Everstake is thrilled to announce its status as one of the Verified Operators on the SSV.network, a platform utilizing the advantages of the Distributed Validator Technology (DVT) to ensure the highest security of the Ethereum network and bringing together battle-tested operators.
This article explores the intricacies of DVT and SSV.network, Everstake’s role as an experienced Verified Operator within its reliable infrastructure, and the advantages it can bring to stakers, validators, and every user of Ethereum.
Distributed Validator Technology 101
Distributed validator technology (DVT) is a technology devised for post-Merge Ethereum to dwindle security risks. It enhances validator security by distributing key management and signing responsibilities across multiple parties, effectively minimizing single points of failure. This is achieved by fragmenting the private key used to fortify a validator across several nodes, which are then formed into a cluster.
Such a distribution makes the key more resistant to unauthorized access, given it's not entirely present on any single device. This configuration allows specific nodes to go offline without compromising the network's overall integrity.
The SSV.network was among the earliest initiatives to adopt DVT (which had initially been referred to as SSV itself, meaning Secred Shared Validators). Structured like a mesh, the network features nodes, known as Operators, which endow validators with active-active redundancy.
Over time, SSV.network has blossomed into a community-fueled initiative with the primary goal of bolstering Ethereum's security and decentralization.
The Potential of SSV
The SSV.network consists of two integral layers: the SSV Peer-to-Peer (P2P) network layer and the Ethereum contract layer. The former is execution-centric, overseeing the current operator list and validator KeyShare assignments, while the latter is pivotal for governance.
SSV revolutionizes Ethereum staking by employing Distributed Validator Technology to distribute an encrypted Ethereum validator private key among multiple nodes. This decentralizes the operation and enhances security, ensuring that the network remains unaffected even if certain nodes are offline.
The launch of SSV.network will remove technical barriers for solo Ethereum stakers by eliminating the need to run their own infrastructure to start validating. On top of that, SSV.network ushers in the enhanced trust minimization for staking pools and risk mitigation for staking providers and institutions, all while massively boosting the overall security and reliability of Ethereum as a blockchain.
Everstake's Role as a Verified Operator
To ensure a smooth mainnet launch, SSV.network necessitates a selected cadre of validators, termed Verified Operators, distinguishably vetted by the SSV DAO's Verified Operators Committee. This rigorous selection gauges their competence, experience, time spent on SSV testnets, successful validator operations, performance scores, and affiliations with other reliable staking platforms.
Moreover, a meticulous KYC/KYB procedure authenticates the company's and the operator's legitimacy.
Everstake's recognition as a Verified Operator stems from its prior contributions to Ethereum, marked by its active participation in all testnets, stellar performance, and unwavering reputation.
Everstake is fully committed to upholding the high standards that the position of a Verified Operator on the SSV.network entails.
In particular, Everstake’s performance over one month is estimated at 99.39% for 30 validators (the same number as other Verified Operators run).
Everstake is set on ensuring the on-chain effectiveness of the validators we operate and continual contributions to the well-being of the Ethereum network.
These criteria reflect our collective values and mission to decentralize Ethereum staking, and we believe they capture the essence of what it means to be a Mainnet Verified Operator.
Conclusion
Innovations like DVT and platforms like SSV.network are pushing the envelope, ensuring heightened security and decentralization for Ethereum staking and the network’s overall resilience and efficiency.
Everstake's inclusion as a Verified Operator on SSV.network reiterates the significance of trustworthiness, expertise, and commitment to ensuring the blockchain's future is secure and decentralized.
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