Bankless 174 - EigenLayer Will Change Ethereum Forever
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Jun 5, 2023 Sreeram Kannan, the founder of Eigenlayer and Director of Blockchain Labs at the University of Washington, dives deep into the revolutionary concept of re-staking. He explains how this protocol could be the most significant advancement for Ethereum since MEV, enhancing its security and utility. Kannan compares validators to an army supporting multiple networks, unlocking a modular economy. He also touches on the risks and governance structures surrounding Eigenlayer, providing insights into its transformative potential within decentralized finance.
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Sriram's Crypto Journey
- Sriram Kannan's interest in peer-to-peer systems started with his PhD in wireless networks.
- He transitioned to computational genomics before rediscovering his passion for decentralized systems through Bitcoin.
EigenLayer's Genesis
- EigenLayer emerged from the idea of repurposing existing trust networks, like using Bitcoin's proof-of-work for other chains.
- The key innovation was realizing that proof-of-stake's negative incentives, or "karma," were crucial for flexible cooperation.
Proof-of-Stake and Restaking
- Proof-of-stake and restaking are a logical continuation of the arguments for proof-of-stake over proof-of-work.
- Flexible security in a Turing-complete proof-of-stake platform makes more sense.
