[ANN] Blox Staking - Ethereum 2.0 Fully Non-Custodial Staking

Odalv

legendary

Activity: 1414

Merit: 1000

Quote from: ferdinand50 on May 07, 2021, 08:55:47 AM

Quote from: Odalv on May 07, 2021, 08:53:42 AM

Quote from: ferdinand50 on May 07, 2021, 08:47:10 AM

How can scammers benefit from the platform vulnerabilities and why can’t they do the same in case of Blox?

There’re several options. They can block the keys, extort money for them, steal the reward and etc. Some of them can even ruin the entire system. Blox uses decentralization which makes hacking impossible.

Does it turn out that it’s more beneficial to use Blox not only to maximize the profitability, but also to improve safety?

Yes, if you follow the platform’s recommendations and don’t violate the rules, your income will grow. Also, it’s safer than its analogues from many points of view.

ferdinand50

jr. member

Activity: 39

Merit: 1

Quote from: Odalv on May 07, 2021, 08:53:42 AM

Quote from: ferdinand50 on May 07, 2021, 08:47:10 AM

How can scammers benefit from the platform vulnerabilities and why can’t they do the same in case of Blox?

There’re several options. They can block the keys, extort money for them, steal the reward and etc. Some of them can even ruin the entire system. Blox uses decentralization which makes hacking impossible.

Does it turn out that it’s more beneficial to use Blox not only to maximize the profitability, but also to improve safety?

Odalv

legendary

Activity: 1414

Merit: 1000

Quote from: ferdinand50 on May 07, 2021, 08:47:10 AM

How can scammers benefit from the platform vulnerabilities and why can’t they do the same in case of Blox?

There’re several options. They can block the keys, extort money for them, steal the reward and etc. Some of them can even ruin the entire system. Blox uses decentralization which makes hacking impossible.

ferdinand50

jr. member

Activity: 39

Merit: 1

Quote from: Odalv on May 06, 2021, 12:55:12 AM

Quote from: ferdinand50 on May 06, 2021, 12:52:18 AM

Quote from: Odalv on May 06, 2021, 12:50:16 AM

The platforms that store validator and withdrawal keys violate security meaning that there is the third party in the system. This leads to fees. The fees increase exponentially – the more validators participate, the higher the fee is. Yes, it’s harder to access this system, but the scammers manage to damage it anyway by reducing the profitability and etc.

What makes Blox different from platforms like that?

Blox doesn’t store validator and withdrawal keys. It allows to optimize setting up a validator and managing it in Eth2 system. It allows to maximize the profit and minimize the risks. But the main advantage is that the users fully control their assets.

How can scammers benefit from the platform vulnerabilities and why can’t they do the same in case of Blox?

Odalv

legendary

Activity: 1414

Merit: 1000

Quote from: ferdinand50 on May 06, 2021, 12:52:18 AM

Quote from: Odalv on May 06, 2021, 12:50:16 AM

The platforms that store validator and withdrawal keys violate security meaning that there is the third party in the system. This leads to fees. The fees increase exponentially – the more validators participate, the higher the fee is. Yes, it’s harder to access this system, but the scammers manage to damage it anyway by reducing the profitability and etc.

What makes Blox different from platforms like that?

Blox doesn’t store validator and withdrawal keys. It allows to optimize setting up a validator and managing it in Eth2 system. It allows to maximize the profit and minimize the risks. But the main advantage is that the users fully control their assets.

ferdinand50

jr. member

Activity: 39

Merit: 1

Quote from: Odalv on May 06, 2021, 12:50:16 AM

The platforms that store validator and withdrawal keys violate security meaning that there is the third party in the system. This leads to fees. The fees increase exponentially – the more validators participate, the higher the fee is. Yes, it’s harder to access this system, but the scammers manage to damage it anyway by reducing the profitability and etc.

What makes Blox different from platforms like that?

Odalv

legendary

Activity: 1414

Merit: 1000

Quote from: ferdinand50 on May 06, 2021, 12:47:20 AM

Quote from: Odalv on May 05, 2021, 07:21:27 AM

Quote from: ferdinand50 on May 05, 2021, 07:18:07 AM

What’s the problem with using similar platforms that can store the info on their own servers? I’m talking about the keys, stakes and so on.

There’re several types of platforms. Some of them store the validator keys of the users, but not the withdrawal keys. Thus, they can’t manage the users’ funds. This helps to ensure safety, but leads to high fees for reduced reward.

But it’ll be harder to access the funds if the platform doesn’t have full control over validators and keys, right?

The platforms that store validator and withdrawal keys violate security meaning that there is the third party in the system. This leads to fees. The fees increase exponentially – the more validators participate, the higher the fee is. Yes, it’s harder to access this system, but the scammers manage to damage it anyway by reducing the profitability and etc.

ferdinand50

jr. member

Activity: 39

Merit: 1

Quote from: Odalv on May 05, 2021, 07:21:27 AM

Quote from: ferdinand50 on May 05, 2021, 07:18:07 AM

What’s the problem with using similar platforms that can store the info on their own servers? I’m talking about the keys, stakes and so on.

There’re several types of platforms. Some of them store the validator keys of the users, but not the withdrawal keys. Thus, they can’t manage the users’ funds. This helps to ensure safety, but leads to high fees for reduced reward.

But it’ll be harder to access the funds if the platform doesn’t have full control over validators and keys, right?

Odalv

legendary

Activity: 1414

Merit: 1000

Quote from: ferdinand50 on May 05, 2021, 07:18:07 AM

What’s the problem with using similar platforms that can store the info on their own servers? I’m talking about the keys, stakes and so on.

There’re several types of platforms. Some of them store the validator keys of the users, but not the withdrawal keys. Thus, they can’t manage the users’ funds. This helps to ensure safety, but leads to high fees for reduced reward.

ferdinand50

jr. member

Activity: 39

Merit: 1

What’s the problem with using similar platforms that can store the info on their own servers? I’m talking about the keys, stakes and so on.

oliverlott

jr. member

Activity: 115

Merit: 1

Quote from: willsey89 on May 03, 2021, 01:39:29 AM

Quote from: oliverlott on May 03, 2021, 01:35:40 AM

Quote from: willsey89 on May 03, 2021, 01:32:06 AM

Does it turn out that the funds of the users are liquid?

Yes, but it’s true only for those who can stake so far. Other users will access transferring and selling tokens at later stages. Exact timeframes are not known so far.

How do block producers work?

These are the subjects responsible for network protection and performing the duties of the pool assigned by a pool chain, they also have a right to manage infrastructure (client-validator) to perform the duties of the pool on the behalf of one of its participants.

willsey89

newbie

Activity: 51

Merit: 0

Quote from: oliverlott on May 03, 2021, 01:35:40 AM

Quote from: willsey89 on May 03, 2021, 01:32:06 AM

Does it turn out that the funds of the users are liquid?

Yes, but it’s true only for those who can stake so far. Other users will access transferring and selling tokens at later stages. Exact timeframes are not known so far.

How do block producers work?

oliverlott

jr. member

Activity: 115

Merit: 1

Quote from: willsey89 on May 03, 2021, 01:32:06 AM

Does it turn out that the funds of the users are liquid?

Yes, but it’s true only for those who can stake so far. Other users will access transferring and selling tokens at later stages. Exact timeframes are not known so far.

willsey89

newbie

Activity: 51

Merit: 0

Does it turn out that the funds of the users are liquid?

oliverlott

jr. member

Activity: 115

Merit: 1

Quote from: willsey89 on May 02, 2021, 12:42:52 AM

Does it mean that every system participant is a pool? If so, how does it happen?

Any user who stakes 0,1 ETH can be a validator. They get tokens as a reward and can transfer or sell them to other users. ETH used for staking becomes a participant of a beacon chain, bringing extra tokens to the users.

willsey89

newbie

Activity: 51

Merit: 0

Quote from: oliverlott on May 02, 2021, 12:40:12 AM

Quote from: willsey89 on May 02, 2021, 12:37:32 AM

Quote from: oliverlott on May 01, 2021, 01:37:09 PM

Quote from: willsey89 on May 01, 2021, 01:34:21 PM

How does decentralization work? This is a very interesting thing for me.

The system is based on validator nodes. A chain of pools manages a vast stake pool to keep them safe and reliable. Each of these pools works under SSV system, meaning that the validator keys are divided into several parts. To restore a key, you need a minimum amount of those parts, also, the threshold of the signatures needed to restore a key and confirm the signature itself in the chain of beacons is low (its 2/3).

Why do they need pools if the keys are divided into parts?

The pools work as an extra layer of protection between a validator and beacon chain.

Does it mean that every system participant is a pool? If so, how does it happen?

oliverlott

jr. member

Activity: 115

Merit: 1

Quote from: willsey89 on May 02, 2021, 12:37:32 AM

Quote from: oliverlott on May 01, 2021, 01:37:09 PM

Quote from: willsey89 on May 01, 2021, 01:34:21 PM

How does decentralization work? This is a very interesting thing for me.

The system is based on validator nodes. A chain of pools manages a vast stake pool to keep them safe and reliable. Each of these pools works under SSV system, meaning that the validator keys are divided into several parts. To restore a key, you need a minimum amount of those parts, also, the threshold of the signatures needed to restore a key and confirm the signature itself in the chain of beacons is low (its 2/3).

Why do they need pools if the keys are divided into parts?

The pools work as an extra layer of protection between a validator and beacon chain.

willsey89

newbie

Activity: 51

Merit: 0

Quote from: oliverlott on May 01, 2021, 01:37:09 PM

Quote from: willsey89 on May 01, 2021, 01:34:21 PM

How does decentralization work? This is a very interesting thing for me.

The system is based on validator nodes. A chain of pools manages a vast stake pool to keep them safe and reliable. Each of these pools works under SSV system, meaning that the validator keys are divided into several parts. To restore a key, you need a minimum amount of those parts, also, the threshold of the signatures needed to restore a key and confirm the signature itself in the chain of beacons is low (its 2/3).

Why do they need pools if the keys are divided into parts?

oliverlott

jr. member

Activity: 115

Merit: 1

Quote from: willsey89 on May 01, 2021, 01:34:21 PM

How does decentralization work? This is a very interesting thing for me.

The system is based on validator nodes. A chain of pools manages a vast stake pool to keep them safe and reliable. Each of these pools works under SSV system, meaning that the validator keys are divided into several parts. To restore a key, you need a minimum amount of those parts, also, the threshold of the signatures needed to restore a key and confirm the signature itself in the chain of beacons is low (its 2/3).

willsey89

newbie

Activity: 51

Merit: 0

How does decentralization work? This is a very interesting thing for me.

Topic: [ANN] Blox Staking - Ethereum 2.0 Fully Non-Custodial Staking (Read 647 times)