SafeStake

<h4><strong>Welcome to the December 2023 edition of the SafeStake Newsletter! </strong></h4><p>For those of you paying attention, you’re probably wondering what happened to the November edition. To make things more cohesive, we’ve decided that we will now publish the monthly newsletter for the current month, rather than the past one. But don’t worry, we will still cover all the happenings from the month prior and bring you all the exciting news of what’s to come!</p><p>Now, without further delay, let’s take a ride through the exciting world of SafeStake and beyond! &#x1f680;</p><h2 id="header-0">Testnet Stats</h2><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/4870b0dbcc6c4d0eaea26328236d7085.png" /><p><em>(as of Nov 30)</em></p><p>The SafeStake team extends a very special thank you to all the users running validators and the following operators for joining us on our journey and helping us stress test the SafeStake product: UnderSonOp, ChiccoNode, CryptoManufaktur, InfStones, Chainlayer, QuasiMode, SpaceHunter, Kiln, Balv1-10, RockLogicGmbH, MatrixedLink, Vault Staking, Blockscape, Openbitlab, Ivan, Stakely, Dappnode, and Spacesider.</p><h2 id="header-1">$DVT token</h2><p></p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/28e7096f6d054f9b91a04cb39e0b3307.png" /><p>View up-to-date price, volume, liquidity, and more info here: <a href="https://www.geckoterminal.com/eth/pools/0xc6fa8c21c36225dc91f54f89bf16574b50ce2444" rel="noopener noreferrer nofollow">https://www.geckoterminal.com/eth/pools/0xc6fa8c21c36225dc91f54f89bf16574b50ce2444</a></p><h2 id="header-2">The Month in Review</h2><p>November was a very busy and productive month for the SafeStake team! We attended two major events in Istanbul to help promote and raise awareness for our cutting-edge DVT staking platform, while our developers worked (and continue to work) feverishly in the background to complete the necessary code updates for the second and final contract audit.</p><h3 id="staking-rewards-staking-summit-2023">Staking Rewards Staking Summit 2023</h3><p>SafeStake was proud to sponsor this epic staking event that took place in Istanbul on November 10th and 11th. We met a lot of amazing people and made some valuable industry contacts that will help propel SafeStake to the next level. The event featured many live panel discussions, and our project lead, Marco Chen, sat with other major players in the DVT space to talk about how DVT can help level the playing field for staking providers and solo stakers. If you weren’t able to attend or missed the DVT panel, you can watch it at the following link: <a href="https://www.youtube.com/watch?v&#61;xj6DWToKRT4&amp;t&#61;3s" rel="noopener noreferrer nofollow">https://www.youtube.com/watch?v&#61;xj6DWToKRT4&amp;t&#61;3s</a></p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/160d2b8c54d949548798723bf11997fc.png" /><h3 id=""></h3><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/dbbadc97d26345b88d9f9401c151d6f9.jpg" /><h3 id="devconnect-2023-in-combination-with-ethstaker">DevConnect 2023(in combination with EthStaker)</h3><p>Right after the Staking Summit, the team participated in EthStaker’s Staking Gathering as the major sponsor. This side event (as part of DevConnect) was a top-notch experience for both sponsors and attendees! A big thank you to the people at EthStaker for doing such an amazing job!</p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/3b4a94f1455b460abbc7fa43a9781780.png" /><p><em>The SafeStake dappnode device (coming soon) makes an appearance at our booth at EthStaker’s Staking Gathering</em></p><p>We are always looking for the best ETH and Web3 events to sponsor and attend. If you have a suggestion for an event, 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>.</p><h3 id="strong-cryptorank-strong"><strong>CryptoRank</strong></h3><p>Looking for an alternative to CoinMarketCap or CoinGecko for viewing info about $DVT? We are excited to announce that updated SafeStake and $DVT info is now on <strong>CryptoRank</strong>! Get the latest $DVT price information and more by visiting <a href="https://cryptorank.io/price/parastate" rel="noopener noreferrer nofollow">https://cryptorank.io/price/parastate</a>.</p><h2 id="header-3">Coming soon !</h2><h3 id="strong-safestake-on-holesky-testnet-strong"><strong>SafeStake on Holesky Testnet</strong></h3><p>The team is currently in the process of testing SafeStake on the Holesky testnet internally, with plans in place to launch a new public testnet on Holesky by the end of December.</p><p><strong><em>Here’s what to expect:</em></strong></p><p><strong>Operators:</strong> The <a href="https://parastate-safestake-community.notion.site/SafeStake-Incentive-Program-for-Professional-Operators-Home-Stakers-and-Validators-b9f884ebc1794e35b31999083101be6c?pvs&#61;4" rel="noopener noreferrer nofollow">incentive rewards program</a> will see one minor change to the requirements. Previously operators were required to spin-up a node on testnet, followed by a node on SafeStake’s initial mainnet launch that remained active for 90 days. The 90 day period will remain intact. However, it will now begin when we launch the new public testnet on Holesky. Operators will need to spin-up a new node on Holesky and keep it active for 30 days, followed by running a node on SafeStake mainnet that remains active for 60 days post mainnet launch.</p><p><strong>Validators:</strong> Users that wish to run validators on the SafeStake Holesky testnet will need to obtain 32 Holesky testnet ETH or “HolETH” for each validator. HolETH is much easier to get than goerli ETH, and can be quickly and easily mined via the <a href="https://holesky-faucet.pk910.de/#/" rel="noopener noreferrer nofollow">Holesky testnet PoW faucet</a>. Just input your wallet address and click to begin mining ETH for the next generation of testing on Ethereum. Mine up to 33 HolETH per session, then collect your rewards. &#x1f44d;</p><h3 id="strong-final-network-smart-contract-audit-strong"><strong>Final Network Smart Contract Audit</strong></h3><p>The first network smart contract audit was completed, providing the team with valuable insights. Currently our developers are working on making the necessary updates to the smart contract code so SafeStake can pass its second and final audit with flying colors! This final audit is expected to be completed by the end of December. &#x1f680;</p><h3 id="strong-mainnet-launch-strong"><strong>Mainnet Launch</strong></h3><p>As long as testing on Holesky testnet goes smoothly in January, the initial SafeStake mainnet launch will happen at the beginning of February, followed by two months (60 days) of a private mainnet stage. Public mainnet launch is scheduled for the beginning of April 2024.</p><h3 id="strong-beaconcha-in-banner-ads-strong"><strong>Beaconcha.in Banner Ads</strong></h3><p>Watch 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!</p><h3 id="strong-kol-influencer-program-strong"><strong>KOL/Influencer Program</strong></h3><p>The team is actively working on finalizing a campaign to promote SafeStake via high-profile KOLs and online influencers. Stay tuned for updates! Have a suggestion for a good influencer? please share them with us on <a href="https://t.me/ParaState" rel="noopener noreferrer nofollow">Telegram</a> or <a href="https://discord.com/invite/zFS3Mnfpwj" rel="noopener noreferrer nofollow">Discord</a>.</p><h2 id="header-4">IMO</h2><h4><strong>The fact that roughly 25% of the total Ethereum workload happens on AWS is not a good thing for stakers.</strong></h4><p><em>by ethstak3r</em></p><p>According to Amazon, a little over ¼ of the total workload for the Ethereum blockchain happens on their cloud service, AWS. Since validator private keys do the work for Ethereum validators by attesting to and proposing new blocks, this means that <strong>a lot</strong> of validator private keys are stored on this particular cloud service.</p><p>One of the advantages DVT (Distributed Validator Technology) like SafeStake provides that hardly anyone seems to be talking about is its ability to keep Ethereum validators online even in the event that a major cloud service, like AWS, is forced to shut off services for validators.</p><p>In the current ETH staking ecosystem, validator private keys are required to be online 24/7/365 or the validator will lose small amounts of ETH for each epoch it is offline. For high availability, many staking services store their validator private keys or require users to store their validator private keys on a cloud service, with the most common being AWS.</p><p>Personally, I run a 32 ETH validator via a non-custodial staking service, and am required to store my validator private key on AWS. This causes me a lot of anxiety and everyday I wonder (and worry) if it’s going to be the last day my validator will operate, along with what I would need to do to get it up and running again if this happened.</p><p>Given recent happenings with staking services like Kraken and exchanges like Binance, coupled with the U.S. government’s generally hostile attitude toward crypto, I believe my worries are not unfounded. It is certainly not out of the realm of possibilities that one of its regulatory bodies, such as the SEC (Securities and Exchange Commission), could effectively stop AWS from providing services for Ethereum validators and cut off the link between the private keys stored on the massive cloud service and the validators they represent on the blockchain.</p><p>Needless to say, this would not be good for those running validators on staking services that use AWS for their private key storage. The staking services would need to quickly update their code to work with a different cloud service (which may not be any less exposed to the whims of regulatory agencies), and users would be required to manually migrate their private keys to the new cloud service. In the meantime, small amounts of ETH would being deducted from each validator for each epoch they are offline and unavailable to perform their duties, not to mention the lost opportunities in missed block proposals.</p><p>So, how can DVT help? In addition to increasing security for validator private keys by an order of magnitude, the tech behind DVT solutions like SafeStake provide stakers with the peace-of-mind that their validator will remain online even in the event that a major cloud service like AWS is shut down.</p><p>To explain further, with DVT, validator private keys are divided into “key shares,” which come together via consensus to sign data for the validator instead of the private key itself. In a DVT staking ecosystem like SafeStake, validator private keys are no longer needed to operate the validator and do not need to be stored on a major cloud service, like AWS. This increases private key security and mitigates the risks associated with storing validator private keys on a cloud service.</p><p>Additionally, DVT benefits the entire Ethereum blockchain by decentralizing the validators that secure it, effectively strengthening its immunity to the potentially hostile moods of powerful regulatory agencies and ensuring the network will continue to operate.</p><h2 id="header-5">Quote of the Month</h2><p><em>“Pride makes us artificial and humility makes us real.” </em>-Thomas Merton</p><p>That’s all for this edition. Until next month, thanks for joining us!</p><h2 id="header-6">About SafeStake</h2><p>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.</p><p><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></p>

SafeStake Newsletter – December 2023 Edition

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