ConsenSys 倡導以太坊現貨 ETF，理由是權益證明增強了安全性

ConsenSys 主張獲得 SEC 批准以太坊 ETF 現貨，並強調與比特幣的工作量證明 (PoW) 相比，以太坊的權益證明 (PoS) 系統提供了增強的安全性。 ConsenSys 認為，以太坊的 PoS 系統不易受到操縱和欺詐，因為成功攻擊的成本和時間要求較高。

ConsenSys Calls for Approval of Ethereum Spot ETF, Citing Superior Security of Proof-of-Stake System

ConsenSys 呼籲批准以太坊現貨 ETF，理由是權益證明系統具有卓越的安全性

In a groundbreaking development for the cryptocurrency industry, ConsenSys, the blockchain technology company behind the popular MetaMask crypto wallet, has submitted a formal request to the Securities and Exchange Commission (SEC) advocating for the approval of a spot Ethereum exchange-traded fund (ETF). This move marks a significant step in the ongoing saga of cryptocurrency ETFs in the United States, which has been dominated by Bitcoin-based products until now.

作為加密貨幣行業的突破性發展，流行的 MetaMask 加密錢包背後的區塊鏈技術公司 ConsenSys 已向美國證券交易委員會 (SEC) 提交正式請求，主張批准以太坊現貨交易所交易基金 (ETF) ） 。此舉標誌著美國加密貨幣 ETF 的發展邁出了重要一步，迄今為止，美國加密貨幣 ETF 一直由基於比特幣的產品主導。

Ethereum's Unique Security System at Center of Debate

以太坊獨特的安全系統成為爭論的焦點

The SEC's request for public comments on cryptocurrency ETFs has prompted ConsenSys to present its argument in favor of an Ethereum spot ETF. The central focus of the discussion revolves around Ethereum's unique security mechanism, Proof-of-Stake (PoS), and whether it poses any challenges that could affect the viability of an ETF.

美國證券交易委員會 (SEC) 就加密貨幣 ETF 徵求公眾意見，促使 ConsenSys 提出支持以太坊現貨 ETF 的論點。討論的焦點圍繞著以太坊獨特的安全機制——權益證明（PoS），以及它是否會帶來任何可能影響 ETF 生存能力的挑戰。

ConsenSys contends that PoS, which has been implemented in Ethereum since 2022, offers superior security compared to Bitcoin's Proof-of-Work (PoW) system. In a detailed public comment letter, the company outlines the reasons why launching a successful attack on the Ethereum network is significantly more expensive and time-consuming than attacking the Bitcoin network.

ConsenSys 認為，與比特幣的工作量證明 (PoW) 系統相比，自 2022 年以來在以太坊中實施的 PoS 提供了卓越的安全性。在一封詳細的公開評論信中，該公司概述了為什麼對以太坊網路發動成功的攻擊比攻擊比特幣網路要昂貴且耗時得多。

According to ConsenSys, estimates indicate that an attack on Ethereum would require a staggering investment of approximately $34.39 billion (based on December 2023 Ether prices) and would take nearly six months to execute. In contrast, attacking the Bitcoin network, which heavily relies on computing power and electricity, could cost between $5 billion and $20 billion and potentially happen much more rapidly.

據 ConsenSys 稱，估計表明對以太坊的攻擊將需要約 343.9 億美元的驚人投資（基於 2023 年 12 月的以太幣價格），並且需要近六個月的時間才能執行。相較之下，攻擊嚴重依賴運算能力和電力的比特幣網路可能會花費 50 億至 200 億美元，而且發生的速度可能要快得多。

Advantages of Ethereum's PoS System Explored

以太坊 PoS 系統的優勢探討

Beyond cost, ConsenSys highlights several other advantages of Ethereum's PoS system that make it ideal for an ETF product. These include faster block finality (confirmation of transactions), a decentralized and randomized validation process, and a built-in penalty system for validators who engage in malicious behavior.

除了成本之外，ConsenSys 還強調了以太坊 PoS 系統的其他幾個優勢，使其成為 ETF 產品的理想選擇。其中包括更快的區塊最終確定性（交易確認）、去中心化和隨機的驗證過程，以及針對參與惡意行為的驗證者的內建懲罰系統。

The company believes that these features, combined with Ethereum's energy efficiency and transparent community structure, create a robust network that is less susceptible to manipulation and fraud.

該公司認為，這些功能與以太坊的能源效率和透明的社區結構相結合，創造了一個不易受到操縱和欺詐的強大網路。

Strong Case for Security Superiority

安全優勢的有力理由

ConsenSys concludes its public comment letter by strongly urging the SEC to acknowledge the advanced security measures inherent in Ethereum's design. The company argues that these safeguards not only meet but surpass those found in Bitcoin-based ETFs that have already been approved by the commission.

ConsenSys 在其公開評論信的結尾強烈敦促 SEC 承認以太坊設計中固有的先進安全措施。該公司辯稱，這些保障措施不僅達到甚至超越了已經獲得委員會批准的基於比特幣的 ETF 的保障措施。

ConsenSys's persuasive arguments could potentially sway the SEC's decision-making process, although the regulatory landscape for cryptocurrency ETFs is still evolving.

儘管加密貨幣 ETF 的監管環境仍在不斷發展，但 ConsenSys 的說服力論點可能會影響 SEC 的決策過程。

Potential Considerations for the Future

未來的潛在考慮因素

While ConsenSys presents a compelling case for the approval of an Ethereum spot ETF, it is important to note that PoS systems have the potential to become more centralized over time. This is because a limited number of validators with large stakes could potentially hold significant power.

雖然 ConsenSys 為以太坊現貨 ETF 的批准提供了令人信服的案例，但值得注意的是，隨著時間的推移，PoS 系統有可能變得更加中心化。這是因為有限數量的持有大量股份的驗證者可能擁有重要的權力。

Moreover, the regulatory framework surrounding PoS and cryptocurrency in general is still in flux, and the SEC's view on the viability of PoS-based ETFs could change in the future. Additionally, there are currently no successful, long-term examples of established ETFs based on PoS cryptocurrencies.

此外，圍繞 PoS 和加密貨幣的監管框架總體上仍在不斷變化，SEC 對基於 PoS 的 ETF 可行性的看法未來可能會發生變化。此外，目前還沒有基於 PoS 加密貨幣的成功、長期的 ETF 範例。

Significance of ConsenSys's Initiative

ConsenSys 倡議的意義

ConsenSys's push for an Ethereum spot ETF is the latest development in the ongoing debate about cryptocurrency ETFs in the US. With several Bitcoin ETFs already receiving regulatory approval, the focus has shifted to Ethereum, the second-largest cryptocurrency by market capitalization. The approval of an Ethereum spot ETF would provide investors with a new and potentially more secure way to gain exposure to the cryptocurrency market.

ConsenSys 推出以太幣現貨 ETF 是美國關於加密貨幣 ETF 持續爭論的最新進展。隨著幾隻比特幣 ETF 已經獲得監管部門的批准，焦點已轉移到市值第二大加密貨幣以太坊。以太坊現貨 ETF 的批准將為投資者提供一種新的、可能更安全的方式來接觸加密貨幣市場。