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📌 Consensys has filed a report with the SEC on enhancing Ethereum security.

Learn about the latest developments in the cryptocurrency market. Blockchain

– Learn about the latest developments in the cryptocurrency market.

Consensys has asked the US Securities and Exchange Commission to recognize the advanced security features built into Ethereum’s structure.

The blockchain company made the proposal in response to the SEC’s request for an opinion on ETH ETFs.

According to Consensys, Ethereum’s PoS outperforms Bitcoin’s PoW in terms of security.

Consensys, a leading blockchain software company, has asked the U.S. Securities and Exchange Commission (SEC) to recognize the advanced security features embedded in Ethereum’s design. The company made the proposal in response to the SEC’s request for views on the possible approval of its application for an Ethereum ETF.

According to the filing, the SEC is asking whether Ethereum’s proof of stake (PoS) raises “unique concerns” about fraud and manipulation that the agency should consider. In response to this question, Consensys stated that such concerns are completely unfounded.

The blockchain company published a letter explaining how Ethereum’s PoS implementation matches and surpasses proof-of-work (PoW) security in Bitcoin. According to Consensys, PoW in Bitcoin is already approved by the SEC for trading. support for bitcoin-based ETFs.

In its comment letter, Consensys noted that PoW in Ethereum includes a robust mechanism to protect against fraud and manipulation. The company emphasized that this implementation is superior to Bitcoin’s PoW consensus model due to its resistance to hacking.

Among Consensys’ key advantages are ethereum’s fast block completion and a decentralized, randomized blockchain verification process that prevents control by known stakeholders. Consensys noted that elements of ethereum’s fraud and manipulation defense mechanisms include: total cost of attack Other features of Ethereum such as reduced penalties, environmental benefits, and increased security were also noted.

In addition, Consensys noted that the decentralized community and transparency of the blockchain provide increased protection against fraud. Blockchain companies emphasized the advanced safeguards built into Ethereum’s design. They said these safeguards meet and exceed the exemplary security and resilience safeguards supporting bitcoin-based ETPs that have already been approved by the SEC.

Consensys announced plans to bring billions of users to web3. The blockchain company is trying to realize this mission by publicly promoting the approval of the Ethereum ETF. Thus, the comment letter is a step towards progress and provides the public with the necessary information.

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