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We're finally at the point where we have an architecture that can support 1 billion users on Ethereum.
Still work to do but we have the pieces now.
Congrats to @LensProtocol and @zksync for pushing the frontier.
ZK and crypto-economics are in many ways complementary. But one area crypto-economics cannot help with, is scalable bridging.
Bridging will be solved by ZK.
This is my hill to die on. Will go on a debate with anyone about it.
Here is why:
1) Attributable security of the stake incurs proportional capital costs. Since it can only cover limited transacted value, users will be charged a significant percentage of the transacted value. This is already the case with all existing crypto-economic bridges.
In contrast, ZK bridges within multichain ecosystems like @zksync will cost a flat transaction fee of the order of a normal transfer.
2) Crypto-economic bridges cannot be used to pass arbitrary messages, because their consequences follow the Butterfly effect and are detached from the attributable security of the stake. This renders complex cross-chain composability impossible, preventing cool things like atomic interactions.
In contrast, ZK bridges enable magical UX that make the entire ecosystem feel like a single chain. User with funds on ZK-chain A can sign a single transaction that will bridge funds to ZK-chain B, perform a swap, and send the result back to ZK-chain A, all within a single atomic interaction.
3) Even if capital costs and fractional security were not a concern, connecting disparate rollup ecosystems would still lead to liquidity fragmentation. ETH bridged natively from L1 would be represented by a different ERC20 token than ETH bridged from another rollup. This would lead to a mess and lack of fungibility, or would need to be solved by maintaining separate liquidity pools on both sides of the bridge, leading to additional (high) capital costs. And, of course, liquidity pools can't help with NFTs.
Because of this, seamless bridging will only be possible within a single ZK-multichain ecosystem (like @zksync's Hyperchain or @0xPolygon 2.0). To get there, these networks are implementing shared bridge architectures, so that native assets can be arbitrary shifted around rollups without the need to move them between different L1 contracts.
Therefore, my prediction is that we will see a limited number of such ZK ecosystems, with a power law distribution of network effects. Between them, bridging via L1 or crypto-economic mechanisms will work, but it won't be scalable.
Curious which clients are onboarding data to @Filecoin ?
Check out the new Filecoin Client Explorer, which spotlights the 1450+ clients storing 850 PiBs on the network 🔥
https://t.co/Z5Hkgba4xM
Indexer scalability is critical to managing an ever-increasing workload. In the latest blog post, we discuss progress toward the goal of 10^15 indexes and the steps we're taking to handle the increasing ingestion load.
Follow us on this journey! ⤵️
https://t.co/gvodZLU01u
The Inter Planetary Network Indexer (IPNI) is the fastest way to locate data on @IPFS & the Filecoin network. Read this blog post to learn more about IPNI and the recently released feature that makes scaling retrievals even easier. https://t.co/QOpYLnxwBm
It’s HERE!!! Tune in in just over 2 hours to dive deep into the vision, impact, and new opportunities across the PL Network! 🚀🚀🚀
(The swag is out of this world!👩🚀)
Yesterday, I could prove to my clients *who* I was.. today, I can prove *how* I will use their data. Conclave is a platform that allows organisations to build, deploy and operate Trusted Execution Environments quickly and easily.
As much as I like @binance exchange, their support is just horrible. I've been waiting for 4 hours in the chat as I've been unable to withdraw GBP thru Faster Payments. then session just got terminated. Noone followed up. Do I have to do it all over again?
Excited to partner with @IBM @IBMZ @IBMBlockchain @IBMServices to bring @inside_r3 @Cordablockchain to our joint customers. First convo was oct 2015...sometimes big things take time :)