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This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is ssv.network?

ssv.network (SSV) is a decentralized, open-source protocol that enables the distributed operation of Ethereum validators using Secret Shared Validators (SSV). It allows for secure, scalable, and permissionless staking infrastructure, ensuring high decentralization, fault tolerance, and optimal security for staking on Ethereum.

How is ssv.network used?

ssv.network (SSV) is a decentralized validator infrastructure provider that enables the distribution of validator duties to trust-minimized node operators. This infrastructure is designed to increase resilience, uptime, and liveness in Ethereum staking applications. Here's how it is used:

  1. Validator Setup: Validators can set up their nodes without hardware or coordination, using a simple contract interaction. This allows for easy distribution of validator duties among multiple operators, ensuring fault tolerance and minimizing slashing risks.

  2. Operator Roles: Operators manage validator nodes on behalf of stakers, allowing stakers to focus on building staking applications. Operators can determine their fees, creating a competitive environment that keeps fees lower.

  3. Staking: Stakers deposit 32 ETH into a smart contract on the beacon chain and receive ETH rewards. Fees are paid in SSV tokens. Stakers can choose multiple operators to manage their validators, promoting competition and lower fees.

  1. Liquidators: Liquidators notify stakers when they need to increase their balance with operators. They receive a portion of the liquidated assets for their efforts.

  2. Token Governance: The SSV token serves as a governance token, allowing users to stake their tokens to gain voting rights and participate in the network's development and expansion.

  3. Integration and Use Cases: SSV's infrastructure can be used as a building block for various staking applications, including decentralized finance (DeFi) protocols, institutional staking services, and more. It supports the development of staking services, tooling, and observability, and offers grants for developers to build applications using SSV infrastructure.

  1. Restaking: Restaking protocols can utilize SSV for highly resilient and robust restaking operations, enhancing Ethereum's cryptoeconomic security.

Overall, ssv.network provides a decentralized, scalable, and secure staking infrastructure that supports the development of various Ethereum staking applications.

How do I store ssv.network?

To store ssv.network (SSV) tokens, you have several options based on your needs and preferences:

  1. KuCoin Account:

    • Holding your SSV tokens in your KuCoin account provides quick access to trading products like spot and futures trading, staking, and lending.
    • KuCoin serves as the custodian of your crypto assets, helping you avoid the hassle of securing your private keys on your own.
    • Ensure you set up a strong password and upgrade your security settings to prevent malicious actors from accessing your account.
  2. Non-Custodial Wallets:

    • If security is your top concern, you can withdraw your SSV tokens to a non-custodial wallet.
    • Storing SSV tokens in a non-custodial or self-custodial wallet grants you complete control over your private keys.
    • You can use various types of wallets, including hardware wallets, Web3 wallets, or paper wallets.
    • Be sure to store your private keys in a secure location, as losing them may result in the permanent loss of your SSV tokens.

How to buy ssv.network?

To buy ssv.network (SSV) tokens, follow these steps:

  1. Choose a Cryptocurrency Exchange: Select a reputable exchange that supports SSV trading, such as KuCoin, Binance, Gate.io, HTX Global, or Kriptomat. Ensure the exchange is available in your region and compliant with local regulations.

  2. Create an Account: Sign up on the chosen exchange by providing your email address, phone number, and other required personal information. Verify your email and phone number to activate your account.

  3. Verify Your Identity: Complete the Know-Your-Customer (KYC) process by uploading a valid photo ID and providing additional personal details. This step is necessary to comply with anti-money laundering and other regulatory requirements.

  1. Add Funds: Deposit funds into your exchange account using a debit card, credit card, wire transfer, or Bitcoin. The available payment methods may vary depending on the exchange.

  2. Buy SSV: Navigate to the SSV trading page on the exchange and select the desired amount of SSV tokens to purchase. You can use market orders for instant purchases or limit orders to buy at a specified price.

  3. Confirm Your Purchase: Review the transaction details and confirm your purchase. The SSV tokens will be credited to your exchange account.

Remember to always follow the specific instructions provided by the exchange you choose, as the process may vary slightly. Additionally, be aware of any fees associated with buying and trading cryptocurrencies.

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History of ssv.network

ssv.network, also known as SSV Network, is a decentralized, open-source Ethereum staking network based on Secret Shared Validator (SSV) technology, also referred to as Distributed Validator Technology (DVT). The network was developed by Blox, a company known for its non-custodial ETH staking tool, Blox Staking, and its experience in crypto accounting and management.

The SSV Network is designed to enhance Ethereum staking by allowing users to split a validator private key into encrypted key shares, which are then distributed among network operators. This setup facilitates a more secure and decentralized approach to validator operations, leveraging a smart contract as a data layer for operators to access and decrypt key shares.

The network's development is a testament to its potential for expansion to other Proof of Stake chains, highlighting its significance in the broader crypto market. As of 2023, SSV was on the verge of launching its mainnet, initially focusing on Ethereum.

The SSV Network is governed, managed, and operated by a decentralized autonomous organization (DAO), upholding the highest standards of decentralization. The SSV token unlocks the ability to vote, keeping the network in check.

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How ssv.network works

ssv.network (SSV) is a decentralized validator infrastructure provider that streamlines the development and management of Ethereum staking pools. Here’s how it works:

Stakers

To become a staker, users deposit 32 ETH into a smart contract on the beacon chain. Staking rewards are paid out in ETH, but fees are paid in SSV tokens. The level of rewards received is based on the number of tokens locked up.

Operators

Operators are the nodes that validate transactions. They receive SSV tokens as a reward. Each operator can determine their fee, which encourages competition among operators for stakers. Stakers can choose multiple operators to manage their validators, keeping fees lower.

Liquidators

Liquidators notify stakers when they need to increase their balance with the operators. They receive a portion of the liquidated assets for their efforts.

Token – SSV

The SSV token plays multiple roles. It is part of the reciprocal rewards system, where stakers pay SSV tokens to operators to qualify for ETH rewards. These rewards are paid directly from the blockchain. The SSV token also serves as a governance token, allowing users to provide input on the network's development and expansion. Users need to stake their SSV tokens to gain voting rights and propose changes to the network.

Distributed Validator Infrastructure

The network leverages a distributed validator infrastructure and an advanced tool kit. It introduces new staking strategies such as trustless distributed validation keys via Secret Shared Validator (SSV) technology. This approach means a validating key is split and distributed between multiple nodes, ensuring fault tolerance and security.

Key Features
  • Decentralized Staking Infrastructure: Enables the distributed operation of an Ethereum validator, enhancing fault tolerance and security.
  • Fault Tolerance and Security: Distributed validator clusters are resilient against operational faults of node operators, requiring a specific signature threshold for operations.
  • Community-Centric and Open Source: Operates as a fully decentralized and open ETH staking network, governed by a DAO and aligned with Ethereum’s ethos of decentralization.
Benefits
  • Easy Integration: Simplifies the integration of staking features into dapps.
  • Fault Tolerance: Eliminates single points of failure by distributing validator duties among multiple operators.
  • Security: Enhances security by splitting validator keys and distributing them among multiple nodes.
  • Decentralization: Fosters a decentralized ecosystem by allowing anyone to participate as either a validator or an operator.

Overall, ssv.network (SSV) provides a robust and decentralized infrastructure for Ethereum staking, addressing key challenges such as fault tolerance, security, and decentralization.

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ssv.network's strengths

SSV.network (SSV) offers several strengths that make it a robust and secure staking infrastructure for the Ethereum blockchain:

  1. Distributed Validator Technology (DVT): SSV uses DVT to split a validator key into multiple KeyShares, which are then distributed to non-trusting nodes. This ensures that no single node has full control of the validator, increasing security and fault tolerance.

  2. Active-Active Redundancy & Fault Tolerance: By distributing KeyShares across multiple nodes, if one node goes offline, the other nodes can continue to operate the validator, ensuring that the validator remains active and slashing-free.

  3. Non-Custodial & Secure ETH Staking: SSV allows validators to maintain full control of their validator keys and withdrawal addresses, which are encrypted and distributed securely. This eliminates the risk of a single operator controlling the validator or losing funds due to hacking.

  1. Decentralization & Diversity: SSV enables independent operators to provide infrastructure, increasing the overall health of the Ethereum blockchain. Validators can choose from diverse operators, clients, and geolocations, reducing single points of failure and risk.

  2. Easy Integration & Customization: SSV provides modular tools that make it simple and fast to integrate staking features into applications, allowing developers to create customized staking solutions.

  3. Transparency & Governance: The system is transparent, with real-time tracking of staking pools, and is governed by a DAO, ensuring that the network is managed and operated in a decentralized manner.

  1. High-Performance & Reduced Penalties: By distributing validator keys, SSV reduces downtime risks and penalties, improving overall network performance and staking rewards.

These strengths make SSV.network a robust and secure infrastructure for Ethereum staking, promoting decentralization, security, and ease of use.

ssv.network's risks

ssv.network (SSV) has several risks associated with it:

  1. Liquidation Risk: Accounts are liquidatable if their balance is insufficient for a certain period of time, called the “liquidation threshold period.” This duration is denominated in blocks and is aimed at maintaining a sufficient balance to cover operator costs for the period, which is configured for the network and governed by the DAO.

  2. Insolvency: Liquidations occur per account and not per specific validators. Accounts that have been liquidated can no longer use the network to run their validators until reactivation.

  3. Validator Liveness: Running validators on single nodes introduces a single point of failure, security risks, and results in a highly centralized network. SSV mitigates this by distributing validator duties among multiple operators, ensuring no single point of failure can compromise the network’s integrity.

  1. Security Risks: SSV addresses security concerns by using Distributed Key Generation to encrypt and split the validator key into “KeyShares” that are securely distributed between four non-trusting nodes, run by operators. This ensures that theft of a key from a bad actor is much less likely, as a hacker would have to gain access to a majority of KeyShares running the validator.

  2. Network Centralization: SSV helps decentralize the network and staking risks by allowing stakers to choose multiple operators running different configurations in different geolocations to maximize their validator rewards.

  3. Operator Risks: Operators are responsible for running validators, and if they are offline or faulty, the validator’s performance can be affected. However, SSV’s design ensures that the network can tolerate a certain number of faulty or offline nodes without affecting validator performance or incurring slashing penalties.

  1. Governance Risks: The network’s governance is structured around a DAO, with the SSV token enabling voting rights and participation in the network’s decision-making processes. This model ensures that the network remains decentralized, but it also introduces risks associated with governance and decision-making processes.

Overall, SSV has implemented various measures to mitigate these risks and enhance the security, resilience, and decentralization of Ethereum staking.

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ssv.network's ecosystem

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ssv.network’s team

  • Core Team: The protocol builders, product experts, and marketers who have played a crucial role in developing ssv.network, focusing on using threshold cryptography to build a more efficient web3 ecosystem.
  • Builders: Over 30 developers creating various innovative applications on the ssv.network, including institutional liquid staking services, tooling, and explorers for the staking industry.
  • Verified Operators: Vetted industry leaders with experience in managing validators and Ethereum infrastructure, providing reliable and secure services to users.
  • Operators: Permissionless node operators who join the network, contributing to the decentralized and permissionless nature of ssv.network.
  • Community and Ambassadors: Supporters who believe in the vision of ssv.network, participating in discussions, spreading the word, and engaging in community activities.
  • Auditors: Collaborators like Quantstamp who ensure the safety and correctness of smart contracts and the SSV Spec.
  • Internal Testers: Teams of testers and QA engineers who fine-tune each new version and feature to ensure the best possible release.
  • SSV Labs: The core development team of ssv.network, contributing to the improvement of Ethereum and the overall ecosystem.
  • Key Personnel:
    • Marc Bonenberger: Founder, CEO, and CTO.
    • Matthias "Kanisorn" Ang: VP, Ecosystem Growth at SSV Labs.

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