My notes of my own interpretation of what was said: Native assets can have a lot of advantages over ERC20 tokens in performance and cost, and we can have a path where you can pay token fees in the native asset instead of ADA, that is a very powerful prospect. You can even have vanity addresses where you can have your own address preference.
Dapps, Oracles, stablecoins, DEXs, all coming.
When Prism is fully integrated so that you have an identity center you no longer send ADA to an address, you will be able to send it to Jason, to James, to the identity in Prism. Basic grandma level usability.
End to end communication, end to end encrypted communication, pub-sub, all will come.
Proof of stake implementation is far harder than doing the smart contracts bit that Ethereum so prides itself in. Cardano did the harder PoS right with all the peer review and papers, and now has the right foundation to do smart contracts and more.
Upgrades will be a hardfork combinator event, just a flipping switch, no disruption to service.
Among the top 10 by market cap, Polkadot and Cardano are the scalable ones, no other. Nominated Proof-of-Stake that Polkadot uses is based on the Cardano's Ouroboros protocol.
Cardano will not just do the smart contracts, it will do the "pond and the ocean" (the term is a surprise to be revealed in the Cardano update at end month).
Cardano has decoupled the clock to deal with clock issues, can recover from dishonest majority, has a better way of generating random numbers. Dealt with the account model, network stack, consensus model, programming languages.
If we do one deal in Africa we get 5 million people, then we wake up one day we have 100 million. That needs a system that can scale and we have thought about how to get there, and get there with regulation, with identity, with off-chain, with permissioned ledger.
When the price increases we get more decentralized, K increases, we get more stake pools, we will get more resilient and run more Hydra nodes that gets us to more than 1000 tps. 1000 stake pools and 1000tps will get you to a million tps. Bitcoin is the opposite, when the price of Bitcoin goes up, you get more vertical integration with mining towards asics and subsidised power, and the pools go from public to private, and you end up with 5 guys doing the mining. You can feed the entire bitcoin mining community with two pizzas, that is not decentralization.
Bitcoin uses more electricity than Switzerland (and when prices goes up further, Canada) and is still constrained to 7tps. Cardano gets more decentralised and gets more tps. The entire Cardano runs on 20 kilowatts.
With the base layer of Cardano alone as it is today we can go from 150 tps to 1000 with the base protocol pre-sharded. So if you add on to that the state channels to run all the micro transaction off chain and low economic value transactions off chain, maybe we will exceed that in ten years. Cardano has 5 years or more to think about Sharding before the network needs it, because we built it right from the ground up and cannot outgrow our designs. Ethereum outgrew itself and is now hastily and chaotically backpedaling to rectify and do game theory, sharding, proof of stake, consensus mechanism etc, which creates complexity doing so many things all at once in an attempt to contain the implosion.
In the beginning in 2015, we went back to basics and we asked ourselves what does a blockchain mean and wrote the GKL paper, then we asked if proof of stake can even work and created a toy theoretically secure proof of stake but not the real one just to prove that under the worst conditions proof of stake can match Bitcoin and that was the original Ouroboros paper.
Then we said let's build it to work at scale in a real operating environment and went from synchronous to partial synchronous, not scalable random number generation to high throughput number generation, static to adaptive security which is Ouroboros Praos, to be able to bootstrap from genesis we did Ouroboros Genesis, clock issue we did Ouroboros Chronos, recover from dishonesty majorities we did Consensus Redux, state channels Ouroboros Hydra. Every time we did that we built on the foundation already laid so that we never need to do a regression. Then the thousands of citations for Ouroboros papers. Far ahead of Ethereum on the the theory side and on the engineering side.
We did the ITN to rollout Shelley and spent 6 months with the incentivised testnet building a stake pool population, learning the mechanics of staking, getting the parameters right before we went to do the Shelley hardfork. Now that we did the Shelley hardfork we are now in the hybrid era where we gradually move from OBFT to Praos, network has never stalled. Professional adult way do it rather than experimenting with peoples businesses and hurting them as they lose money in badly built DEFI. Can be trusted by govts and fortune 500 companies when we take it to them, because we did it right.
Doing things without proper research and sound theoretical foundation is irresponsible and immature. This has plagued Ethereum which has been built with total lack of peer review, formal verifications, and due dilligence, hurting the people that use it as they lose money through DEFI errors and gas fee (check here for what a rash unmeasured approach on Ethereum does to users).
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