When a validator is created, two separate BLS12-381 key pairs will be generated: a validator key (public and private) and a withdrawal key (public and private). The withdrawal key is used only to withdraw and transfer staked ETH and should always be stored securely offline.
In contrast, the validator key must be online at all times to perform network duties by signing data transactions every ~ 6.4 minutes (an “epoch“). A validator earns small ETH rewards each time it signs the data correctly and on time. However, keeping the validator key online and available presents some connectivity and security challenges for even the most sophisticated users.
Ssv.network is a fully decentralized, open-source ETH staking network, based on Secret Shared Validator (SSV) technology. SSV is also known as DVT, or Distributed Validator Technology, as it provides an open and simple infrastructure for splitting and distributing a validator key into multiple KeyShares, to run an Ethereum validator across multiple non-trusting nodes.
Secret Shared Validators (SSV), or Distributed Validator Technology (DVT), is a protocol that encrypts a validator key and splits it into four KeyShares. These KeyShares are distributed to four non-trusting nodes run by operators, delivering robust, fault-tolerant, active-active redundancy for Ethereum staking.
With SSV, if a KeyShare is unavailable or an operator node is faulty (due to scheduled maintenance, a hack, an error, etc.), the rest of the KeyShares will respond, and the validator will continue its duties without pause. SSV is fully customizable, opening up the possibility for unique and complex staking configurations that will transform the entire Ethereum staking ecosystem.
SSV is a middle layer between a beacon chain node and a validator client. It manages the process of splitting and distributing a validator key and using its KeyShares on multiple nodes to reconstruct a data signature. For optimal security and fault tolerance, a majority of nodes are needed to recreate the key for signing. For example, in an SSV configuration of four nodes, three are needed to recreate a validator key signature. This allows one node to be faulty or offline without affecting the validator.
SSV.network allows operators to configure their node to operate their keyshares in any way they see fit. They can leverage different validator clients on completely different infrastructures and be anywhere in the world. This allows SSV stakers to diversify their validators (and risk) between different operators, geolocations, validator clients, and other infrastructure vectors. If one of the nodes running a validator is faulty, suffers from poor performance, or commits an offense, SSV will keep validating despite that node’s issues. This is excellent for both validator reliability (uptime) and security.
Secret Shared Validator ($SSV) is the native token, playing a pivotal role in the network’s ability to harness a community and motivate the right stakeholders to meaningfully contribute to the network.
Who are the founders of Ssv.network (SSV)?
Alon Muroch, the present CEO of the company, and Adam Afrima are the founders of Ssv.network.
What is Ssv.network (SSV) used for?
P2P transfer
The SSV P2P layer is the execution layer that reads the current operator list and validator KeyShare assignments from the Ethereum smart contracts and operates the validators on the network.
Governance
The Ethereum contract layer is crucial for network governance. SSV operators will be assessed and ranked, resulting in a decentralized and transparent network score of their quality, experience, and service. Actions like adding an operator, creating a validator, and distributing fees occur on the contract layer.
Network Fee
The network fee, usually paSSV in SSV coins, is a fee stakers pay to use ssv.network to run their validators. This fee is controlled by the DAO and can be changed by a governance decision.
Grants
The DAO is responsible for distributing grant funds to initiatives the community has voted to pass. Approved participants can utilize it to build more on the ssv.network.
Staking
Stakers using ssv.network will pay operators using $SSV. Each participating operator can determine its price point and compete with other network operators. A percentage of fees collected by operators will be allocated to the DAO treasury, and in return, the DAO will determine the payment in an open vote.
How is Ssv.network (SSV) unique?
SSVV, later labeled DVT (Distributed Validator Technology), was originally a research paper conceptualized in collaboration with members of the Ethereum Foundation. At its core, the SSV protocol enables the distributed operation of an Ethereum validator, while ssv.network is the infrastructure layer designed to promote decentralization, diversity, fault tolerance, and resilience in the ETH staking space.
SSV mitigates risk and reduces failures by combining individual nodes into a robust, decentralized network that can outperform any individual staking service in robustness, uptime, and security. Validators run portions of their validator key (KeyShares) across different staking setups run by independent operators joined together by a consensus layer.
Nodes on the network do not need to trust each other to operate, and the protocol can tolerate an offline or faulty node without affecting validator performance. In addition, no single node can recreate a validator key signature on its own or make unilateral decisions on behalf of a validator, increasing security by an order of magnitude.
In terms of validator performance, an SSV implementation takes advantage of the benefits different systems bring to the table and joins them together. Remarkably, it connects them so that their negative characteristics do not carry weight, and each system actively protects the others. SSV can tolerate some offline nodes while allowing the validator to attest correctly and reap maximum rewards. In this way, some nodes can fail or go offline for maintenance without risk, knowing that the rest of the network is effectively managing the stake.
How many Ssv.network (SSV) coins are in circulation?
The total supply of ssv.network is exactly 10,000,000 SSV coins.
How is Ssv.network secured?
The Secret Shared Validator (SSV) technology is the first secure and robust way to split a validator key for ETH staking between non-trusting nodes run by operators. It is a unique protocol that enables the distributed operation of an Ethereum validator. The validator key is encrypted, split, and distributed so that no operator has to trust another to perform validator duties, a certain amount can be offline without affecting network performance, and no operator can make unilateral decisions on behalf of a validator. The result is a decentralized, fault-tolerant, highly secure method for staking on Ethereum.
When a distributed network of nodes securely runs a validator, the chance of a breach or slashing decreases significantly. From an accidental slashing standpoint, if one SSV node fails, the others can actively go on without pause. Protecting private keys also becomes much easier. With SSV, the validator’s private key can be generated and stored securely offline while the KeyShares that represent it operate the validator.
By trustlessly splitting a validator key across different systems, SSV presents an Ethereum staking infrastructure solution that reduces reliance on any one component, eliminating single points of failure that might affect validator performance and safety. It simultaneously increases network security by focusing on decentralizing the entire Ethereum protocol.
How do I buy Ssv.network (ID)?
The SSV token can be used for a wide range of purposes, like staking and governance.
SSV tokens can be easily purchased by following the following steps.
Open an account with the crypto trading platform.
* Transfer the specific amount of your fiat currency to your account.
* Wait for your deposit to be confirmed and buy SSV through your trading account by swapping with BTC, ETH, or USDT pairs.
Which Cryptocurrency Wallet Supports Ssv.network (ID)?
The PTPWallet platform supports many cryptocurrencies, with SSV soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most popular platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.
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