Interest in the ssv.network (SSV) is because this protocol solves major blockchain problem. For instance, the ssv.network was CoinMarketCap’s second most trending stablecoin on 22 August 2022.
The problem is validation, proving that protocols, nodes, and users are real and work. The ssv.network tries to decentralize validation by replacing single validators with many validators. Theoretically, decentralizing validation makes failure to validate a node less probable.
The ssv.netork achieves validation by replacing single nodes with multi-node clusters. They build multi-node clusters by using a fast staking infrastructure that is scalable and non-custodial staking that promotes decentralization and diversity with Ethereum practices.
What is the ssv.network (SSV)?
The ssv.network (SSV) is a fully decentralized and open-sourced Ethereum network based on Secret Shared Validator (SSV) technology.SSV or Distributed Validator Technology (DVT).
They use ssv.network because it can provide an open and simple infrastructure that splits a valdiator key into multiple KeyShares. The KeyShares introduce additional levels of validator key security to the Ethereum blockchain, staking pools, staking services, and sol stakers. The hope at the ssv.network is to validate stakers and make it hard for bad guys to masquerade as legitimate stakers.
Valdiators need staking because they reward data transaction signers with Ethereum (ETH) rewards. Traditional validators run on a single-node, which makes them easy to fake and fool.
Splitting validator keys into multiple KeyShares allows many sets of eyes to examine the staker. Hence, it is easy to catch fake or corrupt stakers. Additionally, validation can continue if one node goes offline because of maintenance or system failure. Hence, the ssv.network can keep working even if nodes fail.
Making Ethereum Healthier
The ssv.network (SSV) can generate a validator key and split into multiple KeyShares that you can distribute to non-trusting nodes and stored offline. This provides an added layer of security.
Independent operators all over the world will provide the infrastructure for the ssv.network. That means the ssv.network can keep operating if the blockchain or internet in one country or region goes down. They claim this will make the Ethereum blockchain healthier by eliminating singles of failure.
The ssv.network uses distributed key generation. In distributed key generation, ssv.network generates a shared public key. However, each operator owns a single-portion of the key. That means no one operator can take control of the system.
The ssv.network (SSV) technology
They call the ssv.network a sophisticated multi-signature wallet with a consensus layer. This allows the ssv.network to function as a middleman between beacon nodes and validator clients.
Ssv.network (SSV) uses Shamir Secret Sharing. Shamir Secret Sharing reconstructs a validator key by using a predefined threshold of KeyShares. The ssv.network leverages signatures by combining multiple validator key signatures.They break keys down and share them with groups.
The ssv.network applies Multi-Party Computation (MPC) to secret sharing. MPC allows SSV to distribute KeyShares to many operators. Using MPC also allows decentralized computation of validator duties without reconstructing the validator on a single device. Reconstructing a validator on a single device could give a hacker access to the entire system and the money and data in it.
They base the ssv.network’s consensus layer on the Istanbul Byzantine Fault Tolerance (IBFT). In IBFT, an algorithm randomly selectors validator nodes and shares information among the nodes. This allows information to be shared on many nodes.
The ssv.network Structure
The ssv.network consists of stakers, operators, and a decentralized autonomous organization (DAO). Stakers are individual Ethereum (ETH) holders who leverage SSV/DVT technology for security and the decentralization of validators.
Operators own the hardware infrastructure (computers and servers) that the SSV protocol runs on. The operators maintain validators and the health of the ssv.network. Operators determine fees for services. Stakers pay operators for services in SSV tokens.
The DAO is the network of SSV token holders that owns and governs the ssv.network protocol. DAO members’ voting power is determined by the number of SSV tokens they own.
The ssv.network DAO performs operator scoring, sets network fees, operates the treasury, and conducts elections. The treasury will finance the maintenance and growth of the ssv.network.
The SSV Token
The Secret Shared Validator (SSV) token is the native token of the SSV network. ssv.network stakers use the SSV tokens to pay validators.
They hope the ssv.network will make money by staking Ethereum (ETH). The more Ethereum (ETH) staked, the higher the more money ssv.network will make. That means more fees to stakers.
Mr. Market thinks secret shared validation and distributed validator infrastructure offer some value. On 23 August, 2022, the ssv.network (SSV) was CoinMarketCap’s 231st most valuable cryptocurrency, with an $18.24 Coin Price.
CoinMarketCap gave the ssv.network a $183.290 million Market Capitalization, a $203.098 million Fully Diluted Market Cap, and a 24-Hour Market Volume of $34.687 million on 23 August 2022. They base those numbers on a Circulating Supply of 10 billion SSV and a Total Supply of 11.013 billion SSV.
In contrast, CoinBase gave the ssv.network (SSV) an $18.08 Coin Price, a $183.1 million Market Cap, and a 24-Hour Market Volume of $34.6 million on 23 August 2022. They based those numbers on a Circulating Supply of 10 million SSV. CoinBase gives SSV an all-time high Coin Price of $21.52.
I think the ssv.network is an interesting piece of technology that solves a real problem. Consequently, I advise individuals seeking a protocol with genuine value to investigate the ssv.network.
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