Selected Key Speeches at Ethereum Bogota Devcon (1)
Original title: "(Compiled Text) Focus on Bogota Devcon VI——Part I"
Original compilation: ECN, Pablo@Plancker
Original source: ETH Chinese public account
Devcon VI event has been completed More than halfway through, ECN and community partner Pablo@Plancker selected some wonderful speeches to compile. The following is a selection of selected speeches from Day 1 - Day 3. Topics include: zero-knowledge proofs, cryptocurrency regulation, public goods, Rollup, Ultra Sound Money, and more.
Scroll Pre-Alpha Test Network Upgrade
Beijing Time 10 On March 14th, the Scroll team, which stood out from many zkEVM project competitions, introduced the architecture of Scroll in the Devcon VI session and future roadmap. The keynote speaker is Ye Zhang, co-founder of Scroll.
Speech score It is divided into four parts: Scroll architecture, Scroll workflow, Scroll Pre-Alpha testnet upgrade, and future roadmap.
Ye Zhang first introduced the traditional zkRollup operation process. The user sends the transaction to the L2 node, and the node will run a certain zk algorithm and generate zk proofs, which will be verified by the smart contract on L1.
Generally speaking, there will be a sequencer in Rollup to sort user transactions and let prover Generate a zk proof. Scroll has a particularly prominent design: a decentralized proof network. This network consists of a group of Rollers running zkEVM (similar to miners in the PoW network). They generate validity proofs for transactions, and then return the proofs to the coordinator, and the relays receive the proofs and send them to the Rollup contract on the main network.
“Three months ago, we released the testnet for users. Users can pass Metamask interacts with pre-deployed applications on the testnet; assets can be bridged between L1 <-> L2; transaction status can be viewed through a browser.” Ye Zhang said, “More than 10,000 users tested the bridge and the above applications, Thanks to the community for actively participating in testing and providing us with useful feedback."
at Devcon VI Before the start, Scroll released an upgraded version of the Pre-Alpha test network, which is open to developers for any contract deployment test.
Speaking of Scroll’s roadmap, Ye said that Scroll will advance their roadmap in five phases deploy. The first stage is the Pre-Alpha test network; the second stage is the Alpha test network, which is different from the first stage, developers can join the test without permission at this stage; the third stage is L2 proof outsourcing, that is, open the work of proof generation to the proof community, Anyone can run their own machine and become a member of the prover network; the final stage is the zkEVM mainnet in phase four and the decentralized sequencer in phase five.
Hardhat & Nomic Fund Meeting: The creation of a non-profit organization in Ethereum
On October 14th, Franco Zeoli, co-founder of the Nomic Foundation, presented his organization and project - the development tool suite Hardhat - at Devcon VI. The organization has transformed into a non-profit organization on Ethereum since 2021. Franco said that this is not only because of his team's love for Ethereum, but also because the developer experience they create is crucial to Ethereum, and The non-profit transformation itself may also have a certain social impact.
Franco reviewed the development of the Nomic Foundation team in his speech. He said, "Everything we have been doing has been promoting the development of Ethereum. These experiences have been rewarding, but also very challenging." Until now, they have received $22 million in funding from EF, Vitalik Buterin, Uniswap, Coinbase, Consensys, The Graph, Chainlink, Polygon, Gnosi and other donors.
These grants will serve developers to build the decentralization of the network. The Nomic team has a corresponding long-term and short-term development roadmap. In the short term, they are mainly focusing on the expansion and development of the Hardhat series of tools, including their CLI task runner Hardhat Runner, developer node network Hardhat Network, source code editor Hardhat VSCode and their upcoming deployment solution HardHat Ignition.
In terms of long-term goals, they focus on the Solidity compiler Slang and the development tool network Rethnet. two items. Also, they are recruiting for developers who can build compilers in Rust or improve Hardhat together.
Ultra Sound Money
On October 13, 2022, Beijing time, Ethereum researcher Justin Drake gave the only session in Devcon VI about ETH as an assetKeynote Speech——UltraSound Money.
Justin from From the perspective of assets, we will help you understand the Ethereum protocol. As an asset, Ethereum is crucial to the success of the entire Ethereum ecosystem. The Ethereum ecology is inseparable from ETH. If Ethereum is the settlement layer of the Internet, ETH is the currency of the Internet.
Justin uses the currency temperature (velocity of circulation) as a metaphor. In the first-layer network, staking is like freezing currency from liquid to solid, and gas burning is like changing from liquid to gas, which is consumed quickly. In the second-tier network, the situation is similar. ETH can be bound as collateral in DeFi, and ETH can also be used as currency in transactions.
When people When you think of currency, you usually think of high velocity use cases. In the Ethereum ecosystem, low-flow scenarios should not be ignored, because they are also very important. ETH, as a programmable currency, can be programmed into different things to promote the development of Ethereum, it can be programmed as a deposit to provide protocol security, and it can be programmed as a base fee to maintain the sustainability of Ethereum , can be used as economic bandwidth in DeFi and other scenarios, and can be used for transactions to drive more economic activities.
ETH is in the "cold economy" (security and bandwidth) and "hot economy" (providing Sustainability and supporting economic activity) are important.
Justin proposed that the security rate of Ethereum can pass all guaranteed value/economic ecological security value calculation. The existing safety rate is 20 times, which is a relatively healthy data. In the past two years, the pledge of ETH has been growing at a relatively healthy rate, with a growth rate of about 20K ETH a day. As of this month, about 14.2M ETH has been pledged. In addition to the above cold economic behavior of staking to ensure network security, Ethereum also has a hot economic behavior by issuing staking rewards.
Afterwards, Justin discussed four aspects: security, sustainability, bandwidth and economic activities How ETH as an asset helps Ethereum become the settlement layer of the internet.
1. Security
As the settlement layer of the Internet, Ethereum’s economic security cannot be overwhelmed by the economic value on Ethereum. The economic value carried on the Internet is huge, so an important concept is needed——security ratio
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Safety factor=total value secured/economic security
Currently, Ethereum The safety factor is very healthy, it is 20.0x, the lower the factor, the healthier it is. Today Ethereum provides security for $20 billion worth of assets, but in the future, Ethereum will provide security for trillions of dollars worth of assets. Since the safety factor is as low as possible, there are currently more than 14 million ETHs pledged in Ethereum. How many ETHs are expected to be pledged in the long-term future?
This needs to look at a few indicators that motivate everyone to participate in pledge:
Increased revenue;
ETH price;
Minimum feasible additional issuance.
2. Sustainability
If Ethereum is regarded as an enterprise, its product is block space, which is a very safe block space. Profit = income - expenses, when the profit is positive, the enterprise can be sustainable. Then on Ethereum, profit = block space sales - security expenses = burned ETH - additional ETH. After the merger, although security spending has been reduced a lot, it is not in a sustainable state, which means that Ethereum's block space sales are not enough to pay for its security. But the good news is that the difference in unsustainability is small, less than 0.1% per year. If you analyze it carefully, you will find that free from EIP-1559, the burning rate of ETH is getting faster and faster, and the burning amount is 3.5 times the current additional issuance, so the supply growth of ETH is expected to be negative.
If sound money (sound currency) refers to a currency with a cap on the total amount, such as Bitcoin , then ultrasound money (ultra-sound currency) refers to a currency whose supply is constantly decreasing, such as the current Ethereum.
3. Economic bandwidth
On the application layer, ETH is used as economic bandwidth on DeFi. DeFi protocols such as MakerDAO and AAVE use ETH as collateral, because ETH has no contract risk, no custody risk, no oracle risk, no bridge risk, no governance risk, and the only risk is price volatility. Justin believes that in the foreseeable next ten years, ETH will still serve as an important decentralized stablecoin collateral, and the scale will grow from the current 2M ETH to 30M ETH.
Justin proposed the concept of illiquidity multiplier, which corresponds to the previous The "cold economy" and "hot economy" mentioned. He believes that one way to evaluate the market value of Ethereum is: ETH market value = [market value of liquid ETH] x [1/proportion of liquid ETH], where [1/proportion of liquid ETH] is illiquidity multiplied by number. For liquid ETH, we have analytical tools such as models. We understand the market value of ETH through the liquid ETH. This part is equivalent to treating Ethereum as a technology company, but we can use it to understand the market value of the entire Ethereum, and this proportional coefficient is the illiquidity multiplier. Today, Ethereum's illiquidity multiplier is small - 1/80% = 1.25x, but when most of the ETH is used as collateral, say 80%, the illiquidity multiplier can reach 5x. If the liquid ETH and block space sales are $1 trillion, then the market value of ETH as an asset will reach $5 trillion.
4. Economic Activities
Economic activities refer to various transactions that occur on Ethereum with liquidity, diversity, and vitality. To achieve this, the most important thing is the reliability of Ethereum. scalability. The good news is that Ethereum is poised to scale from 10 transactions per second to 10 million transactions per second through a combination of technologies. And in this case, how much handling fee is required for each transaction to realize that the income of Ethereum is enough to cover its security expenses, and ETH becomes ultrasound money? Justin believes that the cost of each transaction will drop from 3 million Gwei to 3 Gwei, and when the price of ETH is high, 3 Gwei will be very little money.
Justin finally predicts that the overall supply of ETH will reach 100M, of which 33M will be used as a pledge to ensure safety, so that every year Bring 1M issuance as a pledge reward, burn 1M through block space sales every year, another 33M as collateral for DeFi products to issue decentralized stable coins, etc., and finally 33M as a liquid currency.
AMM mechanism overview
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On October 12, 2022 Beijing time, from Odos protocol < a href="https://youtu.be/wbQd4yio3bI" target="_blank">Matt Deible presents a mechanical overview of AMM and the underlying intuition behind its design. Odos is a Dex aggregator. Starting from the basic principles of AMM design, Matt’s speech covered various algorithm mechanisms, including constant sum, constant product (Uniswap V2), Uniswap V3, KyberSwap, StableSwap (Curve), CryptoSwap (Curve V2), Solidly Stable pairs, Clipper, Dodo and RFQ systems.
Matt first The existing AMM products on the market can be roughly divided into three categories, the basic constant product and constant sum AMM, the hybrid AMM, and the virtual liquidity AMM. The purpose of the market maker is to earn income for the asset portfolio by providing trading liquidity. The market maker in the AMM earns profits through the price difference, but also faces the risk of depreciation of the asset portfolio itself.
The constant product AMM is suitable for price discovery in long tail markets. Constant-sum AMMs are suitable for short-tail markets and rely on external price oracles. The middle ground between the two may be the best solution, that is, hybrid AMM, which finds the best price curve between the constant product and constant sum curves by introducing new parameters. If virtual liquidity can find the corresponding liquidity provider, it is a very efficient AMM solution.
Finally, Matt pointed out that the RFQ quotation system under the chain can well bridge the quotation resources under the chain Settlement with the chain improves composability. Traders have to face multiple types of AMMs, and need Dex aggregators to use off-chain optimization to provide the best price while maintaining atomic transactions, slippage protection, on-chain settlement and asset self-custody. Odos even considers more complex scenarios such as one-off multi-asset transactions.
The Impact of Cryptocurrency Regulation on Open Blockchain: Opportunities and Challenges
October 13th, the second day of Devcon VI, as the legal field of cryptocurrency regulation in Europe Experts, Marina Markezic, Florian Glatz and Simon Polrot, co-founders of EUCI (European Cryptocurrency Initiative) at this time The speech discussed the regulation of global regulation on the blockchain field, especially DeFi, and analyzed the impact of regulation on the blockchain.
Just in On October 5, the European legislature passed the MiCA (Encrypted Assets Market Act), a new cryptocurrency regulation. This comprehensive regulation aims to bring the crypto asset class under the supervision of ESMA (European Securities and Markets Authority) and EBA (European Banking Authority). Meanwhile, European regulations are being finalized with the TFR (Funds Transfer Regulation), which was proposed last year.
This makes people have to look back at the wave of global cryptocurrency regulation that has emerged in the past two years, the SEC OFAC's Regulatory Crackdown on Tornado Cash in Response to Terms of Luna Slump. It is worth noting that these regulations are carried out collaboratively, and it occurs widely at the level of the international community, such as Europe and the United States. Marina believes that in the next two years, we will see more regulatory reports.
These regulations have a great impact on the blockchain field, and the following takes Europe as an example. For encrypted asset service providers, they need to join the European Union and obtain CASPs (encrypted asset service provider) licenses, comply with anti-money laundering laws, etc. For crypto asset issuers, the issuance of tokens is equivalent to a "small" IPO (initial public offering), they need to join the European Union and follow its corresponding issuance "white paper". In terms of the supervision of encrypted stablecoins, decentralized stablecoins are prohibited from being issued, and at the same time, they need to submit quarterly transaction reports to the EU. The European Union has set a limit of $200 million per day for stablecoin payment transactions, beyond which the license of the issuer will be withdrawn. In addition to stablecoins, Simon believes that regulation will continue to target privacy protocols.
In addition, for the blockchain community, they need to improve the neutrality of their network and build a set of decentralization and privacy protection mechanisms to Response to supervision, and this cannot be separated from the participation of every community member.
Expanding Ethereum
October 12, Beijing time, from Infura Patrick McCorry introduced the expansion of Ethereum in the form of a light talk. From the basic concepts of blockchain including: block broadcaster, verifier, peer-to-peer network, expansion to three basic nodes of Ethereum: full node, archive node, and pruning node, the relevant knowledge was popularized for the audience.
Patrick mentioned that although executing contracts in memory consumes computing resources, reading and writing databases is The current bottleneck. The bottlenecks of Ethereum expansion include storage, computing, and bandwidth. The two goals of capacity expansion are to reduce the fork rate and lower the node threshold.
The more common expansion idea is to separate the calculation from Ethereum and change it to off-chain calculate. Turn Ethereum into a settlement layer. The core of Ethereum expansion is bridging, while solving the problem of data availability.
Finally Patrick Summarizes three ideas for combating expansion bottlenecks:
1. Assign a purpose to each resource And solve it: data availability layer, settlement layer, execution layer.
2. Expansion through bridging (roll-up-centric roadmap).
3. Data availability + state transition integrity of the bridge.
Rollups are the safest bridge
l2beat.com has become the most trusted community resource for evaluating the security assumptions of different Ethereum scaling solutions. Each scheme has a "native" bridge that allows users to transfer tokens onto L2, but there are plenty of other bridges available to end users beyond the native bridge. How do they compare to "native" bridges? What risks do users face when sending tokens through these bridges?
In the main venue on October 13th, the founders of Maker DAO and l2beat.com Bartek Kiepuszewski gave a talk "Rollups Are the Most Secure Bridges".
"Two years ago, I started to participate in Maker DAO When working on the chain strategy project, we asked ourselves a question, how do we transfer DAI to different chains? This problem is not simple, we have to investigate all chains and their security, and how to securely Transfer DAI", Bartek recalled why he started the l2beat.com website, "I first published a plan comparison table on the Maker DAO website, but no one responded. Obviously, everyone needs some more concise and intuitive data. So I started making the website l2beat".
In addition to various data collection and risk assessment for each L2 expansion solution, Recently they launched a section for bridging analysis. In this section, the TVL, 7-day lockup change, market share, validators, and bridge type of each bridged scheme are listed.
Risk assessment has always been an important part of the l2beat website, so Bartek specially evaluated the security of different bridging schemes from two aspects.
First of all, there are several types of bridging:
1.Token bridge;
2. Liquidity network;
Token bridge has unlimited liquidity; tokens are stored on the destination chain, tokens The bridge validator design is risky; slow and expensive. The liquidity of the liquidity network is limited; the tokens are stored on the destination chain, and the verifiers of the liquidity network have no risk, but the token bridge related to it will bring risks to it; fast and cheap.
The second evaluation angle is "who will verify the transaction information", which are:
1. Third party;
2. Optimistic verification mechanism (the default information is valid unless the information is proven to be wrong);
3. Verified by the verifier of the original chain;
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4. Verified by Ethereum, detrusted.
To sum up, after comparing the bridge type and transaction information verifier, use native bridge and Rollup with security provided by Ethereum has the best security.
Ethereum is sunpunk
On October 13, Gitcoin co-founder Kevin Owocki presented Ethereum on the second day of Devcon VI In the speech, it explained a series of punk metaphors in Ethereum: Cypherpunk, Sunpunk, Moonpunk, and Terrapunk.
Cypherpunk emerged in the 1990s, and "A Crypherpunk's Manifesto" by Eric Hughes is the root of the movement. Typically, a cypherpunk is a class of people who strongly advocate the use of cryptography and privacy-enhancing technologies as their way of changing society and politics, devolving power to the individual.
Ethereum is sunpunk. The concept of solar punk has only emerged in recent years. It was born out of climate warming, dictatorship, disinformation, and fragmented international social order, aiming to allow humans to collaborate on a network scale. In essence, sunpunk is a fictional picture of what the future world might look like if contemporary issues of sustainability and coordination failures were addressed. As such a platform, Ethereum can make the world a better place by achieving carbon neutrality, increasing network carbon credits, and creating collaborative capabilities.
At the same time, Ethereum is also a moon punk. This concept is the product of the combination of cypherpunk and sunpunk. Its idea is to fund public goods that preserve privacy. Moonpunk is seen as an aesthetic that is fraternal to sunpunk, but with a more universal character, referencing concepts of witchcraft, futuristic design, nature, renewable energy, and the cycle of life. For more about Moonpunk, you can watch the video.
Besides, Ethereum is Terrapunk. Terrapunk is a concept that tends to increase the population, create more "earths", control nature, promote technology, and expand human life to the universe. Kevin believes that Terrapunk is another expression of solar punk, but it is a kind of human maximalism, which is different from solar punk's human minimalism. The article "The Terrapunk manifesto (the terrapunk manifesto)" can help you learn more about Terrapunk.
It can be said that Ethereum is a mirror that reflects the values we have constructed. It is a product of collaboration and promotes the continuous evolution of the ecology. It is also the Schelling point that human beings hope for, building a transparent, immutable, programmable foundation for global finance and collaboration, and building a new system. Through web3, human beings can use collective wisdom to establish a collaborative mechanism to solve the most difficult collaboration problems that cannot be ignored by human beings.
Ethereum builders have been working on building a Hyperstructure mechanism on Ethereum, Meet everyone's common needs. Ultimately, Ethereum will build a collection of superstructure institutions - metaHyperstructure (metaHyperstructure), these institutions will achieve interoperability with each other in a modular way, so that Ethereum users can realize common values.
Improve Ethereum on Ethereum Oracle Infrastructure
On October 13, 2022, Beijing time, Lorenz Breidenbach, R&D director of Chainlink Labs, published an article titled Speak on Improving Oracle Infrastructure on Ethereum.
The oracle continues Promoting the development of Ethereum and the second-layer ecological network. In order to build dApps that serve real-world use cases, from DeFi, DAOs, to NFTs, and more, Ethereum developers need access to a secure oracle network. In this talk, Lorenz takes us deep into the latest oracle innovations and demonstrates new capabilities that enable Ethereum developers to build scalable, secure, feature-rich applications for a wide range of applications.
Chainlink's classic oracle network uses an off-chain reporting protocol to provide data streams to developers. In addition to data flow, oracles can help achieve a variety of functions, including proof of reserve, secure randomness, contract automation, cross-chain interoperability, fair ordering, outsourced computing and storage, triggering real-world actions through APIs, and Privacy-preserving access to web2.0 data.
like a The classic application is to implement secure random numbers on the chain through VRF and oracles. In addition, the automatic execution of contracts is also an important application of oracle machines. Since contracts cannot be executed on the chain, a reliable off-chain oracle network can well expand contract functions through contract self-execution functions and improve user interaction experience.
As a senior researcher, Lorenz took everyone to look forward to the future usage scenarios of oracles—cross-chain programmable bridge. The oracle can bridge the gap between chains and chains, and help contracts send messages from Ethereum to other chains. In addition, private access to any Web2 data will also be a major application scenario. The verifier promises to verify the user's Web2 private information through cryptography, and uses zkp to synchronize user information with the oracle.
Finally, Lorenz summed up three important information about the oracle:
1. Security and reliability are the most important for the oracle network;
3. Oracles can make smart contracts more powerful than ever.
Zero knowledge (zk, zero knowledge) has become an "all-encompassing" term, representing a lot of "modern" and "advanced" cryptography-especially cryptography related to future blockchains . In the opening ceremony of Decon VI on October 11, there was a themed "What to know about zero knowledge" What's Panel. Albert Ni is the moderator and gubsheep, Barry Whitehat and Vitalik are the Panel guests. In this panel, they share their views on zk - how to think about it, what to pay attention to, and what to pay attention to. They also explore how zk will potentially change and complement Ethereum.
At the opening , Albert Li said: "With the continuous development of the encryption ecosystem, the word "Crypto" has been extended from pure cryptography to countless fields, including cryptocurrency and so on. And the technical term zero knowledge is no longer limited to the technical category, it extends some broader use cases using zk proof technology, these use cases include these properties: accuracy and simplicity. "
For Albert's question "How will ZK supplement Ethereum in the future?", Vitalik Said, "I think ZK is naturally a supplement to the blockchain. The reason why I say this, first of all, I think that the anti-censorship features provided by the blockchain are very important at the expense of "scalability" and "privacy". properties at the expense of the properties. And zk-SNARKs is a tailor-made technology for these two properties.”
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Gubsheep, the founder of Dark Forest, gave a use case to illustrate that some applications may be very useful in the future. "Assuming that some traditional Web2 companies such as Facebook and twitter provide each account with a state root, they do not need to display the data contained in this state root, but they will at least publish the Merkle tree composed of these state roots .What users can do is to generate zk proofs for these data, so that others can verify that the information is correct without revealing the information itself. For example, you can prove that you are a member of Facebook, what reputation you have, and Being able to transfer those reputations from one platform to another. I think this is a very interesting interaction between the Web2 and Web3 worlds.”
When the host Albert asked about everyone’s predictions for the future in this field, Barry Whitehat, a member of the Foundation’s PSE (Privacy and Scaling Explorations) team, made a joke (serious face) "My prediction is that by 2040, someone will have done research using zero-knowledge technology and won the Nobel Peace Prize for it."
The significance of the Ethereum Foundation
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On October 12, Josh Stark launched the "Ethereum Foundation The meaning of the speech. The presentation is divided into three parts: what is Ethereum, what is the Ethereum Foundation (EF), and what EF intends to build.
Ethereum A complex ecosystem that takes on the roles of financial systems, developer platforms, cutting-edge research fields, political campaigns, new countries and jurisdictions, long-term and decentralized global projects, and more.
EF A not-for-profit formed by various groups that provide grants or raise funds for external organizations Community. These teams are responsible for maintaining the Ethereum system, funding public goods, moving political campaigns forward, addressing issues and opportunities, research, advocacy, and more. It aims to help the ecology to develop independently, not to gather its own influence, but to gradually reduce its impact on the ecology in the process.
EF follows a philosophy of subtraction, reducing intervention in ecology and promoting new At the same time, a layered allocation strategy is adopted to allow the community to integrate into the development of the ecology.
But the entire Ethereum ecology is definitely not only maintained by EF, but also by other The entire Ethereum ecosystem to face ecological challenges and adapt to new things together. EF is only responsible for helping people set up new organizations, such as DAO Research Collective, 0xPARC, Nomic Foundation, etc., and "decided not to do specific things", for example, not to develop a consensus layer client that belongs to EF.
EF hopes to use the community team method (community of team method, that is, the community is composed of teams), Assign policies by tier to create an organization with multiple independent decision makers and a flexible internal structure. They integrate more decentralized independent decision-making teams into the ecology. When new problems arise, these teams will consciously do their own work; on the other hand, they will also provide corresponding support for each team with specific strengths Funding, such as Gitcoin, clr.fund.
In addition, EF believes that people can break some old thinking patterns and explore Some new things that Ethereum can build in many fields such as finance and politics.
A new application of quadratic financing
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On October 12th, the Gitcoin team and its DAO member Connor O'Day gave a speech "Two The New Application of Quadratic Financing", which mainly revolves around the quadratic financing mechanism.
secondary Quadratic Funding (QF) was proposed by Ethereum founder Vitalik, Harvard University's Zoe Hitzig, and Microsoft researcher E.Glen Weyl in the paper "A Flexible Design for Funding Public Goods".
Generally speaking, the QF mechanism refers to calculating by taking the square root of each donation State the amount of funding provided for a particular project. Technically, it refers to a mathematically optimal way to fund public goods in a democratic community. All in all, this funding mechanism focuses on the number of people who donate, and the more people donate, the more matching funds the project receives. The public goods here refer to non-rival and non-exclusive public goods, such as open source software that can clean the environment.
Looking back on Gitcoin Grants along the way, so far, all its QF mechanism financing rounds have been based on Centralized stack to run. In this regard, Gitcoin's initiatives on the road to decentralization include: a permissionless agreement, a flexible identity system, community curation, and self-service product functions, as well as building a decentralized identity system with Gitcoin Passport, incentivizing community creation, and TCR (Token Curated Registries, token curated list) and other new primitives and tools.
Connor mentioned that the current QF is not really a mathematical QF. This is because the matching pool and matching time limit of QF are fixed, which means that when the matching pool is saturated, the expansion or reduction of the matching scale will cause the matching pool to be oversaturated or undersaturated. As a result, QF cannot be matched in place, that is, it cannot provide more funds for matching or cannot match the funds in the fund pool.
In this regard, he proposed a series of coping mechanisms. The first is Pairwise Matching, which prevents contributors from colluding to donate to each other. When the mutual correlation between contributors in a pool is weak, the pool can get more matches, and when the correlation is high, the matching amount is reduced. Or use Plural Pair Matching to combine social distance with identity credentials such as DID/SBT/VC to measure the distance between contributors and their contribution network.
In addition, he also compared other new public goods fundraising mechanisms: clr.fund adopts The MACI (Minimal anti-collusion, minimum anti-collusion) mechanism, the retroactive public goods fundraising mechanism (Retroactive Public Good Funding) and the dominant guarantee contract mechanism (Dominance Assurance Contract) adopted by Optimism. MACI voting is private, avoiding collusion and paid voting by contributors. The retrospective public goods fundraising mechanism is an expert-driven retrospective fundraising mechanism for outstanding open source projects that have been funded in the past. It is actually a "white list" fundraising, not QF. The dominant guarantee contract mechanism is a product of game theory. This mechanism will motivate all members of the community to contribute to funding a public good, and return the donation when the donation threshold (a specific amount or a specific number of donors) is not reached, avoiding free-rider problem.
Connor also talked about Gitcoin plans to upgrade to a new fully decentralized funding protocol in the future , the agreement will promote the adoption of the QF mechanism in new fields, allowing non-crypto-native users to use the Gitcoin network. In addition, he expressed the hope that more project parties can use Gitcoin Grants to start their projects.
Designing public goods using ZKP
On October 12th, at the opening ceremony of Devcon VI Bogota, Rachel, a member of the PSE team, gave a speech entitled "Using ZKP to Design Public Goods".
“It took me a while to shift my design mindset from profit-oriented to For non-profit purposes”, Rachel revealed her mental journey of joining the PSE team for capacity expansion and privacy public goods design work, “This is a very big change, because my original design intention is no longer to increase the sales of a certain product, It’s about getting more participants to build their own stuff based on what we’ve built.”
In the speech, Rachel first explained why products should be designed for privacy.
"Have you ever thought about proving that something is Is that correct?"
Rachel believes that zk proofs allow us to interact in the digital world Choose what to reveal and what to hide.
Then, she listed the challenges their team faced when designing zk and gave developed their respective solution apps. These challenges are:
1. How to balance accessibility and transparency;
2. How to allow users to choose the degree of disclosure of their privacy;
3. How should we be anonymous Users create an environment of mutual trust;
4. How we represent identity in a community of anonymous individuals.
Finally, Rachel gave three models of their thinking mode in design, which are : An implementation model that reflects the technology, a performance model that reflects the designer's vision, and a mental model that reflects the user's vision.
Explore Ethereum’s commercial readiness for 2022
On October 12, 2022 Beijing time, EEA (Enterprise Ethereum Alliance) published its report, except for cryptocurrency, NFT and DeFi, most people don't understand the application of Ethereum in (consortium chain) business.
EEA from Collect data from 118 commercially oriented Ethereum projects, use 7 technical indicators and 3 non-technical indicators to analyze the projects, and finally conclude that Ethereum is still in the early stage of commercial application.
In the commercial application of Ethereum, several common application directions include asset tokenization , payment solutions, marketplaces and supply chains. In the report, nine user cases were investigated in depth, and none of them were shared at the meeting, but EEA strongly recommends that readers read them and get some inspiration from them.
EEA gives some conclusions of this topic at the end:
1. The continuous increase of public chain opportunities has attracted the attention of the business sector;
2. The decentralized business model is meaningful for many scenarios;
3. Private chain and public chain are merging;
4. Commercial applications will continue to rely on L2 and side chains;
5. Technological advancements are addressing privacy concerns;
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6. The ongoing mainnet upgrade is solving commercial application problems;
7. Supervision is still a roadblock, but not for all user cases;
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8. NFT today shows the way to the future of digital assets.
In the end, the EEA expressed its belief that the Ethereum ecosystem has become a commercial application Get ready. Any business that requires trust is an opportunity for the future of Ethereum.
Great speech by RollupDay
Galaxy researcher Christine Kim attended the Devcon VI side event #RollupDay hosted by Scroll, and shared her three panels "Building New Applications with Rollup", "How Much EVM Is Enough?" and "MEV in L2" Personal favorite viewpoint:
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1. None of the production-level rollups are censorship-resistant, which means that rollup leader election is permissionless and smart contracts are not upgradeable. ——@tyneslol
2. When thinking about how to move towards decentralized rollup and realize There is an under-discussed problem when centralizing the sequencer: the large number of MEVs generated from the coordination of multiple fork selection rules. - @tarunchitra
3. Write protocol to PBS (enshrined PBS) It is unclear whether it will actually be written in ether Fang agreement. Whether PBS will interact with other potential protocol changes (e.g. single slot finality) or have other drawbacks remains to be answered. ——@ObadiaAlex
4. Unlimited data availability (DA) is possible on Ethereum, but not everyone wants of. In order to achieve infinite DA, Ethereum will have to sacrifice the characteristics of long-term data preservation and throw away unused or low economic value data after a certain period of time. - @dankrad
5. DA layer should diversify their revenue models so they are not subject to user needs , and congestion costs can only be charged in the form of transaction fees. Operating and capital costs are two other revenue streams that the DA layer should consider. — @sreeramkannan
Vitalik in Bogota 2022: Using multi-provers to strengthen the Rollup system
On October 12, 2022, Beijing time, Vitalik participated in the The Rollup Day event organized by Scroll, as one of the peripheral events of Devcon VI in Bogota, mainly focuses on the topic of Ethereum Rollup. In Rollup Day, Vitalik gave a speech on the theme of multi-proof mechanism——< a href="https://hackmd.io/@vbuterin/zk_slides_20221010#/" target="_blank">Hardening rollups with multi-proofs.
Vitalik believes that almost all Rollup solutions are still using "training wheels" stage, which means that the rollup at this stage has not yet achieved trustlessness or trust minimization.
And these rollups still retain one of the "training wheels" The very important reason is that overly complex code will increase the attack surface of its system. For example, the ZK-EVM circuit developed by the PSE team has 34,469 lines of code.
In view of the fact that in the short to medium term, the rollup code is difficult to achieve no bugs at all, Vitalik listed Several alternatives to facilitate rollups are more trust-minimized or even trust-less.
Scheme 1: The high-threshold governance plan decides to rewrite the code (override). Assume a 6/8 multi-signature scheme to decide whether to rewrite a bug in the code. This high-threshold governance scheme can achieve a certain level of trust minimization, but there is still a risk of collusion.
Scheme 2: Multi-provers. Drawing on the multi-client mechanism on Ethereum, using a multi-proof system (multiple implementations of fraud proofs or multiple implementations of zkEVM) can prevent network downtime.
Scheme 3: Two provers ((fraud proof vs. zk proof) plus governance group, 2/3 mechanism (two-provers plus governance tie break). The benefits of this approach are: Governance does not have to be trusted (it cannot contradict the proof); when one proof system is vulnerable, the other is unaffected; ideally, the two proof programs should have very different structures , to minimize the chances of concurrent vulnerabilities.
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