On 18th June, CyberMiles chief scientist was invited to attend the Show hosted by Jinse Media and participated in the discussion on “All possibilities in the age of Ethereum 2.0”, together with the following 3 guests.
- SECBIT Laboratory, Guo Yu
- PlatOn， Dr. Xia
- Loopring Protocol, Wang Dong
Hello, I’m Michael Yuan. I’m the CEO of Second State and one of the co-founder of the public blockchain CyberMiles. Our team is the developers for Ethereum’s next-generation virtual machine, Ewasm. Not only for Ethereum, but also for Polkadot, Oasis, ETC, CMT and other public blockchains, ewasm virtual machine, which is the “operating system” of smart contracts.
1. Our first question is, from your point of view, the technologies currently employed by Ethereum, such as stateless Ethereum, multi-client, beacon chain staking, Rollup, etc. , which one is the most impressive and the most useful? Are ETHEREUM technologies suitable for other cryptocurrency networks? Rollup, Casper ffg, etc.
Ethereum 2.0 is a cross-chain ecosystem of POS. Its major innovation, compared to other POS systems, is that its beacons support at least tens of thousands of validator nodes. The system will randomly select a combination of validators to form the application subchain.
Ethereum 2.0 must have enough people for staking to succeed (the criteria is a minimum of 32 ETH, and this is a good opportunity for early engagement). Because the number of validators must be large enough in order to safely randomly select the data in the validators validating subchain.
Although the idea is cross-chain, using a large number of nodes and a large number of validators, currently only one Ethereum, Polkadot and Cosmos are not taking this approach. So the technology that Ethereum uses to manage validators is innovative and can not be used in other blockchains. Other blockchains are nowhere near this size.
But as development progresses, technologies like the EWASM virtual machine and the Solidity smart contract can be widely used on other encrypted networks. After all, throughout the blockchain world, many application development models are based on the idea of Ethereum’s.
But it is the Phase 0 of Eth 2.0 that will make or break Ethereum.
2. Our topic today is exploring possibilities. As far as I know, each of the four projects has its own merits in application and research, representing Middleware, communication and CRYPTOGRAPHY MPC, protocol application and Layer2, zero-knowledge proof, cryptography research, respectively, this is why we have invited you to participate in this discussion. Would you please give us an example of a solution combined with Ethereum based on your respective research or application?
Our team focuses on the blockchain development tool, which is built around the Ethereum ecosystem, with WebAssembly-based virtual machine SSVM, compiler Soll, and IDE development tools. At the same time, I work on an ecommerce public blockchain, CyberMiles, and I am the chief scientist, and the main thing I was trying to solve was the Ethereum performance issue, so we did some optimizations to address the e-commerce needs, and we optimized the EVM virtual machine. From our point of view, in addition to the cross-chain, the big change in Ethereum 2.0 is the use of the WebAssembly virtual machine, and support for more programming languages to write smart contracts.
The blockchain architecture is the ultimate server free architecture: We submit smart contracts to the blockchain platform, where distributed nodes execute smart contracts, and according to the bytecode Operation Code and the function storage space needed to calculate. Here, we can think of smart contracts as functions, blockchains as common cloud vendors, and virtual machines as containers, which go hand in hand with server-free architectures.
So when it comes to the use of ETH 2.0, it’s the smart contract. One is Defi, which is now better developed; And the other is what Ethereum was designed for: The world Computer, and more broadly, cloud computing. It’s no accident that server-free architecture is currently the hottest area of cloud computing (an industry hundred of times larger than blockchain).
So what we’re doing is offering Serverless services on the WebAssembly virtual machine, which is more secure, and billing is as accurate as gas.
Welcome to check out our WASM virtual machine, https://github.com/second-state/SSVM
It’s not a blockchain, but it uses blockchain generated technology, like Facebook with Libra, and the People’s Bank of China with digital Chinese yuan, but none of them have a blockchain, just using blockchain generated technology.
3. According to Ethereum’s progress, there will be no other features, such as VM, when Phase 0 goes live in July. This stage is only the completion of the Staking model, so please predict on the development of the Ethereum? In these stages of development, what characteristics do you consider to be key to development?
From Etherseum’s roadmap, the Phase 0 target is a beacon chain of tens of thousands of validators who can reach consensus. That’s the point. If there are only 1,000 validators in Ethereum, Ethereum 2.0 will have to be redesigned. Of course, now that there are 20,000 in the test chain, the goal should be to be easily achieved.
Phase 1, which runs through sharding on the beacon chain, has many sub-chains that function properly, where the key is security and verifiability. For example, an attacker can not be expected to predict which validators will be involved in validating a particular block.
Phase 1.5, it should be at least a year before today’s Ethereuml 1.0 becomes a sub-chain of Ethereum 2.0.
Phase 2, Ethereum 2.0 with the new Ewasm virtual machine, a new generation of smart contract applications is possible. The key to this stage is to go beyond Ethereum 1.0 and extend Ethereum beyond the blockchain, making Ethereum a truly decentralized cloud computing platform.
Just as our team now take eWasm virtual machines invented at Ethereum and put them on Polkadot, Oasis Lab, CyberMiles outside Ethereum, but more importantly, on cloud computing platforms outside the blockchain.
4. Ethereum on the development of cryptocurrency can not be denied, from the ICO fad, token issue fad, DApp craze to defi craze today. Besides financial applications, are there other non-financial applications to be expected. Such as the token-free Smart Contract or smart contract Search tools?
The most important aspect of Defi’s success is how easy to connect cryto to fiat money, a problem that does not require the successful launch of Ethereum 2.0.
From the adoption and application developer level, we believe that the great value of Ethereum 2.0 lies in the realization of decentralized cloud computing. With a decentralized world computer, the resulting applications are numerous. This requires Ethereum 2.0 to bring performance up to a level that is acceptable to everyone.
From this point of view, I think Ethereum 2.0 is a social experiment, and it’s exploring where no one has been before. If Ethereum can become a cloud computing platform, it will be a success.
Question 5 and Question 6 are for the other guests
7. Ethereum in the field of cryptocurrency is the top player, from a technical point of view, Ethereum seems to have no competitor, from a scale point of view, Ethereum is with the best traction. The final question is, what will happen to the use of non-tradable chains and token on the Ethereum? (for example, enterprise Ethereum, etc.) , if the application is expanded, will the chain characterized by storage, inter-chain interoperability be competitors for Ethereum?
Ethereum for enterprise has been around for a long time, but nothing much has happened. Enterprises have difficulties having their own blockchain, so we have put forward the idea of alliance public blockchain. The data on the blockchain is open and transparent, and the enterprise only needs to go to the chain to submit the application.
Ethereum 2.0 becomes many sub-chain, this is to enterprise Ethereum on the one hand is difficult to increase sharply (10,000 validators? Today Enterprise Ethereum application even 10 validators not have a few). On the other hand, can companies join the ecosystem in the form of sub-chains?
When Polkadot and Cosmos first came into existence, Ethereum was not a competitor to them, but Ethereum has transformed itself into a multi-chain system over the years of exploration. The subchain is secured by the main chain.
ETHEREUM has explored a number of approaches to chain scaling, such as Plasma, but they have not been successful, and now they have chosen the sharding path, which in a sense has become their own cross-chain ecology. So now these three projects will have certain competition.
But Ethereum among these ecological systems is the most perfect, the practice of being most decentralized, very worth looking forward to.
But there is also the possibility that Polkadot succeeded before Ethereum did. POLKADOT is now in Phase 1, but Ethereum is not even in its Phase 0.