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Note that DeversiFi uses StarkWare's StarkEx Ethereum scaling technology, and does so in off-chain data mode. This means that Ethereum transaction fees for Dev

by spir 5y ago

Note that DeversiFi uses StarkWare's StarkEx Ethereum scaling technology, and does so in off-chain data mode. This means that Ethereum transaction fees for DeversiFi's end-users are extremely small because they use almost no marginal L1 Ethereum gas. So, Bitfinex subsidizing DeversiFi's users' gas fees is not as expensive as it may sound. In this case, the $23.7M fee was likely in error and unlikely to be money laundering because the fee was paid to a random miner. If you're interested in Ethereum's state-of-the-art scaling technologies https://starkware.co https://starkware.co

dralley 5y ago
(This is not meant to be a critique of you, just a rant about a particular strain of blockchain evangelism) It never ceases to amaze me that blockchain aficionados on one hand praise the supposedly revolutionary transparency of the blockchain, while on the other hand extolling that the "state of the art" concept of a ledger that isn't on the blockchain, is going to be what finally makes crypto "scale" and become viable for the masses.
- PretzelPirate 5y ago
  StarkEx is a blockchain, it’s just a blockchain that gets its security from another blockchain and has configurations for how to handle data availability.
- jimmydorry 5y ago
  This is like saying that anything not directly querying the root DNS nodes is not really using DNS. DNS responses are cached from said DNS nodes, and served by the myriad of DNS servers. In a similar sense, blockchains with layer 2 scaling, result in all address balances being stored in the central blockchain, while people can transact with each other directly and instantly in a zero-trust, cryptographically secure manner. When either party in the transaction is "done", one of the parties will commit the address balances to the blockchain for the world to see. (The only model that makes sense, and actually allows for scaling, is a hub-and-spoke model, where everyone connects to a "node", much like with DNS, and lets the node handle the routing. This way users could keep accounts open while transacting with many different people / businesses.)

by spir 5y ago

dralley 5y ago

(This is not meant to be a critique of you, just a rant about a particular strain of blockchain evangelism) It never ceases to amaze me that blockchain aficionados on one hand praise the supposedly revolutionary transparency of the blockchain, while on the other hand extolling that the "state of the art" concept of a ledger that isn't on the blockchain, is going to be what finally makes crypto "scale" and become viable for the masses.

PretzelPirate 5y ago
StarkEx is a blockchain, it’s just a blockchain that gets its security from another blockchain and has configurations for how to handle data availability.
jimmydorry 5y ago
This is like saying that anything not directly querying the root DNS nodes is not really using DNS. DNS responses are cached from said DNS nodes, and served by the myriad of DNS servers. In a similar sense, blockchains with layer 2 scaling, result in all address balances being stored in the central blockchain, while people can transact with each other directly and instantly in a zero-trust, cryptographically secure manner. When either party in the transaction is "done", one of the parties will commit the address balances to the blockchain for the world to see. (The only model that makes sense, and actually allows for scaling, is a hub-and-spoke model, where everyone connects to a "node", much like with DNS, and lets the node handle the routing. This way users could keep accounts open while transacting with many different people / businesses.)