Read on Twitter
1/12
Too many blockchain projects to keep up with.
But one trick is to focus _only_ on the "weakest link" in a project, its most experimental/unproven-yet feature. Other "10x" improvements over the status quo won't matter if that weakest link breaks.
Examples projects
Too many blockchain projects to keep up with.
But one trick is to focus _only_ on the "weakest link" in a project, its most experimental/unproven-yet feature. Other "10x" improvements over the status quo won't matter if that weakest link breaks.
Examples projects
2/12
Project: @avalabsofficial
Weakest link: no slashing for malicious behaviour.
Safe and robust? IMO no. @drakefjustin also addressed it in the last ETH2 AMA: https://gist.github.com/aliatiia/34dd846950609acae053c770fa42955c#q24
Previous thread with @kevinsekniqi on this: https://twitter.com/aliatiia_/status/1216875574125305858?s=20
Project: @avalabsofficial
Weakest link: no slashing for malicious behaviour.
Safe and robust? IMO no. @drakefjustin also addressed it in the last ETH2 AMA: https://gist.github.com/aliatiia/34dd846950609acae053c770fa42955c#q24
Previous thread with @kevinsekniqi on this: https://twitter.com/aliatiia_/status/1216875574125305858?s=20
3/12
Project: @cosmos
Weakest link: fragmented security
Cosmos is an ecosystem of sidechains. The "layer-1" chain in Cosmos is the "Hub" which launched last year. There are sidechains to this Hub, referred to as "Zones". Each Zone is "sovereign", they have control over every..
Project: @cosmos
Weakest link: fragmented security
Cosmos is an ecosystem of sidechains. The "layer-1" chain in Cosmos is the "Hub" which launched last year. There are sidechains to this Hub, referred to as "Zones". Each Zone is "sovereign", they have control over every..
..aspect of their chain, but it also means they must roll their own security. From a user PoV, if a Zone asks you to, say, lock up ATOMs on the Hub in exchange for minting you ZoneTokens on their chain to play with, then on your way back (redemption) your ATOMs are as secure as..
..the Zone's validators are honest. The Hub cannot help you if the Zone's validators redeem your ATOMs to an address they control or simply refuse to redeem.
Will this be proven to be a feature (sovereignty) or a bug? TBD.
Will this be proven to be a feature (sovereignty) or a bug? TBD.
4/12
Project: @polkadotnetwork
Weakest link: On-chain governance and hot-swapping
Playing with fire? Maybe. If sth goes wrong the network could become a snake with a 1000 heads (forks).
note: "parathreads" (think Cron-able Eth contracts) untested, but not really a weak link
Project: @polkadotnetwork
Weakest link: On-chain governance and hot-swapping
Playing with fire? Maybe. If sth goes wrong the network could become a snake with a 1000 heads (forks).
note: "parathreads" (think Cron-able Eth contracts) untested, but not really a weak link
5/12
Project: @SkaleNetwork
Weakest link: sidechain
SKALE is an Eth sidechain b/c its validators are not accountable to Eth mainnet like rollup validators are. Is there a market for Eth sidechains? More TPS yes but why not app-specific L1-secured rollups with _sufficient_ TPS?
Project: @SkaleNetwork
Weakest link: sidechain
SKALE is an Eth sidechain b/c its validators are not accountable to Eth mainnet like rollup validators are. Is there a market for Eth sidechains? More TPS yes but why not app-specific L1-secured rollups with _sufficient_ TPS?
6/12
Project: @MakerDAO
Weakest link: Oracle is a brand-sensitive service
Governance is at best an automatable component and at worst a liability. Parameters tweaked by MKR governance can be made algorithmic (compound has already proven that algorithmic interest rates can be..
Project: @MakerDAO
Weakest link: Oracle is a brand-sensitive service
Governance is at best an automatable component and at worst a liability. Parameters tweaked by MKR governance can be made algorithmic (compound has already proven that algorithmic interest rates can be..
.. robust). Business logic ruling the asset-backed credit facilities are quite simple .. ERP companies have a lot of experience here and can provide libraries of such logic in the future, so nothing new/particularly valuable here..
..The only valuable non-forkable aspect is the reputation/brand/reliability of the Oracle feed. The recent events on Black Thursday showed that @MakerDAO 's Oracle is not ready for Wall-Street-grade prime time. https://twitter.com/aliatiia_/status/1245185979188686849?s=20
7/12
Project: Bitcoin
Weakest link: UBI & inevitable soft cap
UBI puts the following to the test: is creativity more valuable than accumulation of wealth? Under UBI, everyone can afford to be a "starving" artist/entrepreneur etc without actually starving https://twitter.com/aliatiia_/status/1246908164676747264?s=20
Project: Bitcoin
Weakest link: UBI & inevitable soft cap
UBI puts the following to the test: is creativity more valuable than accumulation of wealth? Under UBI, everyone can afford to be a "starving" artist/entrepreneur etc without actually starving https://twitter.com/aliatiia_/status/1246908164676747264?s=20
8/12
Project: @tezos
Weakest link: OCaml
Is this the year functional programming finally goes mainstream? How about: no. You can safely skip Tezos forever.
Project: @tezos
Weakest link: OCaml
Is this the year functional programming finally goes mainstream? How about: no. You can safely skip Tezos forever.
9/12
Project: Proof-of-location (e.g. @foamspace )
Weakest link: susceptibility to illicit proof market
Example: you're a trucker who needs to prove you're passing be city X no later than time Y. However you're running late b/c you took a nap earlier. So you buy a proof from..
Project: Proof-of-location (e.g. @foamspace )
Weakest link: susceptibility to illicit proof market
Example: you're a trucker who needs to prove you're passing be city X no later than time Y. However you're running late b/c you took a nap earlier. So you buy a proof from..
..someone at city X that you did pass (yes you may have to give them your private key to sign location, but they seem legit according to reviews on the dark inter-webs). Speed up slightly above limit to catch up with the original timeline, keep buying proofs till you catch up
10/12
Lightening round:
@0xProject : order cancellation costs gas (must move to layer-2, @loopring is pioneering this)
@maticnetwork: plasma is permissioned (h/t @jadler0)
@UniswapExchange: protocol fees. If turned, on deep liquidity (=smaller slippage) will forks away
Lightening round:
@0xProject : order cancellation costs gas (must move to layer-2, @loopring is pioneering this)
@maticnetwork: plasma is permissioned (h/t @jadler0)
@UniswapExchange: protocol fees. If turned, on deep liquidity (=smaller slippage) will forks away
11/12
@synthetix_io: SNX is unnecessary to the biz logic and risky to the debt backers. Example alternative design from @Jarvis_Network (cDai backs derivatives + capital efficiency from PoV of traders b/c backers cover over-collaterlization): https://twitter.com/Jarvis_Network/status/1243204041469046785?s=20
@synthetix_io: SNX is unnecessary to the biz logic and risky to the debt backers. Example alternative design from @Jarvis_Network (cDai backs derivatives + capital efficiency from PoV of traders b/c backers cover over-collaterlization): https://twitter.com/Jarvis_Network/status/1243204041469046785?s=20
12/12
@chainlink/ @EnigmaMPC/ @OasisLabs: TEEs are centralized at best and hackable at worst (has happened)
FIN
@chainlink/ @EnigmaMPC/ @OasisLabs: TEEs are centralized at best and hackable at worst (has happened)
FIN
