SafeStake

Welcome to the October 2023 edition of the SafeStake Newsletter! &#x1f525;We’re thrilled you’ve joined us. Now, let us take you on an exciting journey through the world of SafeStake and beyond. &#x1f680;Note: This month, we’ve updated the format a bit to bring you more information in smaller, bite-sized chunks. &#x1f60b; We hope you enjoy reading and please, feel free to send us your comments and suggestions for future editions on <a href="https://t.me/ParaState" rel="noopener noreferrer nofollow">Telegram</a> or <a href="https://discord.gg/FQFtc2J6X7" rel="noopener noreferrer nofollow">Discord</a>.<img src="https://miro.medium.com/v2/resize:fit:560/0*QOCG-VOVdb58Lbuh" />The Phase 1 <a href="https://testnet.safestake.xyz/" rel="noopener noreferrer nofollow">Testnet</a> and Community XP rewards were determined, <a href="https://parastate-safestake-community.notion.site/SafeStake-Galileo-Stage-1-Testnet-Rewards-Program-Winners-82e79110da6649699158dd19974a00d4?pvs&#61;4" rel="noopener noreferrer nofollow">announced</a>, and distributed to eligible recipients! We greatly appreciate everyone who participated as operators and validators, and those who became active members of our Discord community! &#x1f4b0;We held an Infographic Contest where we asked users to take their best shot at creating exciting infographics focused on SafeStake and DVT, with a prize pool of $300 USD in $DVT for the top 5 submissions. We had lots of amazing entries! We initially scored submissions based on several criteria, including relevance, quality, and social metrics. Then, we held a community vote to determine the <a href="https://t.me/ParaState/145201" rel="noopener noreferrer nofollow">top 5</a> and honorable mentions. A big thank you to everyone that participated, and congratulations to the winners! $DVT rewards have been distributed to wallets. You can check out the top 3 here: &#x1f4ca;<ul><li>1st place: $100 (USD in $DVT)<a href="https://twitter.com/czchangx/status/1707857207570899223" rel="noopener noreferrer nofollow">https://twitter.com/czchangx/status/1707857207570899223</a>(Discord username : &#64;Jannat_Onima)</li><li>2nd place: $80 (USD in $DVT)<a href="https://twitter.com/cryptoanjana/status/1703286056685085097" rel="noopener noreferrer nofollow">https://twitter.com/cryptoanjana/status/1703286056685085097</a>(Discord username : &#64;anjana8646)</li><li>3rd place: $60 (USD in $DVT)<a href="https://twitter.com/LasithaSayuran1/status/1702229002017288415" rel="noopener noreferrer nofollow">https://twitter.com/LasithaSayuran1/status/1702229002017288415</a>(Discord username : &#64;sayuranga) The Blockswap Liquidity Council has formally approved a <a href="https://gov.blockswap.network/t/temperature-check-safestake-x-blockswap-mainnet-promotion-initiative/460" rel="noopener noreferrer nofollow">collaboration proposal</a> for cross-promotion with SafeStake. Additionally, SafeStake will be working with the Blockswap team as an ecosystem design partner for their new Restaking Cloud. Stay tuned for more exciting info as these two initiatives continue to develop! &#x1f525;</li></ul>The <a href="https://skynet.certik.com/projects/safestake" rel="noopener noreferrer nofollow">CertiK audit page</a> for the SafeStake token smart contract has been updated to reflect the rebranding of ParaState to SafeStake and STATE to DVT. ✅<a href="https://twitter.com/SafeStakeDVT" rel="noopener noreferrer nofollow">Twitter</a> banner update: Yes! Mainnet launch is coming soon! &#x1f973; <img src="https://miro.medium.com/v2/resize:fit:560/0*aaWN3Z_BQtcv_EGJ" />Galileo Incentivized TestnetThe new User Acquisition Incentive Program, with 3.6 million DVT available in rewards, is off to a great start! The team is working hard to acquire new operators, and several have already activated nodes. Nodes currently active on testnet include CryptoManufaktur, InfStones, Kiln, Vault Staking, Blockscape, dappnode, and Bal, in addition to the four nodes operated by the SafeStake DAO. More operators are working on bringing their nodes online soon. &#x1f9d1;‍&#x1f680;DVT TokenLiquidity for the $DVT Uniswap V3 pool has steadily been increasing, and at the time of this writing, has reached around $59K USD. Additionally, the team is currently in the process of negotiating with at least one CEX for a $DVT listing to begin sometime in December. Stay tuned for updates on our <a href="https://t.me/ParaState" rel="noopener noreferrer nofollow">Telegram channel</a>. &#x1f4c8;Network Smart Contract AuditThe independent audit for the smart contracts that power SafeStake is progressing and the team has been made aware of some items that require attention. As the audit process continues, the dev team is working hard in the background to address the issues that were identified and get the product ready for mainnet launch. &#x1f4ab;dappnode(a picture is worth a thousand words!) &#x1f525;<img src="https://miro.medium.com/v2/resize:fit:560/0*aaWN3Z_BQtcv_EGJ" />Galileo Incentivized TestnetThe new User Acquisition Incentive Program, with 3.6 million DVT available in rewards, is off to a great start! The team is working hard to acquire new operators, and several have already activated nodes. Nodes currently active on testnet include CryptoManufaktur, InfStones, Kiln, Vault Staking, Blockscape, dappnode, and Bal, in addition to the four nodes operated by the SafeStake DAO. More operators are working on bringing their nodes online soon. &#x1f9d1;‍&#x1f680;DVT TokenLiquidity for the $DVT Uniswap V3 pool has steadily been increasing, and at the time of this writing, has reached around $59K USD. Additionally, the team is currently in the process of negotiating with at least one CEX for a $DVT listing to begin sometime in December. Stay tuned for updates on our <a href="https://t.me/ParaState" rel="noopener noreferrer nofollow">Telegram channel</a>. &#x1f4c8;Network Smart Contract AuditThe independent audit for the smart contracts that power SafeStake is progressing and the team has been made aware of some items that require attention. As the audit process continues, the dev team is working hard in the background to address the issues that were identified and get the product ready for mainnet launch. &#x1f4ab;dappnode(a picture is worth a thousand words!) &#x1f525; <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4c14c25db4df48a9aa9218c015dd255e.png" /><img src="https://miro.medium.com/v2/resize:fit:560/0*vOxBWQuPD1iKG9th" />Beaconcha.in Banner AdsWatch for the dynamic new SafeStake banner ad campaign&#x1f447;to promote the User Acquisition Incentive Program, starting on <a href="https://beaconcha.in/" rel="noopener noreferrer nofollow">beaconcha.in</a> soon!<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4ad4eda1b7ef4ea29cd96aa508eaee76.png" />IRL ETH Events:Staking Rewards Staking Summit 2023Istanbul | Nov 10–11 <img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/1c16ce7786884ce0804bc9c2dc3f453f.png" />SafeStake is proud to be an Ecosystem Sponsor and super excited for this event happening in beautiful Istanbul in just a few days! Stop by our booth to meet some of the team and learn more about SafeStake’s decentralized Distributed Validator Technology. You can also mint a limited edition POAP (NFT) and get some cool SafeStake swag! If you’re going to Istanbul, we’re looking forward to seeing you there!Hint: There will be a live demo of the brand new SafeStake dappnode device that will soon allow for plug-n-play operator node setup and operation!DevConnect in combination with EthStakerIstanbul | Nov 13–19<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/d6d1259be81d4b12898189a38bfc3c11.png" />The SafeStake team only gets a couple of days off after the Staking Summit, then it’s time for DevConnect! Here, SafeStake is the main sponsor of <a href="https://twitter.com/ethStaker/status/1702654496139010370" rel="noopener noreferrer nofollow">EthStaker’s Staking Gathering</a>, along with some other major players in the ETH staking space. We’ll also have a booth at this event, so if you’re attending, be sure to stop by and meet some of the team!We’re always looking for amazing ETH and Web3 events to sponsor and promote SafeStake. If you have suggestions, please message us on <a href="https://t.me/ParaState" rel="noopener noreferrer nofollow">Telegram</a> or <a href="https://discord.gg/FQFtc2J6X7" rel="noopener noreferrer nofollow">Discord</a>.KOL/Influencer ProgramThe team is actively working on putting together an effective campaign to promote SafeStake via KOLs and online influencers. If you have suggestions, please share them with us, and stay tuned for updates!And, last but certainly not least — MAINNET LAUNCH!Pro Tip &#x1f4a1;Looking for Holesky testnet ETH?You can mine Holesky testnet ETH quickly and easily via the <a href="https://holesky-faucet.pk910.de/#/" rel="noopener noreferrer nofollow">Holesky testnet PoW faucet</a>. This easy-to-use faucet allows you to input your wallet address and click a button to begin mining ETH for the next generation of testing on Ethereum. Mine up to 33 HolETH per session, then collect your rewards. Hint: SafeStake is in the process of bringing the next version of testnet to Holesky, and will be switching from Goerli after internal testing is complete. &#x1f44d;<img src="https://miro.medium.com/v2/resize:fit:560/0*T06tgXTJMHG8n-1a" />The Real Reason Centralized Staking Services are Prepping to Integrate DVTby &#64;ethstak3rThere has been a lot of talk recently on social media and other places about the threats that centralization, and more specifically, the threats that large, centralized staking services pose to the health of the Ethereum blockchain. Even more targeted than this, Lido seems to be the center of attention, with some pushing the narrative that the popular staking service poses a potential threat when they surpass the threshold of controlling 33% of the total amount of staked ETH.While the chances are very slim that an entire staking services’ network of operator nodes would become compromised and create a major blockchain issue, there are other very real reasons why large staking providers are looking to add a second layer of decentralization to their infrastructure. This second layer of decentralization is DVT. You can see evidence of this push starting to take shape with the likes of Lido’s most recent DAO proposal on the subject, titled “Simple DVT,” along with several other large staking providers expressing sincere interest in adding the tech to their mainnet stacks.It is true that DVT can significantly reduce the threat posed by large staking services controlling a huge amount of staked ETH. Because DVT distributes operations over more nodes (decentralization), it makes compromising the network a magnitude of order higher. SafeStake will decentralize the ecosystem even further in Stage 2, when “initiator’ operators enter the picture (more on initiator operators below).But, if the chances are extremely slim of a problem or compromise happening in the first place, why are staking services like Lido even interested in DVT? I believe there are three reasons, as follows, in order of importance: risk mitigation, validator private key security, and fault tolerance.Let’s look first at what I believe is the biggest reason — risk mitigation. In the case of Lido, the DAO is responsible for covering slashing penalties. Here, and assuming other DAOs bear similar risks, SafeStake can shift the slashing burden from the DAO to network operators. How? SafeStake Stage 2 will introduce a new role, called the “initiator” operator. Initiators make 4 ETH deposits and assume all the slashing risks for the validator, in return for a higher percentage of the staking rewards. So, operators running nodes and validators for any staking service can decentralize their validator operations simply by becoming initiators on the SafeStake network. Since SafeStake operates completely permissionlessly and trustlessly, nothing else is required on the part of the staking service, operators, or SafeStake.Second, I believe key security, and more specifically, the ability for multiple parties (operators) to come together to create a validator public/private key pair is extremely important to large, centralized staking services. Why? Currently, operators are responsible for storing and managing validator private keys, putting the entire burden of key security on their shoulders. Distributed Key Generation (DKG) offers the multi-party key generation utility, while other tech, like multi-party computation and threshold signing, operate the validator by consensus via multiple “key shares.” With DVT, since the shares are doing the work for the validator, the original validator private key can be kept safely offline in cold storage. I believe this will eventually become the gold standard for private key security.Finally, by implementing DVT, staking services can offer their clients maximized staking rewards by keeping validators online and available to attest and propose blocks. And, since DVT will act as a significant harm reduction method for the blockchain, I believe it will not matter how many new stakers any particular service attracts or how much staked ETH they control. If they implement DVT, their network will be ultra-decentralized and pose no threat to the blockchain or its users.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/51afefacea024bc8b09936153a0bbc66.png" />That’s all for this edition. Until next time, thanks for joining us!<img src="https://miro.medium.com/v2/resize:fit:560/0*Ox97xC21KRbd2jAY" />SafeStake is a pioneering technology company focused on revolutionizing Ethereum staking. With its cutting-edge, decentralized Distributed Validator Technology (DVT), SafeStake provides an ultra-secure, fault-tolerant environment for Ethereum validators, maximizing staking rewards and minimizing penalties. SafeStake is committed to driving the growth, innovation, and decentralization of the Ethereum network while ensuring the security and prosperity of its participants.<a href="https://www.safestake.xyz/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://medium.com/ethereum-on-steroids" rel="noopener noreferrer nofollow">Blog</a> | <a href="https://twitter.com/SafeStakeDVT" rel="noopener noreferrer nofollow">Twitter</a> | <a href="https://t.me/ParaState" rel="noopener noreferrer nofollow">Telegram</a> | <a href="https://discord.com/invite/zFS3Mnfpwj" rel="noopener noreferrer nofollow">Discord</a> | <a href="https://github.com/ParaState" rel="noopener noreferrer nofollow">Github</a>

SafeStake Newsletter — October Edition

SafeStake

Other articles published on Nov 2, 2023

AI gives the world one more Beatles song

NIZA developers are working hard on the cross-chain bridge.

Mining Stocks Eye Tenfold Surge with Bitcoin’s Predicted Rally

Ripple’s top lawyer scrutinizes SEC’s courtroom defeats during Gensler tenure

Prosecutors Expose SBF’s Testimony Contradictions in Court

Solana’s remarkable 80% gain: Firedancer testnet ignites a surge

Join our free newsletter for daily crypto updates!