SSV Network (SSV) is a fully decentralized open source Ethereum staking protocol, officially launched on September 17, 2021, formerly known as Blox (CDT). SSV provides a safe and robust way to split validator keys between untrusted nodes or operators for ETH staking. As the native token of ssv.network, SSV’s primary uses are payments and governance.
History of SSV Network
In 2018, Alon Muroch and Adam Efrima co-founded the asset tracking platform CoinDash. Later, based on market feedback, the platform was transformed into Blox Staking, a non-custodial, decentralized, open source ETH2 staking protocol. On September 17, 2021, the Blox (CDT) project passed the token upgrade proposal and renamed the project SSV Network. The CDT token contract was upgraded to SSV and distributed at the ratio of 100 CDT = 1 SSV.
What is SSV Network?
SSV Network is a fully decentralized open source Ethereum staking protocol jointly developed by Obol, the Ethereum secret sharing validator network, and Blox, the non-custodial Ethereum 2.0 staking protocol. SSV is a safe and robust method of staking ETH by enabling the splitting of validator keys between untrusted nodes or operators in a secure manner while maintaining distributed control and activity of Ethereum validators. Moreover, SSV is the first secure and scalable implementation technology for sharing validator private keys between operators, and it can also be used in other POS public chains.
How SSV works
As the middle layer, SSV is a complex multi-signature wallet consensus layer. This protocol allows SSV verifiers to run a portion of the keys (KeyShares) in a decentralized, trustless network. The verifier does not need to trust another node, while avoiding the impact of a single point of failure of a single PoS service provider on the verifier. In addition, SSV is set up with 4 KeyShares, 3 of which are required to sign the beacon chain. A single KeyShare cannot influence the decision, and the decentralized generation of private keys ensures that node operators cannot make unidirectional decisions on the entire private key. At the same time, SSV technology uses a secure multi-party solution (MPC) to manage the network at the top level, mainly by decentralizing verification keys and different systems to enhance its security and fault tolerance.
All in all, SSV proposes a solution for Ethereum's staking infrastructure, reduces the risk of single points of failure, strengthens network security, and contributes to the large-scale decentralization of the Ethereum protocol itself.
SSV coin latest information
According to CoinMarketCap data, the token SSV of the decentralized Ethereum staking infrastructure SSV Network surged 28.91% to US$40.59 yesterday (23rd). Compared with early January this year, it was still around US$10, with an increase of more than 300 US dollars so far. %. At the time of writing, SSV was quoted at $39.23, up 3.54% in the last 24 hours.
The reason for SSV’s surge may be mainly due to the announcement of the exchange Binance. 2 月23 日，幣安宣布將於台灣時間24 日16:00 上線SSV/USDT 交易對；不久後，幣安又宣布將於台灣時間24 日20:00 上線SSV 1-20 倍U 本位永續contract.
According to the announcement, the maximum leverage of the SSV U-margined perpetual contract is 20 times and the minimum price change is US$0.01. The perpetual contract supports a multi-asset model. The multi-asset model supports assets other than USDT as margin for the U-margined perpetual contract. , for example, users can use BTC as margin to trade SSV U-margined perpetual contracts.
How SSV Network works and its advantages
Private Shared Validators (SSV) are the first safe and reliable way to split Ethereum validator keys between untrusted node (or operator) instances. Validator private keys are split in such a way that either node must trust the other in order to function, a certain number can be taken offline without affecting validator performance, and no single node instance can unilaterally control the validator.
SSV can be thought of as an intermediate layer between validator nodes and the beacon chain. The validator key is divided into 4 or more shares and arranged in a "multi-operator" structure. This technology significantly improves upon the limitations of existing staking implementations.
In addition, SSV technology uses a secure multi-party solution (MPC) to manage the network at the top level, mainly by decentralizing verification keys and different systems to enhance its security and fault tolerance. All in all, SSV proposes a solution for Ethereum's staking infrastructure, reduces the risk of single points of failure, strengthens network security, and contributes to the large-scale decentralization of the Ethereum protocol itself.
The development status of SSV Network
SSV Network is still in the testnet stage. SSV Network just announced on the 26th of last month that it will launch the latest version of the SSV node, Shifu V2. The upgraded SSV node allows operators to assume all responsibilities on the beacon chain, which means that SSV Network nodes will be officially allowed to participate in the Ethereum consensus. All responsibilities used in .
SSV just launched a US$50 million ecosystem fund last month to support Ethereum's PoS mechanism. The fund will fund projects that use decentralized verifier technology (DVT) to build applications, SSV pointed out, including DCG, HashKey Several venture capital institutions, including NGC, Everstake, GSR and SevenX, are promoting the use of DVT in Ethereum.
Purpose of SSV Token: SSV is the native token of ssv.network. The main uses of SSV are payment, governance and donations.
1. Payment
In response to ETH 2.0, SSV.Network will adopt PoS staking technology and provide a decentralized, non-custodial customized staking pool/tool that can be provided to operators/project platforms (Operators). In addition, the SSV protocol provides customized staking services. , as long as operators use the SSV protocol to create their own pledge pool, they will need SSV to be paid to SSV.Network as operating costs.
On the other hand, these pledged ETH 2.0 pools created in the SSV protocol will be provided to platform users (also called verifiers, who pledge Ethereum to verify transactions). Users will also need to bear some costs, part of which is the use of operations The other part is the handling fee of the merchant pool, and the other part is the user pledge verification transaction fee, and SSV is also used as the handling fee.
2. Governance
Governance tokens are used in Decentralized Autonomous Organizations (DAO), allowing large VC institutions such as Lead Capital, Amber Group, Coinbase and OKEx Ventures to be optimistic about the SSV protocol and are officially recognized partners of SSV. Participated in a total of three rounds of early-stage private equity investment and joined the DAO. All members in the DAO can make suggestions for SSV.Network and have voting rights. The total number of members is currently about 224.
If the proposed proposal is voted in favor by a high proportion of DAO members, SSV.Network will adopt and implement the plan. This means that large investors, in order to make money from their investment, will also seriously assist and jointly create a more complete The SSV protocol, for these VCs and other investment institutions, will invest more money than our retail investors. They hope that future projects will get better and better, which will bring them more profits, so it is unlikely that they will be ruined through malicious means. The status of the project, and these proposal voting information can be viewed by everyone, including non-SSV holders.
in conclusion
As a new decentralized Ethereum staking protocol, SSV Network provides a safe and robust solution for Ethereum staking through its unique private key sharing technology. As SSV Network continues to develop, this technology is expected to play an even more important role in the future blockchain world.