The Proof of Stake Alliance (POSA), an advocacy group of companies and organizations involved in betting on blockchains such as Ethereum, on Thursday published an updated list of standards that they say will ensure consumer protection and promote responsible innovation .
The new ‘staking principles’ have been signed by 18 industry players, including some well-known entities such as Ava Labs, Blockdaemon, Coinbase, Lido, Polychain, Paradigm and Rocketpool.
The list, created with the help of Paradigm’s Policy Lab, was updated “in light of rapid progress on strike action and the need for updated best practices,” according to a press release.
The standards are intended to update an original set of principles released in 2020, the press release said. They call for clearer communication from service providers, giving users full control over how much of their assets they deploy, and the need to accurately describe service providers’ responsibilities.
“Amid rapid technological advancements, self-regulation by leaders of the proof-of-stake ecosystem is essential,” said Evan Weiss, founder of POSA, in the press release. “The updated POSA Principles underscore the ecosystem’s commitment to clarity and accountability, especially at a time of increased scrutiny and misconceptions. Together, we strive to build trust, inform regulation and champion the limitless potential of the technology.”
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