[Applause]
anybody ever thought to call a
conservative approach towards a rival
roadmap kind of give a certain something
like thoughts about people know as well
as learnings have you done from Kosmos
and how I think but you know things that
should be I think should be integrated
in you if you point out that could help
your reason 20 so you know what about me
I work mostly on cosmos and tender man
but I also run a podcast called
epicenter and run around here called
Sitka so just a little bit of background
where I'm from
so yeah there's your point but the
basics many people are probably somewhat
familiar but just for a bit more review
what we have is we have this multi phase
two stuff where we have this like phase
I think that space numbers are wrong it
actually pays zero but yeah the first
phase which is we just basically have
this main chain but so the current crew
for working through everything that we
have today and then we start building
this beacon change is provide to this
task bar FG state then and we get to
phase two then so the speed is zero
thing this is what's happening in like a
couple of months then eventually we'll
get to this point where we start to do
shards and we can write data to the
charts then the next phase will finally
start to execute
by the way so far the only thing that
has been planned up close now is up to
this point this way after this point
right the Lotus there's not much you can
actually do with these shards yet then
finally in the next phase will add the
execution engine where we can actually
run it um or webassembly yeah or
something like that and then finally in
phase or we're gonna start working on
cross card transactions and this despite
this babe has not even been like SPECT
or discussed or like yeah so this is
heavily you know my main issue here and
I think this is going about it in the
wrong or I think get into a minute but
one thing that's even more worrisome to
me is this one way sneaking horse out
you know in this phase in the first
phase we have this one way burn I have
either on the main magnetic area I have
to burn my teeth I don't want to use the
word peg because any flies being created
back somehow I have to burn my ether and
then that gets set over and you'll
notice it's a different color because
you know it's a different type of each
like if you can't transfer it back I
think that these things are gonna have
to difference change values will be
treated very differently and you know
when you try to move I can't so one way
worse this is very worrisome to me so
what will it needs wrong here so you
know heads up love from the state you
know I just read last two and a half
years of my life working on for the
state but no proof stick has a problems
as well yo-yo we don't know exactly how
it faces with he said
you know in cosmos we see this concern
today where there are no I'm partially
blamed for a lot of it but you know
there are a lot like centralization
happening in the balladeer instead we
don't know how resistant it is to
cartelization we don't know know
especially in a roofers fake system
where you use the money token as the
state how does that affect the economics
of the system
what kind of censorship attacks are
possible one thing I'm personally very
worried about is anything probably a
group of state can get into later yeah
all these things you know I'm very low
it's not a mistake but the main
fundamental issues of state is it's
highly experimental and I just do not
feel comfortable shifting a thirty
billion dollar network to this one sec
untested security model like you know I
think that those people eventually we'll
find out the answers to these questions
but it will take time and
experimentation and I don't think trying
to jump headfirst
because sort of panic moment where it's
like oh we feel that we're behind and so
we do like just jump into an
ex-basketball i think that's making some
tasty decisions so I think the problem
came when he started this which is the
merging of of Casper and Shari I think
that you know up until last year up in
the last summer the Casper team research
team was distinct from this German team
and then about last summer or the exact
emergencies into you know Jasper 2.0
whatever and so this is where I think
the things went wrong and I would say
that you know when we're waiting these
two things I think starting is way more
important than a mistake like you know
starting there's an immediate urgent
demand need and demand
or we need a disability really fruit
estate you know it's great but I think
it can come in time and so here's my
proposal of what I think is a more
reasonable way of approaching okay this
is what we have today you currently
through him maintain we got a
proof-of-work and we have an EVM here
but first off you know let's focus more
on side-chains
where you know and that's testy
sidechains with Bruce and these proof
estate truck so you state your either on
the ethereal main chain and then you
could become a validator on the side
chains and so nobody then move your eats
back and forth one of these side chains
use them there move them back these
sightings that have the EVM on them we
already have a lot of people
experimenting on things like this day
like that POA Network has their X I
chain and stuff and so this is really
good but they're not using it they're
using this prefer Authority I think
always you're focused on is
experimenting with sort of snake on side
chains first also you know a little bit
of a plug for cosmo stuff you know if
you don't want to use the EVM qualities
you can use different types of PM's and
systems the furthers of my B's news
Christian favorite rates talk on it this
morning and really generalize you can
allow you to talk with me many different
frameworks you could talk DBM change the
problem sets a chain of yelling change
or parity substrate chain that's really
the goal but yeah so let's test proof of
State on side chains first then
eventually don't then there's already so
much great research happening in the
process of happen you know I think then
the
the think working side chains in charge
it's a little bit more of a spectrum
there's like you know there's a lot of
research that's already been going into
how to like make more and more trustless
side chain and it was really double down
on those
yes I know I think the scale loves
people they've been do a really cool job
one come on put some great and here's
their you know I don't want I don't want
to go too much into their stuff you know
you should take a look at how they do it
they have this one like one in the
speaking manager contract that basically
assigns pollinators or different
starters on the system and it's running
on the etherium for her work shape in
the ABM there's also a lot of other cool
stuff like you know the map like
everyone is working on CK roll-up I just
um added as an example but there's a lot
of cool people are working on like CK
role of techniques the plasma group came
up with this OPM system with and some
people at consensus and some cool stuff
with minimal Viable version senses this
guy know but you know having be high low
you've been kind of working on a lot of
cool ideas and here yes I see your
projects I can't go too much into it but
now he's working on some cool stuff
along the splines
job I think we should really be focusing
on building these proof of stakes sharp
testing who stick at the starters
then once a pine past then what we can
do is suddenly take off they like you
know GBM on there but remove the like
plugins where basically stop allowing
people to deploy new contracts at the on
the route change so now all the
contracts that are still there still are
running but you know no more deployment
of new contracts if you want to complain
you contract they go on to the Sharks
next after some more time of Douglass's
then we can start to allow a system that
allows you to easily migrate some of the
contracts on off of the EVM onto other
channels and then finally when a lot of
time goes by like you know maybe five
five years or something ten years your
first work has proved himself a big
women
for like ten years I think roofing needs
that level of confidence and like
history to it before we we should be
ready finally we can go ahead and change
the prefer work chain to reproduce a
chain okay now my proposal for the
eighth year whatever of that was a
little bit about application specific
charge which I think that something
which I think it's great that I've seen
this actually happening the last couple
months now
with this whole execution environment
idea of that kind of new adopter words
it's really good and so I can talk a
little bit about why I mean it's great
so you know I think smart contracting
systems really should be used for
contracting not for applications now
contracting are things that like are
short-term one-time use things need high
levels of customizability I SEOs are the
like perfect use case for smart
contracting because they are short term
use things they need high levels of
customizability but like you know if
you're building index you're building a
prediction market system you probably
want a more custom build efficient state
machine for this you get a lot of
benefits when you do this you produce a
lot of the attack surface a lot of the
issues with a lot of the biggest
contract bucks usually have come from
weird vulnerability is that like nuances
of ppm whether the doub of the pair of
Evo's or most of the bugs usually come
from weird things with IBM you get a lot
more efficiency games because you have a
custom build state machine you're not
you know you're not this is like you
know if you have you didn't have much
sometimes this giant opcode system and
running on interpreted code you know you
have lots more simplistic state machines
which makes it much more efficient
finally you can find you to optimize
patient so you know right now you can't
really implement C cash like privacy in
the UVM in an efficient way because it's
very you know it's not fine tune or a
great example accident and so it's
missing the cryptography that you need a
great example of fine tuning for your
application if you want to build a
payment system right payment there's a
reason Bitcoin was built as a beauty M
so system you get those are better at
payments because you know they can be
parallelized way more easily but no the
EBM was optimized for the average news
it's not for the specific uses and so
for the averages case you need accounts
the kids but if you want to build a
payment system what we want to optimize
your application choose the best design
patterns that are very on the patient
and so this is why you think you really
should be in this dream charting certain
claim to not be focused on trying to
make all shards equivalent they all run
the same Vienna but really we should we
focus on applications was a bit starved
and this is kind of look like polka dot
has been doing for a while that it's
actually it's great because I think the
theorem is starting to realize this and
is shifting towards this with the goal
of excuse environment system the other
thing is what I like to call the maker
dilemma so let's explain why I think
maker should be not on ethereal I think
maker be on etherium is a parasitic
relationship in both directions maker
person theorem in a 300-acre here's why
so for maker as a die older you are
getting the security of the MKR token at
the NPR whole is wanted to they could
steal all of the collateral from the
maker system so you're getting the
security of NPR token when you're
painting for the security of beef which
doesn't make sense you know what
painting your terms actually these that
eat and like you know you're you're
you're the gas bees are like changing
relative to the demands etherium rather
than
the makers of stuff and so you're
overpaying for security its corporal in
the other direction as well because
let's say there's a contentious hard
fork in theory on tomorrow
that's another pair use accident that
runs back or maybe it's Prague powers or
something you know who decides which
more twins historically I received a TN
is probably one of the strongest voices
upon which side the floor plans but I
say today I think he's probably through
the MKR holders because the impair
holders can't decide you know what in
this contentious pork we're just going
to stop running the Oracles on one side
of the chain and when they stop circuit
stop running the Oracles the dial enough
time that just changes crashes and
that's in the entire defy ecosystem on
that side of the chain crashes and so
this is kind of very so this is giving
the MKR Dow the maker down way undue
amount of influence over a theory of
governance and I think this is unhealthy
for aetherium in the long term where it
gives certain projects or entities such
a high amount of influence and so this
is why I think by putting the
applications want their own isolated
charts where they don't have that much
control over the governance of the
system as a whole I think that can help
along with some of these kind of
dilemmas and better for they make their
system diapers as well okay okay so the
next thing I'd like to talk about is
television and protocol
so the it's a theory on the very much
don't they don't they don't want people
to not to basically and they don't have
this notion
application in cosmos what we do is you
know validators and delegator in the
protocol you can go ahead and delegate
your atoms to a valid air and they would
basically state for you and then the
protocol would keep track but like oh
okay these many of my atoms came from
this delegator these many of mine came
from this delegator whatnot and if this
value gets slashed and all the delegator
for that provided or go down now what
ethereal things that you know we could
do this process through smart contracts
where you know you could go ahead and
you know as a palliative company called
syndrome I'm going to deploy a
validation contract and people could
give each two-month to me in the
contract and I validate on their behalf
this is suboptimal there's something you
see reasons why it's walkable one is you
know I don't really want thousands of
validators writing their own contracts
eventually some of them are gonna have
bugs I'd rather have their default one
into the protocol but more importantly
there's a feature you can only get when
you put dummies in the protocol natively
so let's see it called in sentry
delegation so this is how the delegation
would have to work in Nigeria so let's
say I have some eat delegated to
validate okay and I want to change it to
validate repeat what I would have to do
is I would have to uninvolved
from valid or a wait the entire landmark
body period I thought the recent numbers
are if it's around three months or six
months so I could wait that an Ireland
body period then I get the money back in
my account and then I can delegate
that means I have to go for months
without rewards just in order to change
my about people who are delegated to
this makes validates delegation
super-sticky
if your delegation in protocol what you
can do is just instantly swap dummies
there from one founder eight now there
be instantaneously and what we can do is
we can put because it's all in the same
state we can create something called
pseudo and bonding period so let's see
your delegate the founder a you go ahead
and change it to be what happens is
you're put into a pseudo unwinding peer
evaluator for a while you actually go
don't get into being your any the
rewards dollar P but let's say some
evidence comes that you double sign or
something we can slash you because it's
all in the same state we can still slash
in valgar B even though you're in this
to know and bonding period for valid
area so this is really important because
I think it will reduce the stickiness of
delegation you know proof of work
centralization isn't great but it's not
those it's not that okay because miners
are able to jump between my rules as
fast as you that's the facile they want
to take it they just instantly you know
let's say this I'm telling it into a
mining with a pool that support this is
supporting a bit that I don't like I can
this easily switch my hash for a
different pool and we need to make it
that easy to do or delegation as well
otherwise we can occur very sticky
validators that that's not going
to change over time
finally the last thing I'd like to talk
about is proportional smashing so
forceful slashing is also something that
you know I think it hasn't started your
dog since we started talking about it
but you know the idea is you know
validator one that's we should slash
dollars more for the larger the
volunteer is so let's say $1 I got this
validator has 5000 feet and this one has
1000 and they both get slashed this once
again slashed at a higher percent 5%
rather than 1% so not only do they get
more coding slash because they're bigger
but they also get a higher percentage of
token splash this incentivizes people to
not delegate towards larger dollars it
sends by to go towards smaller
validators but not wait what what why
wouldn't I just spend just similar right
like instead of running one mile later
5,000 miles for that into my pocket of
1018 so what we can do here to solve
this is we also punished more heavily
the more number of validators fault at
roughly the same time so one validator a
5,000 is double signs maybe we can slash
them at 5% but let's say $5 in terms of
1,000
sighs we should slash all of them at 20%
so we kind of have to take within an
epoch we can say if multiple collar is
double-sided in the same key foglar are
unlike doing the same he thought we
slashed them even more this also has a
very nice side benefit that it
incentivizes you to D correlate yourself
from all the other values so let's say
you know many other values are
you want to not run on Google cloud
because you know that if Google cloud
has some issues bill they're gonna go
offline you want to be as set like you
know separate from that that's walking
so you don't get sloshed higher than
great and so you know this is the
general form of the equation that I
think really works
it specifies the square of sum of square
of roots million formulation also
similar to the one that's gonna be like
quadratic the raccoon market stuff to
quadratic stuff it's very useful formula
and so you know we can see it actually
gives you a lot of the benefits to one
where like you know the more validators
are / you know if these are about that
we weren't taking into account you know
we had 1% and 5% to be okay there's a
15% spot it really impressed me use a
formula it actually baptized the / board
because two dollars splash at the same
time and so you know what we want to do
is add some constants to this how do we
choose what to have the constants one
thing that I think we should do is let's
say you are a relative 10% and there's
someone else who's a valued at 1% and
you go with double sign together you
need X classic 29 this is twenty nine
percent / but what if the other person
is trying to grief you they're willing
to lose that one percent but in order to
replenish you as much as much as
possible so what they could do is they
could actually split that one percent
into a thousand different validators and
get them all the double sign at the
as you they lost the same amount but
they suddenly backed up by it and these
flash to thirteen hundred percent which
is crazy and so what we do is this tape
should be based off of you should take
into the account the inverse Gini
coefficient so be more the more unequal
that validators the number about is
about / in that epoch the more unequal
their stakes are the lower that constant
should go for the more and the more
equal their stakes aren't they should go
higher and so that will kind of
basically help the fall they thought of
the kind of wreaking attacks thank you
so much
[Applause]
you