Wayne Collier

Old school cypherpunk believer. Director, Canton Network Ecosystem at Digital Asset

[Wayne Collier @waynecollier111]

If you were absolutely committed to:

- Bringing the global financial system onchain, linking all existing institutions into an interoperable network accessible to anyone

- Adding a fully decentralized crypto ecosystem inside that network, with atomic composability among traditional and crypto assets

- Allowing anyone in the world to personally own a piece of that network, with self-custody of that ownership stake

- Preserving privacy for everyone

What would you build?

If your understanding of Canton doesn’t fit this picture, let’s dig deeper.

[Wayne Collier @waynecollier111]

Over the years, much of the crypto world has lost track of the importance of asymmetry in decentralization. @ShaulKfir reminds us of the importance.

Symmetric distribution means that one change impacts everyone; a burst of traffic impacts everyone; an error impacts everyone.

True decentralization requires autonomy, which means decentralized control: different control centers that can ignore each other when they disagree.

Canton is asymmetric: by separating ordering, distribution & confirmation from transaction validation, independent subnets can operate on different rules, with different bandwidths and costs, shielded from pressure on other subnets, without any compromise on composability, atomicity or cryptographic consistency proofs.

[Shaul Kfir @ShaulKfir]

Fed research paper argues that digital money (stablecoins, MMFs, tokenized deposits) can be "fragile" even when perfectly backed, due to the properties of the chain. The core argument is that the rails can cause a "run on the bank."
@CantonNetwork prevents this risk

[StakeCraft @stakecraft]

https://t.co/Wt9aVkp0Gt

[Wayne Collier @waynecollier111]

@LeilaniFarms Yuval is saying that continuous trading by the DTCC and its members / customers will go live on Canton in October. Several rounds of practices and process proveouts will happen before then, starting in July.

[Wayne Collier @waynecollier111]

A series of practice DTCC <-> DTCC member trades will go through the Global Synchronizer in July. And around that time, various DTCC members will start regularly testing the new processes / procedures that they're building around Canton. Go live for continuous activity is slated for October.

[Wayne Collier @waynecollier111]

It's actually pretty funny how few of the 800 active Validators are run by Wall Street / TradFi. But TradFi are capable of massive levels of activity, so it sort of balances out. Over time I'd expect the number of TradFi nodes to rise to a meaningful portion. But serious cypherpunks are also going to run their own Canton nodes (and their own subnets/havens) as well.

[Wayne Collier @waynecollier111]

The pace is only going to increase, with better automation for the upgrades, we'll probably release more changes faster. And we're preparing ourselves to handle a steady rise in tps for the foreseeable future.

Impossible to predict exactly how adoption will go, but we've reached about 50% of Ethereum's daily active users, and we're still coming up on two years into this.

Frankly, it's been pretty intense.

[Wayne Collier @waynecollier111]

It takes work to maintain a Validator on Canton. For starters, we upgrade every week, and have some sort of forking change about once a month. We have a lot of work to do, and the pace is not for everyone.

And you only earn rewards by either building & running an app, hosting an app and buying traffic for its users, or operating / staking a node on the backbone synchronizer. Not much room for casual players, but if you're up to it, you're welcome to join.

[Wayne Collier @waynecollier111]

@thedevranjan @Param_eth For scaling reasons there's sometimes a delay of a week or two to get a validator slot, but if you want to run a node, you can. Not just institutions. Fill out the form here to be added to the queue:

https://t.co/xLuVWbiZ1N

[Wayne Collier @waynecollier111]

@tymrtn @macjshiggins So painfully true

[Wayne Collier @waynecollier111]

@macjshiggins So true. AI is making systems engineering the default working mode for engineers now. Even better, you can afford to iteratively test all the way down the V, instead of just on the way back up.

[Wayne Collier @waynecollier111]

@LeilaniFarms Probably best for them to reach out to the Foundation: https://t.co/cJ4JO0nbmU

[Wayne Collier @waynecollier111]

Hey, guys, thanks for the questions.

Both are going to happen:

Validators on private subnets have to burn CC when they want to also compose transactions across the Global Synchronizer. That’s real now.

And you will see private synchronizers start to require CC burn for transactions on the private subnets.

You’ll know private subnet burn is close to reality when you see a CIP reach public discussion. I expect to see a CIP go public within a few months, but can’t be certain. There’s a lot of background work happening to move the network in this direction.

[Wayne Collier @waynecollier111]

Hi, @akyra_0
An interesting and useful perspective in the memo. Thanks for taking the time to dig into the details.

The work to make it easier to route across the Global Synchronizer is a major focus for the Canton and Splice teams this year. You'll see significant improvements in the tooling for gSync routing in the Splice 1.0.x release line starting June - July, and further improvements throughout the rest of the year.

Also, as Yuval has already hinted, the community is considering whether to make CC burn a requireement for activity inside the subnets, independent of routing across the gSync. We'll see more analysis and discussion of the relevant tradeoffs in the second half of this year, along with some technical proposals for how it might happen.

One minor clarification: Most CC is now minted as App Provider rewards, not Validator rewards. The app reward portion is the largest now and its share will continue to rise.

[Wayne Collier @waynecollier111]

A private subnet is a private synchronizer with some Validators linked to it. Those same Validators can also link to the Global Synchronizer. Making this easy and common is a big focus for the coming year. For example, you’ll see support for contract keys in multi-synchronizer apps, and (as Yuval mentions), CC burn on private synchronizers.

[Wayne Collier @waynecollier111]

@reikopuls @LeilaniFarms @xtasllani @Flukilll @CantonNetwork @CantonFdn @YuvalRooz @wesarn_real @ShaulKfir @supanova_app @ConsoleWallet @Ledger Ledger has not given up. I’ll leave it to them to discuss their process and timelines.

[StakeCraft @stakecraft]

https://t.co/pwNBTFqRHS

[Wayne Collier @waynecollier111]

@bc1pxxx Great summary,
@bc1pxxx!!

[Wayne Collier @waynecollier111]

Great summary of Canton by @bc1pxxx at Five North.

[Yiannis @bc1pxxx]

https://t.co/FdtTnhMttN

[zack @zack_bitcoin]

It is easier to do a series of micro hard forks, in comparison to one big one. But, the incentive for successful blockchains is to squeeze all the changes into one big hard fork, since the politics of activation is the difficult part.