- Late on Wednesday, the Heroglyphs Protocol white paper was released. It mimics some aspects of proof-of-work systems in order to reward Ethereum solo stakers with new coins.
- According to co-author Manny, Heroglyphs will launch this Friday.
Heroglyphs is a new protocol that mimics aspects of proof-of-work systems and aims to reward Ethereum solo stakers with new tokens. The white paper for the protocol was released late on Wednesday.
“Happy to present the Heroglyphs White Paper version 0.” Co-author Manny explained that Heroglyphs is intended to compensate lone holders by incorporating a little amount of PoW into Ethereum’s PoS [proof-of-stake].
The co-authors contend that since Ethereum shifted away from a proof-of-work consensus method in September 2022, equitable crypto token distribution mechanisms have been absent. 0xMaki, a former contributor to Sushi core, is among the co-authors.
Furthermore, they contend that protocols for liquid staking, which are gaining popularity, could consolidate power into the hands of a small number of individuals, thereby jeopardizing the network’s decentralized structure. By promoting more resilient and decentralized validation through token rewards akin to proof-of-work, they hope to address this.
“Regardless of the size of their stake or whether they are chosen as block proposers, heroglyph mining guarantees that all complete validators receive rewards for their participation,” the authors wrote.
Token creation allows users to define the token’s initial distribution, specific emission schedule, and total supply. Heroglyphs seeks to level the playing field, lessen the power of major node operators, and encourage smaller validators by limiting access to these new tokens to complete validators.
They do not, however, support going back to the energy-intensive procedures seen in conventional proof-of-work systems. The term “mining” here refers more to the issuing of tokens as rewards than it does to actual computing mining; it is a metaphor.
“We do not intend to eliminate liquid staking. The authors concluded, “Instead, we hope to strengthen Ethereum’s security by aiding in the reversal of the concentration of validation and related information privileges in a small number of validators.
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