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Vitalik Buterin: Why Consortium Blockchains Have Almost Completely Failed Ethereum co-founder Vitalik Buterin vitalik.eth declared the original vision of consortium blockchains a failure in a July 20, 2024 Arbitrum video. He noted that these private chains inherit the drawbacks of both centralized and decentralized systems, resulting in cartel-like structures...

28,046 次观看 • 3 个月前 •via X (Twitter)

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Vitalik Buterin on why consortium blockchains have mostly failed “The original vision of consortium blockchains — the idea that you have 5 banks or major companies that come together and create their own chain — has been mostly a failure. I think the reason why is it ends up inheriting most of the disadvantages of centralization and most of the disadvantages of decentralization at the same time.” “The first five banks join, and they all feel like ‘Yay, we’re building a system together. We can all be part of it.’ But then once bank #6 and bank #7 and bank #29 come in, they’re joining a system where there’s already an established power structure, established participants, and basically to them it still feels like they’re joining some kind of centralized thing that’s controlled by a cartel.” “You don’t actually gain the benefits of true openness that people are looking for. You don’t have Etherscan. You don’t have a connection to an open, public network. At the same time, if you build on one of those systems, you have to figure out how to program distributed systems; you lose privacy — you might think you still have some, but the reality is you’re putting your data on a network where the only people that get to see it are you and all your closest competitors. From a privacy perspective, it actually doesn’t make much sense.” “The compromise between centralization and decentralization that actually makes a lot more sense is: you have an application and today that application is a server. You can keep your server, but instead, we’re going to add scaffolding on top to give users extra security guarantees. You put Merkle roots on chain. You put proofs on chain. And you give your users assurance that whatever is happening inside of your system is actually following the rules. So you have high scale, high performance, and you optimize for a minimal delta for existing centralized infrastructure deployment. Keep your existing infrastructure the way it is, and you just add a side car that makes the roots and the proofs.” Source: Arbitrum

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$ICP = World Computer (Since 2015)⬇️ In 2014, dom williams.icp ∞ , Chief Scientist of the DFINITY Foundation became involved with the early Ethereum community. At the time, the concept of a blockchain that could run software (i.e. smart contracts), which stored and processed data within an unstoppable, tamperproof and autonomous on-chain environment, was both revolutionary and controversial within the industry. At some point, the concept of a blockchain playing the role of a “World Computer” was mooted within the Ethereum community. One interpretation was that such a network would perform a trickle of simple but important smart contract computations for the world. However, Dominic’s interpretation, based on his work, was that World Computer blockchain would inevitably eventually host much of humanity’s systems and services, and all its data and compute, largely replacing traditional IT, and transforming social media, gaming, finance, enterprise systems and many other domains. In 2015, however, Dominic was a lone heretic, and was largely alone in believing that the creation of a true World Computer blockchain was technically feasible, let alone that it might be capable of successfully playing that role in competition with centralized computing infrastructure. Since Dominic strongly believed otherwise, based on his accumulated technical experiences and work on crypto theory, he decided to dedicate himself to blockchain research that might realize the concept, originally, he hoped, in the form a more advanced Ethereum 2.0. He stopped work on Pebble, and directed all his future efforts towards the realization of the World Computer blockchain vision. In early 2015, Dominic’s thinking about blockchain design had become more mature, and he began proposing new approaches to consensus, applied cryptography and blockchain network architecture. Around that time, he began using the name DFINITY as a brand for his work, which takes its characters from decentralized infinity. Through the period 2015 to 2016, Vitalik Buterin, and associates such as Vlad Zamfir, were the Ethereum project’s primary consensus researchers, and were highly focused on developing cryptoeconomic schemes, including under the Casper banner. Meanwhile, Dominic was more focused on finding new ways to leverage advanced cryptography and distributed computing math, and devising alternative blockchain architectures, which might enable a World Computer to be produced. Owing to the long-term nature of Dominic’s work, and it’s more technical approach, eventually it became clear to him that DFINITY should become an independent project. Panel Moderator: Martin Koeppelmann, Panel (from Right to Left): Dominic Williams, Vitalik Buterin, Vlad Zamfir, Jae Kwon, Recorded at the Silicon Valley Ethereum Meetup – October 22nd, 2016

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Vitalik Buterin explains why proof-of-stake is more secure than proof-of-work “I think proof of stake is very secure because to attack the system, you need to have basically as much stake as the rest of the network. Right now, for example, we have 5 million ETH staking, which means you have to come up with 5 million ETH and then join the network.” At the time of this writing, more than 37 million ETH are being staked, with 3 million ETH waiting to join via the validator queue. At today’s prices, that’s more than $80 billion of ETH someone would have to acquire to attack the network and revert finalized blocks, which is more than the cost of attacking even the Bitcoin network by some estimates. The other defense mechanism that proof-of-stake has that proof-of-work doesn’t is slashing, which makes Ethereum antifragile. Vitalik explains: “Recovering from attacks is much easier in proof-of-stake than proof-of-work. For many kinds of attacks you do against [the Ethereum] network, we have this concept of automatic slashing. In order to revert a finalized block, you basically have to have a big portion of your validators sign two conflicting messages. This is something where once these messages are on the network, you can go and prove ‘these people did it.’ So we have this feature in the protocol where you basically take all these people who provably misbehaved and you burn their coins.” Vitalik also acknowledges the possibility of censoring attacks, where if 1/3rd of validators refuse to attest, the chain can’t finalize. But, as he explains, Ethereum has a contingency plan for this as well: “Everyone who got censored would create a minority chain, and the community would have to do a soft fork. The would have to say, ‘this chain is clearly attacking us and this one is not attacking us, so we’re going to join this chain.’ Then what happens is, on that new chain, the attackers also lose a lot of coins. The difference between proof-of-stake and proof-of-work is that in a proof-of-stake system, you can identify specific participants — and this isn’t a human going in and saying ‘I don’t like you’. It’s all automated.” One last benefit of proof-of-stake is that security scales with the value of the network. As Vitalik put it five years ago, it is really relative security, and not absolute security, that matters: “The security needs of a thing have to be proportional to the size of that thing, because as a thing gets bigger, its enemies become bigger and more well-motivated. If BTC were 100x as big as it is today, the value from destroying it would be 100x higher, and the kinds of actors that would want to care about destroying it would be much bigger and scarier. This is also why countries of all sizes have roughly similarly sized militaries as a percentage of GDP. Hence, cost of attack divided by market cap really is the correct statistic to measure, and in the long run issuance-free PoW really does look not that good." Source: Lex Fridman (Jun 2021)

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