THE PROTOCOL: ‘Protocol Councils’ Can the Blockchain Ecosystem Trust These People?

Joining us, Riad Wahby, Co-founder and CEO of Cubist, delves into the risks of restaking, potential contagion effects on blockchain security, and the essential questions that the blockchain ecosystem must address. This episode is sponsored by the Stellar Community Fund Follow the show here for more. In this installment of "The Protocol," hosts Brad Keoun, the founding editor of The Protocol Newsletter, and tech journalists Sam Kessler and Margaux Nijkerk, explore the following stories: TOPICS | Lido DAO Endorses Rivals LayerZero launched a Lido stETH bridge last October without asking for Lido DAO's permission. The community responded this week by endorsing a pair of its biggest competitors. "Blockchain protocols frequently pride themselves on their "permissionlessness" – the idea that anyone, anywhere can build on top of a protocol without asking for explicit approval. But in practice, it is sometimes wiser to ask for permission." Blockchains and Decentralization The goal of these "protocol councils,” sometimes called “security councils,” is to nudge these nascent networks toward increasing decentralization, by gradually removing them from under the control of their original developers. How are they different from boards of directors? PROTOCOL VILLAGE INTERVIEW SEGMENT Guest: Riad Wahby Riad Wahby is the co-founder and CEO of Cubist, a developer of hardware-backed, non-custodial key storage and signing infrastructure that enables companies to protect staking keys and secure withdrawals. Takeaways | Keys are fundamental in blockchain interactions and require careful management to ensure security. Restaking introduces risks and potential contagion effects that can impact the security of the underlying blockchain. The restaking ecosystem offers opportunities for innovation and collaboration, but reputation and risk assessment are crucial for making informed decisions. Building systems that can withstand non-compliant users and incentivize responsible behavior is essential for the long-term success of blockchain networks. There is continued interest in blockchain and crypto among students, with a focus on computer security, cryptography, and the intersection of blockchain and AI. Balancing entrepreneurship and academia requires efficient time management and leveraging the support of graduate students and teaching assistants. Sign Up for THE PROTOCOL NEWSLETTER EPISODE LINKS | Lido DAO Rebukes LayerZero by Endorsing Rivals Wormhole, Axelar for Crypto Bridge As Blockchains Push Toward Decentralization, These People Serve as Ultimate Guardians Riad S. Wahby Riad S. Wahby - Google Scholar Cubist Cubist Launches Bank-Grade Ethereum Key Management Service - From Our Sponsor: The Stellar Community Fund (SCF) is an open-application awards program that draws on community input to support developers and startups building on Stellar and Soroban. Accelerate your web3 project today. Apply for Funding at communityfund.stellar.org - The Protocol has been produced and edited by senior producer Michele Musso and our executive producer is Jared Schwartz. Our theme song is “Take Me Back” by Strength To Last. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.