DeFi

Vitalik Buterin reveals five ways to rebuild Ethereum from scratch – DL News

Published

8 months ago

30 May, 2024

Vitalik Buterin reveals five ways to rebuild Ethereum from scratch – DL News

Ethereum architect shares his thoughts on smart contracts, EVM and other features.
Buterin says Ethereum developers should have shipped proof of stake sooner.
Ethereum is becoming more widespread with the advent of ETFs.

When 620 tired developers emerged after three days of non-stop coding at this year’s ETHBerlin event last week, few expected Vitalik Buterin to take the stage.

The co-founder and principal architect of Ethereum was a surprise guest.

What was even more surprising were some of his thoughts on building the second largest blockchain in the industry. Buterin detailed some of the regrets he had regarding Ethereum’s initial design.

For many listeners, his speech not only recalled the halcyon days of the network’s birth in 2014, but it also helped lay out the roadmap for the future of a cryptocurrency now worth $448 billion.

The United States has just approved an Ethereum spot exchange-traded fund, and BlackRock, the world’s largest asset manager, launched its own tokenized fund on the blockchain.

The Ethereum network has given rise to a vast ecosystem of developers and financial applications worth over 63 billion dollarsand it has become synonymous with decentralized finance.

List of things

Still, Buterin, a 30-year-old Canadian-Russian programmer, said he has a list of things he would have done differently. They range from the development of the Ethereum virtual machine to smart contracts and the Proof of Stake consensus mechanism.

And he noted that even as Ethereum becomes more widespread, it remains poorly understood.

Join the community to receive our latest stories and updates

“Bitcoin has a simple narrative which is digital gold,” Buterin said. “But like with Ethereum, it’s like ‘Whoa, what is Ethereum?'”

ETHBerlin04 in numbers 🧮

– 802 super humans in total
– 627 hackers
– 83 project submissions
– 56 volunteers
– 40 experienced hosts
– 33 judges
– 18 mentors
– 15 main teams
– 13 speakers
– around twenty dogs

– ETHBerlin04 (@ETHBerlin) May 26, 2024

Sitting on comfortable sofas on stage with ETHBerlin organizers Afri Schoeden and Franziska Heintel, Buterin opened his conversation by sharing his fondest memories of the German capital over the years: hacking in the old office with the co-founders of Ethereum Gavin Wood and Jeffrey Wilcke, launch of Devcon. Zero, and celebrating Merge upgrade in 2022.

Then Schoeden asked the question.

“With everything you know and everything you have learned over the last 10 years, how would you build Ethereum differently today if you could start from scratch? asked Schoeden.

Vitalik Buterin (center) discussed the vision for Ethereum then and now during a panel at ETHBerlin. Photo credit: Liam Kelly/DL News.

Too many songs, too soon

Buterin’s first qualm concerns Ethereum’s virtual machine, which is essential to operating the network as a kind of decentralized crypto megacomputer.

He explained that Ethereum’s original EVM design used 256-bit processing instead of 64 or 32 bits.

In computer architecture, computing size is measured in bits, with larger bits providing better efficiency and processing more data. But 256 bits are very inefficient for most operations and can create a lot of overhead on a blockchain, even for simple tasks.

For a network in its infancy, Ethereum did not need to be optimized for this.

“The original design was way too over-equipped for 256-bit,” Buterin told the audience.

Optimizing smart contracts

Second, Buterin said that early Ethereum developers should have focused on making it easier to write smart contracts with fewer lines of code.

The reason? Added transparency.

With fewer lines of code, he says, “people can properly see and verify what’s going on inside them.”

Volunteers and developers play music during a hackathon in Berlin. Photo credit: ETHBerlin.

Switch to a “shittier” version of staking

Instead of custom computers – called miners – running non-stop to secure a blockchain network, Ethereum has moved to a different model.

Ethereum’s move from one Proof of work consensus mechanism – the way nodes in a blockchain like Bitcoin agree on the state of transaction data – to Proof of Stake in 2022 should have happened much earlier, Buterin said.

“When we moved to Proof of Stake, we should have been prepared to move to a slightly crappier version of Proof of Stake sooner,” he said. “We ended up wasting a lot of cycles really trying to make the proof of stake perfect.”

Instead of miners, Ethereum is now secured by validators who have staked 32 Ethereum, worth approximately $124,000, to do the same thing – and to be rewarded for it. If they behave badly by validating fraudulent transactions for example, they are punished.

In short, the shift replaced raw, energy-intensive computing power with economic incentives.

“We could have saved a huge amount of trees if we had a much simpler proof of stake in 2018,” Buterin said.

Issue logs from day one

From large token transfers to backdoor honeypots, users can track money in crypto quite easily. This is partly thanks to automatic logging.

But as the industry advances, including moving from external accounts like MetaMask to smart wallets like Safe, some aspects of this crucial logging are lost.

In particular, automatic logs for Ether transfers.

“It should have been there from the beginning,” Buterin said. “This could have taken about 30 minutes of coding for me, Gav and Jeff. Instead, it’s an EIP.

Ethereum Improvement Proposals are formal proposals made by developers to change certain aspects of the Ethereum network.

EIP-7708which Buterin submitted on May 17, would bring precisely this change.

Ameen Soleimani, strategic advisor at 0xbow and co-founder of MolochDAO and Reflexer Finance, discussing the Tornado Cash case. Photo credit: Liam Kelly/DL News.

Ditch Keccak

Buterin also said he would have used SHA-2 for Ethereum encryption rather than the current encryption called Keccak.

To understand the difference, you need to delve a little into the history of cryptography, particularly how SHA-3 became a standard. Remember, before crypto became synonymous with celebrity memecoins and nine-digit initial coin offerings, it was complicated math.

When Ethereum was built, the encryption used was “hash function competition” – yes, that’s a thing.

The National Institute of Standards and Technology held the competition to create a new hashing standard alongside SHA-2.

Previous standards had been attacked and debunked. But SHA-2 was unscathed and NIST was simply looking for a safe alternative. After all, variety is the spice of life (and apparently crypto).

Keccak was just one of many contestants who entered the competition. During the competition, the team made some minor changes to their algorithms, resulting in them being crowned the winner. In other words: SHA-3.

The first Ethereum team, however, had already implemented a non-standardized version of Keccak. Essentially, Ethereum uses a pre-SHA-3 iteration.

Co-founder and CPO of ChainSafe Gregory Markou and developer at Phylax Systems Odysseas Lamtzidis speaking on stage at ETHBerlin. Photo credit: ETHBerlin

Big oops, right?

Well, that meant that Ethereum developers needed a custom library – collections of reusable code that didn’t need to be rewritten from scratch – to support both SHA-3 and Keccak.

“We are not compatible with other systems using SHA-3,” said Marius van der Wijden, one of Ethereum’s main developers. DL News. “We need to support both algorithms in the EVM.”

It’s basically resolved. Today, major libraries support both encryption mechanisms.

So yes, big whoop indeed.

“It does not matter in the grand scheme of things and the current development is certainly not affected by it,” van der Wijden said.

The Ethereum Crack Team

Despite the list of minor design errors, Buterin said it’s inevitable that any project will have a few.

“I am really very happy to feel that our core developers and their ability to execute continue to increase year after year,” he said.

“We are able to correct some of these errors efficiently and safely.”

Liam Kelly is a DeFi correspondent at DL News. Do you have any advice? Email to liam@dlnews.com.

Fuente

Related Topics:ethereum ethereum-etf vitalik-buterin

Up Next

Retik Finance (RETIK) and how it plans to bring DeFi to mainstream users

Don't Miss

Discover the $RYO (RYO Coin) listing on XT

CoinFlix Staff

We are the editorial team of CoinFlix, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on CoinFlix, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

Click to comment

DeFi

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Published

6 months ago

29 July, 2024

CoinFlix Staff

If You Missed BONK and PEPE This Year, This Viral New Crypto Might Be Your Salvation

Bonk and Pepe appear set to net new investors 10x to 100x returns over the next 12 months. However, cryptocurrencies in the DeFi play-to-earn gaming sector could offer even greater returns. As August approaches, Rollblock is emerging as a standout DeFi play-to-earn gem with the potential to 100x-1000x gains in the fourth quarter and beyond.

The project features an innovative revenue sharing model and exceptional accessibility, attracting players and investors. Additionally, Rollblock’s extensive game library of over 150 titles and enhanced sports betting are further driving excitement for the platform. Cryptocurrency analysts are expecting a sudden surge in demand. 800% a push for Rollblock from the beginning of September.

Bonk remains strong despite market fluctuations

While most well-known cryptocurrencies struggled throughout July, Bonk remained strong. As one of the highest-grossing meme cryptocurrencies of 2024, Bonk rose over 24% in July, while most cryptocurrencies experienced negative fluctuations.

Investors looking to add a relatively safe memecoin to their portfolio should consider Bonk. While Bonk is unlikely to generate explosive gains of 250x to 1,000x from here on out, Bonk could still theoretically provide returns in the 20x to 100x range.

Pepe should see a big rise in the next bull run

Alongside Bonk, Pepe has yet to go through a bull run. This means that there are still substantial gains to be made from Pepe over the next 12 months.

Pepe is down 4% in 30 days, but that shouldn’t worry Pepe investors in 2024. Experts believe Pepe’s best days are still ahead, with crypto analysts predicting a 10x to 50x surge in the next election cycle around November.

In the long term, Pepe could surpass the 100x mark for today’s investors. However, Pepe is a memecoin, and one should exercise caution when investing in purely speculative assets that have no utility.

Rollblock’s Unprecedented Hype Potential Could Push It Past 100x Valuation in Q4

Rollblock is a GambleFi Play-to-Earn token that integrates centralized and decentralized gambling on a single platform. By allowing players to earn rewards through active participation and gameplay, the platform creates a compelling incentive structure that appeals to both casual and competitive players.

With its cutting-edge blockchain technology, Rollblock offers top-notch security that keeps bets and transactions on the platform secure. The platform’s lack of KYC mandates appeals to both users who value anonymity and security.

Rollblock’s revenue sharing model, which allocates up to 30% of casino revenue to RBLK token holders, is a major draw for investors. The model involves burning half of the repurchased tokens and distributing the other half to stakers, increasing the token’s value and encouraging long-term investment.

The platform is also constantly evolving thanks to user feedback which has enabled updates such as the upcoming sports betting feature within the platform’s casino. This addition will complement Rollblock’s extensive game library of over 150 titles, ranging from traditional poker to innovative blockchain-based games.

RBLK is expected to emerge as one of the leading DeFi tokens in 2024. With a price of $0.0172 with impressive growth potential and over 140 million tokens sold recently, Rollblock is on track to enter the top 100 cryptocurrencies by Q4, making today a lucrative time to buy RBLK tokens.

Discover the exciting opportunities of the Rollblock (RBLK) presale today!

Website: https://presale.rollblock.io/

Social networks: https://linktr.ee/rollblockcasino

No spam, no lies, only insights. You can unsubscribe at any time.

Fuente

DeFi

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Published

6 months ago

29 July, 2024

CoinFlix Staff

Cryptocurrency sector is experiencing ‘most misjudged moment’ since 2020, says venture capitalist Arthur Cheong

Veteran cryptocurrency investor Arthur Cheong believes the digital asset sector offers long-term holders a golden opportunity.

Cheong, the founder of DeFiance Capital, tell His 171,700 followers on social media platform X indicate that he believes decentralized finance (DeFi) is hugely undervalued.

According to Cheong, DeFi projects are innovating at a rapid pace and leaving traditional financial (TradFi) companies in the dust.

“It’s been a long time since I’ve been this excited about the risk/reward and potential upside of DeFi. This is probably the most misjudged moment since the pre-DeFi summer of 2020, with extremely promising prospects.

I see opportunities not only in OG (original) DeFi, but also in some newer projects that are evolving rapidly and growing at a pace that fintech startups will do anything to match.

The veteran investor also believes that crypto is now here to stay following recent launch from the Ethereum spot market (ETH) exchange-traded funds (ETFs) last week.

“Overall, the floodgates are open and there is no turning back. TradFi asset managers will continue to launch new crypto products because, guess what: there is huge demand for them!”

I expect them to launch actively managed crypto ETFs [in the] coming years. ”

Earlier this month, Cheong laid that it might be a bad strategy for cryptocurrencies to seek mass adoption, believing that digital assets are designed to disrupt several key financial sectors.

“I think we should accept that cryptocurrencies may not be suited for mass adoption like Web2, but rather are optimized for some narrow but very high-impact use cases like stateless global money, cross-border payments, and decentralized finance.

Chasing mass adoption of normies may be chasing the wrong Grail from the start.

Don’t miss a thing – Subscribe to receive email alerts directly to your inbox

Check Price action

follow us on X, Facebook And Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their own due diligence before making any high-risk investments in Bitcoin, cryptocurrencies or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured image: Shutterstock/ktsdesign