A revised set of guidelines that the Proof of Stake Alliance (POSA), an advocacy group of companies and groups involved in staking on blockchains such as Ethereum, claims would guarantee consumer protections and encourage responsible innovation, was released on Thursday.Eighteen industry participants have approved the new “staking principles,” including several well-known companies as Ava Labs, Blockdaemon, Coinbase, Lido, Polychain, Paradigm, and Rocketpool.
The list, prepared with the assistance of Paradigm’s Policy Lab, was updated “in light of the rapid advancements in the staking space and the need for updated best practices,” according to a press release.
The press announcement states that the guidelines are meant to replace an original set of principles announced in 2020.They demand that service providers communicate more clearly, that users have complete discretion over the amount of their assets they stake, and that service providers clearly outline their duties.
“Amid rapid technological advancement, self-regulation from leaders of the proof of stake ecosystem is essential,” Evan Weiss, founder of POSA, said in the press release. “The updated POSA principles underscore the ecosystem’s commitment to clarity and responsibility, especially in a time of increased scrutiny and misconceptions. Together, we aim to build trust, inform regulations, and champion the boundless potential of the technology.”