Ask HN: Is blockchain tech already everything we need it to be?

Post by randomhodler84 » Wed, Apr 27, 2022, 6:32 PM UTC

mattdesl wrote: post #7

retrac wrote: post #2

If there's some way to actually solve the scaling problem [1] meaningfully, it might have a chance to be more than niche. Broadly applies to Ethereum and all other existing blockchain systems too. Ethereum can handle ~25 transactions per second at the moment. Commit a namespace entry? Transaction. Send coins? Transaction. Any smart contract interactions? Transaction. The actual Web 3.0, where all our name resolution…

This seems to ignore Ethereum's rollup-centric approach to scalability. Many of those interactions you mention (such as sending coins, interacting with a smart contract) can be batched and, in a single L1 transaction, their integrity verified cryptographically with succinct zero-knowledge proofs (zk-SNARK/zk-STARK). To the user, eventual UX is similar. Direct CEX on/off ramps to rollup, trading, DeFi, NFTs, smart con…

Post by mattdesl » Thu, Apr 28, 2022, 8:41 AM UTC

randomhodler84 wrote: post #11

mattdesl wrote: post #7

Earlier quoted context omitted.

This seems to ignore Ethereum's rollup-centric approach to scalability. Many of those interactions you mention (such as sending coins, interacting with a smart contract) can be batched and, in a single L1 transaction, their integrity verified cryptographically with succinct zero-knowledge proofs (zk-SNARK/zk-STARK). To the user, eventual UX is similar. Direct CEX on/off ramps to rollup, trading, DeFi, NFTs, smart con…

Everything about eth scaling is just kicking the can down some other chain. L2 and Rollups are the same sidechain paradigm from 2014 with newer, more fragile math. Payment and State Channels are the only true way to scale. Off-chain txs. Lightning network works quite well today for Bitcoin and I look forward to seeing entirely new paradigms evolve in time for Eth.