Viewpoint: Why are we in the golden age of Ethereum?


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The operation of Ethereum is like a bazaar, noisy and seemingly chaotic, but efficient and full of vitality.

Original title: “Viewpoint | The Golden Age of Ethereum”
Written by: Anthony Sassano, co-founder of EthHub Compilation: Nanfeng

Ethereum is expanding in many ways.

Ethereum is like a super city with busy economic activities. It runs around the clock, spans the world, and allows anyone to access it. Unfortunately, Ethereum has always been affected by its own success: due to its high transaction costs, many users have been lost. But don’t worry, the expansion of Ethereum has arrived, and its expansion is not only in the form of L2 (Layer 2) that people often talk about- Ethereum is expanding on many different fronts !

Viewpoint | The Golden Age of Ethereum

A good analogy is that we can extend Ethernet vertical Square (ie L2s) think of how to expand the size of a city through the construction of high-rise buildings. If a city consists of only 1-storey buildings, then the city will either need to expand the level 1 (L1) on a large scale horizontally (although this will still be limited and expensive), or it will limit its growth to only satisfy those People who can afford to live live there. This is the current situation in which the Ethernet Square, L1, and L2 is the reason we build scalable technology (such as Rollups, Validiums even side chains) lies.

In extensions L1, i.e. to achieve horizontal scaling, data slicing will Square ether (data sharding) manner. Data fragmentation will provide additional capacity for L2s (just like building more high-rise buildings on new land). Therefore, not only can we build enough high-rise buildings (L2 capacity) to accommodate 10,000 people, but we can also build more high-rise buildings to accommodate millions of people. Just as you can optimize the capacity of a tall building and optimize the layout of a city, you can do the same with the Ethereum L1 and its L2 ecosystem. We are actually at the beginning of a modular blockchain paradigm .

One more thing that is not often mentioned is how Ethereum expands its social layer , or in other words, how Ethereum expands as its community grows larger. I think Ethereum achieves this by embracing the spirit of decentralization , which means not building a community through a top-down approach-there is no rule book, no guidelines, no set of laws (except for code), of course There is no ruler in the Ethereum city; on the contrary, the operation of Ethereum is more like a ” bazaar “-as Ben Edgington said, the bazaar of Ethereum is “noisy and seemingly chaotic, but very efficient and dynamic- —And, it is crucial that (for open source software development) it will produce better results.”

As you can see, Ethereum is in a very advantageous position and will expand in all important areas . In fact, I think for encrypted network, social scalability (social scalability) is the most important, because without it, encrypted network will actually be a centralized network, controlled only by a small group of people, and this It is what we are trying to break through blockchain technology!

So let us continue to expand the wonderful super city of Ethereum and make sure to keep it decentralized.

The golden age of Ethereum

As someone who has been in the Ethereum ecosystem since the beginning of 2017, I can say with certainty that I have never been so optimistic about the future of Ethereum as I am today. After years of hard work, we are seeing results in Ethereum’s L1 aspect (EIP-1559 and other major upgrades), L2 aspect (Rollups is making big strides), and application layer aspects (DeFi, NFTs, DAOs, etc.). We are in the golden age of Ethereum .

Viewpoint | The Golden Age of Ethereum

For me, what excites me the most is that the Ethereum ecosystem is really like a ” city ​​that never sleeps .” Things happen at any time of the day, and you can use the Ethereum network at any time. Obviously, this is very similar to the way the Internet has worked for a long time, but we have never had a value transfer system that is always open and decentralized -at least for me, this is the most exciting thing that Ethereum has brought to the world. Innovation. Let’s dive into some exciting things that are happening in Ethereum.

Let’s start with ” merging “. Amazing progress is being made in this area, and most of the developers involved in the development of the Ethereum consensus layer and execution layer are now focusing on completing the merger. As far as I know, most of the core research on the merger has been completed, and the customer teams are making progress in the construction of related functions (the developer testnet and public testnet for the merger will be launched in the next few months). Of course, we are still a while away from the merger of the mainnet (first quarter or second quarter of 2022 ), but I believe that researchers and developers will spend as much time as possible to ensure that everything goes smoothly and safely. After all, this will be the biggest upgrade in the history of Ethereum-we want to do it well.

In the past few months, one thing has become clearer for the entire Ethereum ecosystem, and that is how Ethereum will scale : Rollups (and zero-knowledge technology) are all current scalability researchers/developers People are studying the Schelling point, and they seem to have a general consensus that the “modular block chain” design is the direction that Ethereum should strive for ; on this basis, we will also implement data sharding in the future. sharding) to enhance these Rollups, which require a large amount of data, and give Rollups greater scalability . Although before the implementation of data sharding, we already had hybrid solutions , such as Validium and Volition, which came at the cost of a certain degree of security (because they put data off-chain) to achieve large-scale expansion.

At the same time, NFTs (non-homogeneous tokens) have become the best and easiest tool for non-encrypted native users to enter the Crypto field . The special thing about NFTs is that they are more friendly to new Crypto users, because the NFTs ecosystem is not full of complicated financial terms like DeFi. Most importantly, for ordinary people, the collection and trading of NFTs is more interesting and intuitive than financial activities-I mean, in the traditional financial system, when will ordinary people provide liquidity to what products? Don’t get me wrong, I still think DeFi will be a huge market, but it will not be the “gate” for most people to enter the Crypto field.

Finally, we now have many different forms of DAOs (decentralized autonomous organizations) existing in the Ethereum ecosystem, from old-school DAOs like Maker to new-age DAOs in the “social token” ecosystem . However, there is a thread here— all these DAOs are focused on improving social and economic coordination among global participants —all of these DAOs do not have a centralized intermediary. When it comes to DAOs, I think we can take the “Hundred Flowers” approach, which allows people to experiment quickly, innovate, and ultimately make progress.

The above is a brief explanation of why I think Ethereum is in a golden age. I haven’t even talked about DeFi and emerging social token ecosystems. Of course, not every use case based on Ethereum can achieve long-term success (1COs is one of them), but as an ecosystem, we will understand over time which use cases are viable and which are fleeting. of.

Because after all, Ethereum allows you to build anything you want anywhere in the world.

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