens and storing detailed transaction instructions.
- Translating Acts as an operation performer within Ethereum according to the encoding. Whether minting new NFTs or processing memecoin transactions, the translator system ensures that these operations comply with the token summary parameters encoded within the graffiti.
- lease Introduces a strategic and economical layer to your use of Graffiti. In this model, a validator or miner assigns and pays a regular tax on value to each hero glyph's “ticker”, or token. This value determines operational leases and sets the stage for competition. For example, other validators can compete against each other for a lease if they decide a ticker is undervalued and want to make it their own. Most of the revenue generated from actions such as minting and transferring leases and tickers within the Heroglyphs network is shared among all full validators.
Overall, this new platform is a novel, degeneration-centric approach to decentralizing the Ethereum network.
A grand vision? We use Graffiti to facilitate a new metasystem where solo stakers are actively encouraged to participate by making the validator experience more informative, engaging, and fun. Validators now have tools to create and manage their own tokens and grant new permissions to roles.
If Heroglyph's mission is successful, Ethereum will become more robust and we will have another case study on how speculation can be profitable and provide real value to cryptocurrencies. In the meantime, this is a protocol to watch on the meme coin and NFT frontier.
