randomran01234

18 ms·

61.
by randomran01234 4y ago
Switch to proof of stake which has better defense mechanisms against 51% attacks.
62.
by randomran01234 4y ago
The author reasonably concluded that these solutions are early and effectively “beta software” but I think it would be wrong to say they are completely unproven. L2s are currently securing billions of dollars and the amount of block space t
63.
by randomran01234 4y ago
Better by what metric? Ethereum settlements are nearly instant and global, involve no need for a private third party arbiter, and are built on permissionless and open source protocols. Some of the areas they fall short is often around throu
64.
by randomran01234 4y ago
Sorry, will avoid this type of comment next time.
65.
by randomran01234 4y ago
The idea is that if you have more tokens, you will reap more reward in PoS. This is because you receive around 5% return on your stake, so if you set up multiple validators you will earn more per year. Note that PoW works exactly like this
66.
by randomran01234 4y ago
Did you read the article? No?
67.
by randomran01234 4y ago
And it is fine to build systems with trusted parties on top of a permissionless network. The article cites USDC which does this, it is one of many applications users can choose to transact with. Attempting to bake reversibility into the pro
68.
by randomran01234 4y ago
This same article mentions L2s which aim to bring these fees down to reasonable levels. L2 like zkSync and Optimism are already very cheap and can likely continue to get cheaper. https://l2fees.info/
69.
by randomran01234 4y ago
ZK Rollups are definitely “on a blockchain” and exist as any other smart contract application, like USDC. What they move off-chain is the computation and data storage of a transaction, but verified zk proofs result in the same security guar
70.
by randomran01234 4y ago
This solves inter-bank transfers in EU but does not mean payments going out of, or into, the EU are solved. Crypto takes a different approach: a single protocol that is shared across all countries.
71.
by randomran01234 4y ago
The point of NFT is that it is a standards-compliant asset that is not upheld by a single authority. It achieves this by combining the following two ideas: - The token and current state of its ownership is updated with transactions in a dis
72.
by randomran01234 4y ago
Eth can and often does drop without impacting USDC, DAI & others. The overall network and process of filling blocks continues just fine.
73.
by randomran01234 4y ago
Some crypto currencies do shield payments using zero-knowledge proofs. Within public blockchains like Ethereum, there will eventually be more layer two rollups that can support privacy through zero-knowledge proofs. Polygon Nightfall is one