Ssv.network is an open-source, decentralized protocol. This DAO has established a $50 million Ecosystem Fund to aid in the creation of apps based on Distributed Validator Technology (“DVT”).
According to a news release, the initiative received funding from a number of business investors, including Chorus.One SevenX, 1kx, DCG, OKX, HashKey, NGC, Everstake, HackVC, and GSR.
According to the ssv.network, the fund is the first to focus exclusively on DVT use cases, and its main goal is to “solidify DVT as vital Ethereum infrastructure.”
What is Distributed Validator Technology (DVT)?
An open-source protocol called DVT enables the delegation of a validator’s duties to various nodes. As more DVT implementation leads to more decentralization, the protocol was a vital part of Ethereum co-founder Vitalik Buterin’s strategy for Eth2.
What does SSV have to do?
SSV reported that $1.2 million has been awarded to more than 20 Proof-of-Stake (PoS) projects, including Blockscape, ANKR, and Moonstake, and that it has already committed $3 million toward developer grants.
According to Alon Muroch, the core development lead at SSV, Ethereum is “currently secured by a small group of companies, which, when put together, control the entire blockchain.” He said DVT technology aims ” to distribute Ethereum’s security by offering quick and easy access to an open-source, public good which will completely change the way staking is operated today.”
The creation of DVT is a step on Vitalik Buterin’s Ethereum roadmap toward a completely decentralized Ethereum 2.0. The ssv.network, often known as Layer 0, has claimed to be Ethereum’s security layer. The network gets more secure and decentralized with each Ethereum validator that employs DVT, moving it one step closer to a world network that is impervious to censorship by any single entity.
