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Most blockchains ask validators to see everything. ELVES changes that. The research team at Web3 Foundation built ELVES so that a random subset of validators can verify each block, rather than the full set, unless needed. Each validator does less work, but the network as a whole does more....

33,218 Aufrufe • vor 2 Monaten •via X (Twitter)

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Most $TAO holders staking right now are trusting the wrong validators. Not because they are careless. Because nobody explained what the numbers on the Validators page actually mean. There is a tool inside Taostats that shows you exactly which validators are genuinely working and which ones are collecting your emissions without contributing anything to the network. It is free. It is live. And almost nobody is using it correctly. Here is exactly how to read it. Step 1: Understand what Dominance actually measures. Dominance is not popularity. It is not a ranking of which validator is best. It describes a validator's Stake Weight as a percentage of all validator stake weights combined across the network. Stake Weight is calculated as: root stake multiplied by 0.18, plus all alpha staked across subnets converted into TAO. Root stake is deliberately discounted at 18 percent of its face value. Alpha stake carries the full weight. This means a validator with deep subnet-level staking is structurally more powerful than one sitting purely on root, even if their raw TAO numbers look similar on the surface. When you see a validator with rising Dominance over time, it is not just getting more popular. It is getting more alpha stake directed toward it across active subnets. That is a meaningful signal about where serious capital is moving inside the network. Step 2: Check the Take percentage before you delegate anything. Take is the percentage of emissions the validator keeps for itself. Everything above that number flows to you as a nominator. A validator with a 18 percent Take keeps 18 percent of the emissions their position generates and distributes the remainder to stakeholders. A validator with a 50 percent Take is keeping half of what your stake earns. Most people never look at this number before delegating. It is the first number you should check. A high Take is not automatically a red flag if the validator is genuinely performing well and contributing to the network. But a high Take combined with low VTrust in their subnet performance page is the exact combination that should make you move your stake immediately. Step 3: Open the Validator Performance page and find the VTrust score. This is the number most holders never see. VTrust measures how closely a validator's weight assignments align with the honest stake-weighted majority across the network inside each subnet they operate in. Validators are responsible for evaluating miner output and assigning scores. Those scores go into Yuma Consensus and determine which miners earn emissions. A validator doing genuine evaluation work will have weights that align closely with the honest consensus. High VTrust. Consistent emissions. Reliable nominator returns. A validator that is weight copying, meaning they are simply copying the Yuma consensus scores back onto themselves rather than doing real evaluation, will show a flagged return on Taostats. Their nom/24hr/1k TAO score appears in red. This is Taostats telling you directly: this validator is extracting value from the network without contributing to it. When you stake to a weight copying validator, you are funding a free rider. Step 4: Watch the 24hr Nominator Change column. This number moves fast and it tells you something before any other signal does. A validator losing nominators over consecutive days is a validator that informed stakers are quietly leaving. A validator gaining nominators rapidly while their VTrust is healthy is a validator attracting attention for the right reasons. The 24hr column is the on-chain version of sentiment before sentiment becomes a narrative on social media. Step 5: Check Active subnets alongside Total Weight. Active tells you the number of subnets where the validator has a parent or child hotkey running. A validator with high Total Weight but low Active subnets is concentrated. They are running a specific strategy in specific markets. A validator with broad Active coverage across many subnets is building a wider surface area for emissions and is more exposed to the overall network performance rather than any single subnet cycle. Neither is inherently better. But knowing which type of validator you are delegating to tells you what you are actually betting on when you stake. Step 6: Check the Weight Change column over time. Total Weight is a snapshot. Weight Change is momentum. A validator with stable or growing Total Weight over consecutive days is attracting net new stake consistently. A validator with declining Weight Change is losing stake faster than it is gaining it. Most people look at the current number. The people positioning correctly are watching which direction the number is moving and how fast. The difference between a good validator and a dangerous one is not obvious from the outside. It is not the name. It is not the size. It is the VTrust score, the Take percentage, the nominator trend, and whether Taostats is showing their return in red or not. Every one of those signals is sitting on the Validators page right now. Free. Live. Updated every block. The investors who read the data layer before the narrative layer will not need to explain their staking decisions later. Open Taostats tonight. You will want to find this post when you do.

2xnmore

11,771 Aufrufe • vor 1 Monat

Glamsterdam is the performance upgrade, I've already talked about it. But Hegotá is something different: scheduled for H2 2026, it's Ethereum's "cleanup and hardening" fork. 3 problems. 3 technical solutions. All shipping in one fork 👇 1️⃣ The problem Hegotá is actually solving Glamsterdam targets throughput: 10,000 TPS, 200M gas limit, parallel execution. The performance gap with Solana narrows materially. Hegotá targets something harder to quantify but more fundamental. After Glamsterdam, Ethereum will be fast. The question Hegotá answers is: fast and controlled by whom? The Tornado Cash sanctions in 2022 exposed the vulnerability. OFAC-compliant block builders (the entities that construct Ethereum blocks under MEV-Boost) began filtering Tornado Cash transactions entirely. Legitimate users with sanctioned addresses couldn't get transactions included. The block builders, sitting between validators and the mempool, had the practical ability to censor at will. ePBS (shipping in Glamsterdam) brings block building onchain and removes the external relay dependency. But it doesn't solve the censorship problem at the transaction inclusion level. A block builder onchain can still refuse to include specific transactions. FOCIL solves that. --------------------------------------------------------------------------------------- 2️⃣ FOCIL: anti-censorship mechanism EIP-7805. Fork-Choice Enforced Inclusion Lists. The mechanism: every block slot, 17 participants are randomly selected from the validator set. Each one can submit a short list of transactions they want included in the next block. The block builder, even the onchain builder introduced by ePBS, must include those transactions or the block is invalid. 17 random validators per slot. Statistically, any attempt to censor a transaction requires controlling enough of the validator set to dominate every random selection simultaneously. At Ethereum's current validator count accounting for over 1 million, that requires controlling a supermajority of stake. In practice, FOCIL makes censorship at the block production level computationally and economically prohibitive for any entity that doesn't control an implausible share of staked ETH. → Block builders can no longer selectively exclude transactions → OFAC-compliant relays lose their censorship leverage at the inclusion layer → The Tornado Cash scenario becomes structurally impossible at protocol level → FOCIL prototype has a runnable implementation, entering multi-client devnet validation now This is the most significant censorship-resistance improvement in Ethereum's history. It's also the least discussed upgrade in CT because censorship resistance doesn't generate price speculation the way throughput numbers do. --------------------------------------------------------------------------------------- 3️⃣ Verkle Trees: the node operator revolution Currently, Ethereum nodes use Merkle Patricia Trees to store and verify state. To verify any piece of state, a node needs a "witness": a proof that includes all the intermediate hashes along the path from the root to the target data. For Ethereum's current state size, witnesses are large, bandwidth-heavy, and require the node to store significant local data. Verkle Trees replace this with a cryptographic structure that produces dramatically smaller witnesses. The same proof that requires kilobytes under the Merkle Patricia Tree model requires only hundreds of bytes under Verkle Trees. The consequence: → Node storage requirements drop by approximately 90% → Witnesses become small enough to transmit in real time during block propagation → "Stateless clients" become possible thanks to nodes that can verify the chain without storing full state locally → The hardware and bandwidth requirements to run a full Ethereum node drop to consumer levels permanently The long-term threat to Ethereum's decentralisation is not a 51% attack but the quiet centralization of the validator set as node hardware requirements creep upward with state growth. Verkle Trees break that trend structurally: → Anyone with a laptop and residential internet can run a full node post-Hegotá → The validator set becomes more accessible, not less, as Ethereum scales → Home stakers that represents the most decentralisation-aligned validator category stop being priced out by state growth The transition requires migrating every account and contract on the network from the Merkle Patricia Tree structure to Verkle Trees. --------------------------------------------------------------------------------------- 4️⃣ Account Abstraction ERC-4337 account abstraction has existed as an application-layer standard since 2023. Hegotá brings native protocol-level account abstraction: the scope has been defined and the multi-client devnet validation phase is beginning now. What protocol-level AA enables that ERC-4337 doesn't: → Any Ethereum account can have programmable spending rules without deploying a separate smart contract → Social recovery becomes a native feature → Gasless transactions, batched operations, and custom signature schemes work at the protocol level rather than requiring wrapper contracts → The UX gap between crypto wallets and traditional financial apps narrows at the infrastructure level For DeFi specifically, account abstraction at the protocol level means liquidation bots, yield automation, and portfolio management strategies can be encoded directly into wallet logic. The current pattern of deploying separate smart contract accounts for every user who wants programmable behaviour disappears. --------------------------------------------------------------------------------------- 5️⃣ The thesis The Glamsterdam piece ended with a thesis about performance re-rating and monetary premium recovery. Hegotá's thesis is different and in some ways more durable. Ethereum in early 2027 (post both upgrades) will be a structurally different network from the one that exists today. Not only faster. Harder to censor. Cheaper to secure. More accessible to home validators. Native smart account functionality for every user. The market prices upgrades for what they do to throughput and fees because those metrics are immediately visible. Censorship resistance, node decentralisation, and wallet programmability compound over years rather than showing up in 30-day fee data. Hegotá is the upgrade that determines whether Ethereum is still genuinely decentralised and censorship-resistant five years from now... ...or whether it quietly became something controlled by a small set of sophisticated block builders and large node operators. That question doesn't generate CT threads. But if think about it is the one that actually matters!

Mercek

18,157 Aufrufe • vor 2 Monaten

After an incredibly successful week at Token2049, the highlight was undoubtedly presenting our SPIN whitepaper at the Bleeding Edge Summit! While still waiting for the official video, we would like to share a recording from the audience. With SPIN, we're introducing a revolutionary approach to building proof-of-stake blockchains. There is a well-known chicken and egg problem when it comes to launching a new proof-of-stake blockchain. You need high value at stake to achieve economic security, but at the same time, for achieving that, you already need to be secure. With SPIN, you can borrow security from well-established networks such as Polkadot or Ethereum. Unlike a Layer 2, which completely gives up chain sovereignty and frequently sacrifices scalability and throughput to satisfy Layer 1 validation protocols, SPIN maintains full sovereignty of the Fast Chain while still benefiting from the security of the Anchor Chain. Our SPIN protocol addresses this fundamental challenge by enabling a fast, sovereign chain to maintain and grow its economic security with its own validator network, while simultaneously leveraging an established anchor chain to provide a second layer of finality. With SPIN, we take an unlimited set of stakers, reduce it to a limited set of validators who can run very quickly, producing a consecutive sequence of blocks during their staker period. This design allows for blocks with very small block times, as low as 0.1 seconds and beyond. Our full SPIN whitepaper will be released soon.

QF Network

25,547 Aufrufe • vor 1 Jahr

Most $SUI holders know one thing about the token: total supply is capped at 10 billion. They have never read the mechanic that makes that cap matter. It is called the Storage Fund. And it is the most important thing in the $SUI tokenomics docs that nobody is talking about. Here is exactly how it works: Every time a transaction adds data to the Sui blockchain, the user pays a storage fee. That fee does not go to validators directly. It goes into the Storage Fund, a pool of SUI that never fully depletes. Here is where it gets interesting. The Storage Fund has its own stake in the network. It earns staking rewards the same way every other stakeholder does. Those rewards are then distributed to validators to compensate them for storing historical data. This solves a problem every other blockchain ignores: When a new validator joins Sui, they have to store all the historical data from transactions that happened before they existed. Why would a new validator pay to store someone else's old data? The Storage Fund pays them for it. Past users who created the storage requirements in the first place funded the pool. Future validators get compensated from that pool indefinitely. The fund pays out only the returns on its capital, never the principal. It cannot be drained. It is designed to survive forever. Now here is the part that directly connects to $SUI token value. The Sui docs state this explicitly: Deflation is a feature of Sui, not a bug. Here is why: Total supply is capped at 10 billion SUI. As network activity increases, more transactions are processed. More transactions mean more storage fees flowing into the Storage Fund. As the Storage Fund grows, it holds more SUI. More SUI held in the fund means less SUI in active circulation. Less circulating supply against the same or growing demand means the value of each SUI token increases. Network growth directly reduces circulating supply. That is not speculation. That is the economic model built into the protocol at the architecture level. One more detail worth knowing: If you delete data you stored on chain, you receive a partial refund of your original storage fees. The system charges for storage, rewards deletion, and compounds the fund's stake indefinitely. Most people holding $SUI today are pricing the speed narrative: The parallel transaction processing. The sub-second finality. The Move language safety. They have not started pricing the storage fund deflation mechanic. That gap between what the tokenomics actually does and what the market currently understands is where the long-term thesis lives. The people who read the docs always buy before the people who read the price.

2xnmore

47,562 Aufrufe • vor 2 Monaten

Most $SUI holders know the supply is capped at 10 billion. They have never read the mechanic that turns network growth into permanent scarcity. It is called the Storage Fund. It is the most important thing in the $SUI docs that almost nobody is talking about. Here is exactly how it works. Every time a transaction adds data to the Sui blockchain, the user pays a storage fee. That fee does not go to validators. It does not get burned and forgotten. It flows into the Storage Fund. A permanent pool of SUI that never fully depletes. The Fund stakes itself like any other holder and earns staking rewards. Those rewards get paid to validators to cover the cost of storing historical data that existed before they joined the network. This quietly solves the fatal flaw every other L1 eventually hits. New validators are forced to store years of old state they had zero part in creating. Most chains make that someone else's problem. That leads to centralization, rising costs, and eventual collapse of the validator set. Sui makes past users pay for it. Forever. The Fund spends only its returns. Never the principal. It is designed to outlast the network itself. Now connect the dots to price. Every new object created on chain generates storage fees. More fees means a bigger Fund. A bigger Fund means more SUI permanently locked away from circulation. Network growth does not just increase demand. It structurally reduces supply through the protocol itself. Most holders are pricing parallel execution, sub-second finality, and Move language safety. They have not started pricing the deflationary flywheel that turns real usage into permanent scarcity. That gap between what the docs actually engineered and what the market currently understands is where the multi-year thesis lives. The people who read the docs always buy before the people who read the price.

2xnmore

12,744 Aufrufe • vor 2 Monaten

The value of the work we're doing at Optimum is encapsulated quite well by the phrase "speed is money". In modern markets there are real economic advantages to latency reduction. This is nothing new. Wall Street firms have long been optimizing on latency, primarily through colocation and top of the line hardware. However, when it comes to decentralized systems, expensive hardware and geographic concentration are antithetical to their purpose. Therefore we should optimize decentralized network latency through software, which I'm thrilled about because it's exactly what I've spent the better part of the past 2 decades working on with Random Linear Network Coding. Now let’s talk about networking economics, the relationship between speed and money. First, it's important to note that users will only pay for low latency if it can be consistently guaranteed. Second, you can only make that latency guarantee for a certain number of users. This is a universal law of networking. We can model this relationship on a delay curve, shown below. The delay curve is determined by the utilization rate of the network, meaning how much traffic is flowing through the network divided by the network's throughput. As you approach a level of traffic equal to the available throughput, latency trends infinitely higher. On this delay curve we can impose some utility thresholds. These thresholds are the levels of latency which are important to different groups of users because of how that latency guarantee improves their economic outcomes. Finding the point on the curve where each threshold intersects will tell us what level of traffic we can guarantee that level of latency for. Essentially, there exists a finite supply of speed on a network and the highest utility users of that speed are willing to pay more for it. I like to think of this similarly to expedited shipping options on Amazon. This is why we say speed is money, and why we can create a Latency Marketplace. The only way to increase the supply of speed is to fundamentally increase network throughput. This is what we work on at Optimum by using Random Linear Network Coding. The same relationship between traffic and throughput still applies, but now the delay curve is shifted out further to the right. Now more traffic can be processed at the same latency, or the same traffic can be processed at a lower latency. More speed available to the network. More value unlocked for the network’s users. Crucially, that value is no longer only reserved for those who can afford to sit closest to the machine. Expanding the supply of speed widens who can reach each latency threshold, keeping the network's advantage decentralized rather than concentrated in the hands of a few. When nodes join Optimum and participate, they reap the benefits, but they also add to the capacity. Rather than vying against each other in a zero-sum game, nodes help themselves and others.

Muriel Medard

44,197 Aufrufe • vor 1 Monat

Most $TAO holders are flying blind. They bought the token. They watched the price. They read the threads. But they have never opened the one tool that shows them everything happening inside the Bittensor network in real time. It is called Taostats. It is free. And after reading this, you will never look at $TAO the same way again. Here is exactly how to use it. Step 1: Start at the Subnets page. This is the heartbeat of the entire network. Every subnet running on Bittensor is listed here with: - its current emission rate - the number of active miners and validators - real-time performance data The emission rate is the most important number on this page. It tells you exactly how much TAO is flowing into each subnet every block. High emission means the network is directing significant resources toward that subnet's commodity. Low emission means the market has not yet recognised its value, or the subnet has not yet proven itself. Watch which subnets are gaining emission share over time. That movement tells you where the network believes the most valuable work is being done, before any headline announces it. Step 2: Use the Subnet pages to go deeper. Click any subnet, and you enter a complete dashboard for that individual market. - The TradingView chart shows you the alpha token price history for that subnet. Alpha tokens are the subnet-specific tokens that sit inside TAO's broader economy. Their price relative to TAO tells you how the market is valuing that subnet's specific commodity. - The Metagraph is the full list of every miner and validator currently active in the subnet: their UID, their stake, their trust score, their emission share. This is the raw intelligence layer. The miners consistently earning the most emissions are producing the work the validators collectively agree is the most valuable. - The Sentiment Index gives you a real-time community temperature reading on each subnet. Not price sentiment. Ecosystem sentiment. Whether the participants building inside the subnet believe it is healthy and improving. Step 3: Check Validators before you stake anything. This is the step most people skip and regret. The Validators page on Taostats shows you the performance history of every validator on the network: their VTrust score, their emission consistency, and their weight-setting behaviour across subnets. VTrust is the metric that matters most. It measures how closely a validator's judgments align with the honest stake-weighted majority across the network. High VTrust means the validator is doing genuine work and being rewarded for it. Low VTrust means the validator is either lazy, copying other validators' weights, or attempting to manipulate the system. When you delegate your TAO to a validator, you are trusting them with your emissions. Taostats shows you exactly which validators have earned that trust over time, and which ones have not. Never stake blind again. Step 4: Use the Blockchain explorer to track real movement. The Blockchain section of Taostats logs every transfer, every staking transaction, and every extrinsic called on the Bittensor chain in real time. This is where you track what wallets are actually doing: - Large staking transactions from unknown addresses - Subnet registration events that signal a new market is about to go live - Neuron registration burns that show demand for participation in a specific subnet is accelerating The people who read on-chain data before the narrative catches up to it are the ones who position correctly before the crowd notices the move. Step 5: Track your own portfolio inside the Dashboard. Connect your coldkey address, and Taostats builds you a complete portfolio view: - Your TAO balance - Your staking positions - Your delegation returns - Your yield over time The yield calculator is particularly useful. It shows you the actual return you are generating from your staking position in real TAO terms, not in percentage estimates that assume conditions that may not hold. If your yield is lower than the network average for your validator tier, Taostats shows you that too. Switching validators takes one transaction. The data to make that decision intelligently is right in front of you. The bigger picture. Most people holding $TAO are making decisions based on price charts and social media sentiment. Both of those inputs are downstream of what is actually happening inside the network. Subnet emission shifts. Validator VTrust changes. On-chain registration events. Neuron burn rates. Alpha token price movements relative to TAO. All of it is live on Taostats right now. All of it is free. All of it tells you something the price chart cannot. The investors who understand Bittensor at the data layer will always be positioned ahead of the investors who understand it at the narrative layer. Taostats is the data layer. Bookmark it. Open it daily. The network is telling you exactly what it is doing if you know where to look.

2xnmore

146,897 Aufrufe • vor 3 Monaten

"I used to be a bitcoiner. The transition to a new store of value only happens once every 3,000 years. That's the main prize -- just focus on that. But [security] is the criteria that ultimately convinced me to flip from Bitcoin to ETH." "I have a higher degree of certainty that Ethereum will be around longer [than Bitcoin]. The reason for that is because Bitcoin relies on proof-of-work, which is less efficient than proof-of-stake and doesn't scale with the value of the network. And as the block subsidy of Bitcoin halves every four years, it is increasingly becoming more and more reliant on transaction fees to fund the security budget paid to miners." "If you look at [Bitcoin's] security budget right now, about 0.6% of revenue to miners is transaction fees... The problem with that is if Bitcoin becomes 'digital gold', flips gold, and becomes a $30 trillion asset, but it only costs $10-20 billion to attack it, that's too asymmetric." "You want the security budget to scale with the market cap, similar to how countries spend a % of their GDP on defense. The more valuable something is, the more you need to spend to protect it." "Ethereum, with the Merge, migrated to proof-of-stake, which is fundamentally more secure because it's less reliant on transaction fees and it scales with the value of the network. If 1/3rd of ETH is staked and then you need 1/3rd of those ETH to censor the network, you're looking at roughly 10% of the total market cap as the cost to attack the network." "So if Ethereum flips Bitcoin and gold and becomes a $30 trillion asset, it'll cost ~$3 trillion to attack the Ethereum network versus Bitcoin at like $10 billion." "The other aspect here is that as AI hyperscalers invest more and more in AI, proof-of-work becomes increasingly vulnerable because the cost to attack the Bitcoin network is starting to look close to the quarterly CapEx these hyperscalers are spending on their data centers." Full interview on Bankless with Vivek Raman discussing the new Etherealize "Productive Money" report below.

Michael McGuiness

120,456 Aufrufe • vor 3 Monaten