Bankless Devcon #8 - EigenLayer with Sreeram Kannan
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Oct 25, 2022 Sreeram Kannan, co-founder of EigenLayer and an associate professor at the University of Washington, dives into the transformative potential of EigenLayer in this engaging discussion. He explains how EigenLayer enables Ethereum stakers to expand their responsibilities through innovative restaking, pushing the boundaries of decentralized applications. Sreeram highlights its impact on trustless systems, such as cross-chain bridges, and discusses the slashing mechanism that enhances security. Tune in for insights on the future of Ethereum's ecosystem!
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EigenLayer's Purpose
- EigenLayer lets Ethereum's trust network secure other systems like oracles and bridges.
- This expands ETH staking's purpose by allowing restaking for various services.
Merge Mining's Flaw
- Merge mining used Bitcoin's proof-of-work for new networks but lacked aligned incentives.
- Miners risked little by misbehaving on the merged chain.
Proof-of-Stake Advantage
- EigenLayer leverages proof-of-stake's slashing mechanism.
- This aligns incentives, as stakers risk their ETH when securing other services.