Fantom

Foundation

Avalanche

<p>In a significant move aimed at fortifying the security of its layer-1 blockchain network, the Fantom Foundation has successfully slashed the validator self-staking requirement by a staggering 90%.&nbsp;</p>
<p>This momentous decision comes following a governance vote that concluded in June 2023. Fantom (<a href="https://www.cryptopolitan.com/fantom-blockchain-sonic-upgrade/" rel="noopener noreferrer nofollow">FTM</a>) has lowered the staking threshold from 500,000 to 50,000 FTM, valued at approximately $19,500 at current market prices.</p>
<h2 class="wp-block-heading" id="fantom-foundation-enhances-security-without-compromising-performance">Fantom Foundation enhances security without compromising performance</h2>
<p>The primary objective behind this substantial reduction in staking requirements is to bolster the security of the Fantom network while simultaneously increasing accessibility for individuals interested in becoming validators.&nbsp;</p>
<p>By lowering the barrier to entry, the Fantom Foundation aims to encourage more validators to participate in network operations.</p>
<p><a href="https://twitter.com/FantomFDN/status/1746929226413125850" rel="noopener noreferrer nofollow" target="_blank">According</a> to the foundation, this move is expected to make it considerably more challenging for malicious actors to launch attacks on the Fantom network. A higher number of validators means more distributed control and a stronger defense against potential threats.</p>
<h2 class="wp-block-heading" id="efficiency-and-performance-improvements">Efficiency and performance improvements</h2>
<p>Fantom validators play a pivotal role in the network by bundling and sharing transactions with other validators. Finality in the Fantom network is achieved when at least two-thirds of the network’s validators reach a consensus.&nbsp;</p>
<p>With an increase in the number of validators, submitted transactions will likely reach validators more swiftly due to the larger pool to select from.</p>
<p>One crucial assurance the Fantom Foundation provides is that the surge in validator count will not result in a slowdown of the network. As long as new validators operate using quality hardware, the network’s performance will remain unaffected, maintaining its impressive 1–2 second time to finality.</p>
<h2 class="wp-block-heading" id="staking-amount-vs-number-of-validators">Staking amount vs. Number of validators</h2>
<p>The Fantom Foundation emphasized that reducing staking requirements does not translate to a compromise in security. Validators’ power to confirm transactions is directly proportional to the amount they stake rather than the number of validators they operate.&nbsp;</p>
<p>To illustrate this point, Fantom explained that a 1 million FTM staked validator holds the same transaction-confirming power as twenty smaller validators, each with 50,000 FTM staked.</p>
<p>Fantom currently boasts 58 validators securing its network, as Fantom’s block explorer reported. Ethereum, the largest layer-1 smart contract platform, boasts over 1.1 million validators.&nbsp;</p>
<p>Meanwhile, Cardano, Solana, and Avalanche have reported 2,589, 1,876, and 1,119 validators, respectively, as of a June 2023 report citing Messari data.</p>
<h2 class="wp-block-heading" id="a-recent-security-incident">A recent security incident</h2>
<p>Three months ago, the Fantom Foundation faced a security breach when its official hot wallet was compromised, resulting in a loss of <a href="https://www.cryptopolitan.com/fantom-foundation-hacked-for-6-7m/" rel="noopener noreferrer nofollow">$550,000</a>. However, the foundation swiftly responded to the incident and immediately mitigated potential risks. The stolen amount accounted for less than 1% of the foundation’s funds.</p>
<p>As a commendable gesture, the Fantom Foundation awarded $1.7 million to a security researcher who identified an additional potential risk associated with the hack and promptly alerted the foundation.&nbsp;</p>
<p>This proactive approach helped mitigate what could have resulted in $170 million in damages.</p>

Fantom foundation bolsters layer-1 blockchain security with staking requirement cut

Table of Contents

Cryptopolitan_News

Other articles published on Jan 16, 2024

Abnormal XRP Transfers Continue, With Mysterious 443 Million XRP Move

Bitcoin: BlackRock CEO’s Explosive Reversal

Cardano’s Struggle Amidst Ecosystem Growth and Stablecoin Challenges

Chiliz Gains Momentum: A Technical Analysis of the Popular Altcoin

Bitcoin (BTC) $42 Trillion Support Level Secures This Price Range

XRP Ledger Exploit Attempt Unsuccessful, Ripple CTO Clarifies

Join our free newsletter for daily crypto updates!