Ethereum news

Vitalik Buterin Calls for Shortening Ethereum Withdrawal Time

Creator of Ethereum Vitalik Buterin I am sure that the withdrawal time of staked ETH should be reduced to increase the attractiveness of the blockchain.

Quick withdrawals [of locked coins] are important because waiting a week is too long even for cross-chain tasks. The cost of capital becomes too high if the liquidity provider has to wait a week.

 

This encourages the use of unacceptable solutions from a trustworthiness point of view (for example, multi-signatures and multi-party computations), which undermine the very essence of using second-layer networks instead of a completely independent first-layer network, Buterin wrote.

Vitalik suggested reducing the waiting time for the withdrawal of staking Ethereums first to an hour, and then to 12 seconds. In his opinion, this will strengthen the status of the ETH blockchain as the main place for issuing tokens and the center of the Ethereum ecosystem. He was concerned about this issue because second-level networks began to process more transactions than the mainnet.

To reduce the time it takes to withdraw locked Ethereum, Buterin wants to use a system based on the zero-knowledge proof protocol instead of the optimistic rollups currently in use. Zero-knowledge proofs used to be inferior to optimistic rollups in economic terms, but the protocol has been significantly improved, so it now requires less overhead.

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