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Over 66,000 additional validators onboarded to Ethereum in Q1 2023

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In the first quarter of 2023, the Ethereum Proof of Stake network added 66,000 new validators, with the total number increasing from 495,270 in early January to 562,236 by the end of March.

High checker count

Auditors are essential in Ethereum, especially in network security and decentralization. They validate transactions, ensuring that no invalid transactions are added to the block.

The increasing number of validators means more individuals and entities want to participate, which helps make the platform more robust and secure. This could have a bullish effect on the price of Ethereum (ETH) ahead of the Shanghai Upgrade scheduled for mid-April.

Reports indicate that there are about 13,600 physical nodes in 81 countries. Many of them are run by home hosts, providing a high degree of flexibility, decentralization and diversity to the network.

With the total value trapped on the Ethereum network exceeding 18 million ETH, it becomes increasingly difficult and expensive to attack the network. For the network reorganization to occur, attackers would need to have 51% control of Ethereum’s processing power to take over the new information and pass it on to all nodes.

To become a validator, an individual or entity must deposit 32 ETH. Once a deposit is made, the validator earns staking rewards from the network for their services. However, the collected funds are locked and cannot be accessed until the long-awaited Shanghai Upgrade.

Ethereum is more decentralized

Ethereum validators began installing in 2021, shortly after the launch of the Beacon Chain. Since then, their reward has grown steadily as more validators join the network. There have been growing concerns about the “centralized” nature of the network. However, any concerns about censorship have yet to materialize.

Overall, the growth of Ethereum validators is a positive development for the network, leading to increased decentralization. The Shanghai Upgrade, which will allow the withdrawal of accumulated Ethereum, is expected to attract more validators, which could lead to greater network decentralization and security.

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