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Ethereum Denver in My Eyes (ETHDenver 2023)

03-06 15:23
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ETHDenver (Ethereum Conference) is held in Denver, Colorado, USA from February 24 to March 5, 2023. The conference lasts for 11 days and is divided into two parts, BUIDLWeek and hackathon. Many head projects in the crypto world are holding events at the venue, with a variety of activities. This event attracted many insiders, traders, investors, developers, students and so on. Ethereum Denver looks different to different people. There was a general feeling that the event was of high quality, with the head project and team founders all involved. It is said that about 40,000 people participated in the activity, of which about 1,000 were Chinese, and Chinese people frequently appeared in many projects.

BlockBeats has compiled some of the crypto Kols' comments about the conference, which are as follows:

Popular comments

James Ross (Co-founder, Hypover.Partners) :  

Now all public chains and protocols compete at the application level. The winner will: Build sticky applications, grow through partnerships and integration, engage early adopter communities and leverage product feedback, with one or two scalable acquisition channels. It is clear that part of the Web3 protocol is being abandoned.Source of original text

Martin Kppelmann, co-founder of Gnosis:

1. L2 is only suitable for applications that do not require state expansion, such as trading platforms (which only require transaction results, not transaction history), but cannot be expanded for applications with state expansion.

2. In terms of transaction costs, L2 peak gas rates sometimes reach more than $1. Even if EIP4844 is implemented (gas can be reduced by 90%), it still does not apply to scenarios requiring gas of less than 1 cent (sbu-cent).

3. L2 in the asset exit problem, if the exit cost exceeds the value of the user's assets on L2, small asset users may not be able to pay the exit gas fee, even if all users can afford, but the broadband limit will be stuck.

4. Some applications cannot be rolled up. For example, CirclesUBI and POAP states are too large to be exported to L1.

另外,#L2 的 sequencer 非常中心化,有可能会面临,甚至被强制 KYC(只接受来自 KYC 地址的交易); L2 之所以安全是基于 L1,L1 本身还在发展中,往后 5 到 10 年还会做许多修改,这就给 L2 带来许多挑战。—— Source of original text

Baiyu.eth, co-founder of SeeDAO

The DAO circle at the Denver conference is talking about the governance of the DAO, more about how to decentralize, how to be transparent, and how to make the governance of the DAO more democratic and people-oriented. People are also rethinking the chaos of DAO governance. - Source of original text

Web3 Research GirlEmily

Experience of Taifang Denver Conference  

1. There are more Chinese figures in the Web3 circle. I am looking forward to it.

2.ZK is very popular, middleware Api, SDK is very worthy of attention, infrastructure is like a highway, both at home and abroad is the focus. - & have spentSource of original text

MMT intern

Denver conference in addition to the NFT and DeFi projects, more ethereum blockchain is impossible triangle security, decentralization, high-performance virtual conference, why ZK technology is called virtual, because ZK technology knows few people, the project valuation is high, coin issuance is far in the future. - & have spent  Source of original text

Denver meeting Shanghai upgrade, will rub out what spark

On March 5, BlockBeats hosted a Twitter Space with the theme "2023 Ethereum: Denver Meets Shanghai Upgrade". Invite Harsh Rajat, founder of Push Protocol, Michael, core developer of Celer Network, Seraphim, Chief risk Officer of Euler Finance, Zhou Qi, CEO of EthStorage, Bruce Li, co-founder of NKN, talks about the new narrative of Ethereum's Shanghai upgrade and Denver conference.

Harsh Rajat, founder of Push Protocol, said there is no need to worry about selling pressure after the Shanghai upgrade of EthereumAt present, there are more than 500,000 Ethereum verification nodes. Considering the following worst case scenario, all the pledgers release their pledges at the same time, it will take at least two years to reduce the number of verification nodes to 100,000, so there is no need to worry about security. From the perspective of selling pressure affecting the price, all the pledgers release their pledges at the same time, and the value of Ethereum flowing to the market every day is about $100 million, which is less than 2% of the daily trading volume of Ethereum. Therefore, there is no concern that the selling pressure after the upgrade of Ethereum Shanghai will have a great impact on the price.    

Celer Network core developer Michael says ZK is a great innovation at the base level  . For mathematically complex calculations can be similar to "black magic" as easy to verify the solution. Taking capacity expansion as an example, Gas consumption is expensive at the first floor, while ZK Rollup can save costs while ensuring security at the first floor. At present, many trading platforms, such as Binance, have launched ZK-based transaction verification, proving that ZK has made great achievements in capacity expansion, DID, KYC and other fields.

Venue front

ConsenSys Founder & CEO Joseph Lubin: Hopefully regulators will recognize that encryption is an innovation and not stifle it

ConsenSys founder and CEO Joseph Lubin said, "The ecosystem has never been healthier, there's so much innovation going on. Hopefully the regulators will recognize that encryption is just an innovation, a building mechanism. Don't stifle innovation."

The founder of Gnosis. Martin Kppelmann: L2 has limitations, and we need another way to expand.

The original purpose of L2 was to complete a bunch of transactions in bulk and then synchronize the results back to L1. It's a very temporary space, rather than a new space for permanent assets.  

In the long run, L2 will still have some fundamental problems even if it is perfectly implemented.

Question 1:  One problem with this process is that it is only suitable for applications that do not have state inflation, such as trading platforms (which only need transaction results, not transaction history), but it is not scalable for applications with state inflation.    

In the case of ENS, if 10 percent of the world's 8 billion population (800 million people) were to sign up for ENS, the entire transaction processing capacity of Ethereum would be used to process these requests, which would take two years to complete. During those two years, Ethereum will not be able to process any other transactions.

Take stocks, for example. If all the stocks in the world (45,000) use Ethereum as a clearing layer, there are fewer than 30 trades per stock per day (even if you use L2).  

Question 2:  Transaction cost L2 peak gas sometimes reaches more than $1. Even if EIP4844 is implemented, gas can be reduced by 90%, but there are still two problems: 1. It still doesn't work for scenarios that require gas of less than 1 cent, 2. As demand increases, gas will continue to rise.      

Question 3:L2 Asset exit issue 1. Small assets may not be enough to pay gas fees for exit, 2. Exit bandwidth is limited, if everyone wants to go out, will block...    

Question 4:Some apps cannot be rolled up. CirclesUBI, POAP, for example, create a lot of states that can't be compressed, so L2 is useless for them.  

How about staying in L2 forever, never leaving, and using it as a permanent space? There are several problems with this.  

Question 1:L2 Sequencer is very centralized. Although they can't take away your money, they have huge power, they can decide whether to accept your transaction, how much gas to take from your transaction, who is in front and who is behind...     He also hacked Coinbase, saying that if you're going to be a trading platform on BASE, it can easily rank trades from it above yours... Then, the centralized Sequencer will most likely be censored or even forced to KYC (accept only transactions from KYC addresses). The authors stress that this is very possible from the current regulatory perspective.    

Question 2:Here the author raises a very interesting question: if we are going to release an L2 native asset that doesn't exist in L1, what's the point of having L2 at all? Because L2 is safe because L1, but if you don't want L1, why do you need L2?  

Question 3:(This is an interesting question!) Ethereum L1 itself is still evolving and will be modified in the next 5-10 years, which will present a lot of challenges for L2. Example: The snapshots we use to vote are voted in L2 and then synchronized back to L1. They make Merkle Proof in L2. However, Ethereum L1 is scheduled to switch from Merkle Trees to Verkle Trees in the next year or two, which will make the current version of Snapshot unusable. Therefore, L2 may require some kind of "upgrade" mechanism, but this would also contradict its trustless goals.   The solution is that the authors come up with an interesting solution similar to the Cosmos IBC model. That is: Let's make another chain, run the same thing as Ethereum, and connect it over untrusted ZK-bridge to form the Ethereumverse.  

In fact, the way the zk bridge was implemented was very sci-fi when I first heard about it, and now it's actually being built. Is to use zk to run a light node client on one chain on another chain and then verify in it... It's trust-free and far safer than a traditional bridge.Source of original text

"Paradigm CTO: Six projects to watch for in ETHDenver 2023"

The first one is   Op-reth, an OP Stack that implements an Optimistic Rollup design. The second project is. wagmi_sh x Foundry full-stack hacks. The third project is to replace the base type in the Rust code with Ruint. The fourth project is Ganach-UI but for Anvil. The fifth project is ABI-> UI generation.

Illia Polosukhin, co-founder, Near Protocol: Near Protocol is releasing a new blockchain operating system, BOS     

Blockchain network Near Protocol has launched a product-first operating system (BOS) that developers can build on and users can interact with as a platform. According to Polosukhin, the platform is intended to act as a common layer for browsing and discovering Web 3 products, including cryptocurrency exchanges, NFT galleries, and social networks. Polusukhin said in an interview that the framework would be compatible with all blockchains (currently supporting the Near protocol and Ethereum virtual machine chain) and that Near would act as a universal entry point.

For developers, a decentralized and composable front end offers a way to build and launch better applications as well as fork existing parts and components more quickly, while taking advantage of built-in features like profiles, payments and notifications, and search, without having to host anything themselves, according to the press release.Source of original text

Ethereum Account abstraction Proposal EIP-4337 Core contract has been deployed and can be used on all EVM-compatible networks

Ethereum Account Abstraction Proposal EIP-4337 coauthor yoav.eth announced that the core contract for the new Ethereum account abstraction proposal ERC-4337 has been audited by Open Zeppelin and will be available on every Ethereum Virtual Machine (EVM) compatible network, These include Polygon, Optimism, Arbitrum, BNB Chain, Avalanche, and Gnosis Chain.    

MetaMask has announced a partnership with Web3 game launcher Hyper Play

MetaMaskAnnounced a partnership with Web3 game launcher HyperPlay to bring the Web3 Wallet to native games. HyperPlay announced its version Alpha release today at ETHDenver. The platform aggregates the Epic Game store and the GOG.com store. Users can connect their MetaMask wallet to HyperPlay and overlay it into each game. HyperPlay also provides apis for native games to integrate with MetaMask, which supports all game engines.Original link

Koii Labs and Idexos unveil middleware Bridges designed to replace CEX

The 2022 attack on bridging technology resulted in the theft of $2.5 billion from decentralized Finance (DeFi) agreements. But it is these technological vulnerabilities that are driving the development of infrastructure and security.

At ETH Denver 2023, Web3 protocol Koii Labs and software company Idexo announced a new middleware bridge to facilitate on-chain deployment "with just a few lines of code," a solution that improves security and speeds deployment, It also aims to create a path to replace centralised trading platforms with DeFi Bridges.

Across the bridge, two or more blockchains can share data, such as smart contracts or tokens. The Bridges connect different architecture and database networks, but security has been an ongoing challenge for the project.

Through the bridge, self-hosted token holders can choose a chain of origin and destination, as well as a number to send across the chain, the companies said. Their goal is to provide a decentralized alternative for centralized exchanges and developers seeking to deploy new Bridges for local utility tokens.    

Technologies planned to be incorporated into the bridge over time include zero-knowledge proof and cross-chain messaging protocols that enable smart contracts on different chains to synchronize with each other. The bridge will support a range of EVM-based chains including Arbitrum, Avalanche, Dogechain, Ethereum, Fantom, OKC, and Polygon, among others. Non-evm chains such as Solana and Polkadot will be included in future updates.    Source of original text

Josh Stein, Engineer for modular Blockchain Celestia: How is Celestia different from traditional blockchain?

Celestia is the first modular blockchain. Modular blockchain refers to a blockchain that completely outsources at least one of the four components of "execution layer, settlement layer, consensus layer and data availability layer" to an external chain, and decomparts the core functions of the blockchain. Often carrying all the functions on one chain can lead to high gas fees, transaction congestion and other issues. We don't think this is the best solution. At the heart of Celestia is the Sovereign Rollup chain, which combines execution and settlement functions, sovereign rollups on Celestia do not publish their blocks into smart contracts, but directly onto the chain as raw data. The Celestia Consensus and Data Availability Layer does not interpret or perform any calculations on the Rollup block, nor is it a light client on the Rollup run chain.

Compare Web2's cloud stack with Web3's modular stack. The Web2 cloud Stack has a large data processing center that centrally stores and processes data. The Web3 modular stack outsources some of the functionality of the blockchain. Celestia, for example, wants to build a blockchain where anyone can build a data network, and most importantly, it has shared security.

Compare traditional blockchain nodes to modular blockchain nodes. Traditional blockchain nodes have a higher threshold and fewer users to verify all the data. The modular blockchain only downloads the data of the block header, without the need to verify the data, the threshold is low, and the user is large. Celestia is building light nodes that download only a small amount of data to authenticate highly secure blocks.

Image source: https://www.youtube.com/watch?v=KWijOhR5HEU& t=132s

Vitalik Buterin: Winter is a time when a lot of applications disappear and you can see which projects are sustainable in the long term

Vitalik Buterin, co-founder of Ethereum, said in Denver that when prices rise this much over a long period of time, they also tend to attract a lot of very short-term speculative attention. Winter is a time when a lot of applications disappear and you can see which projects are actually sustainable in the long term. Vitalik Buterin isn't sure if cryptocurrencies have entered another winter.    Original link

ETHDenver Connections: Future branch events around the world

ETHDenver co-founder John Paller revealed on ETHDenver's closing day that the mascot for next year's conference will be the "SporkWhale," a sign of community ownership. Meanwhile, next year's conference will grow in size and scope, discussions are underway with countries and regions to set up branch events around the world, and ETHDenver will be the Super Bowl.    

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