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Vitalik Buterin talks about NFT, DeFi and the development process of Ethereum 2.0.



Rhythm BlockBeats news, on May 8, at the just-concluded Ethereum Virtual Summit, Ethereum co-founder Vitalik Buterin expressed his views on the development of NFT, DAO, DeFi and future cryptocurrencies. At the meeting, the Ethereum Foundation also pointed out that Ethereum’s new goal is to have 1 billion new users.

V God said that a decentralized organization (or DAO) exists as a set of smart contracts on the ethereum blockchain, allowing people to organize in a non-hierarchical structure. Their popularity has skyrocketed in recent months as Wyoming passed a bill granting them legal status.

Vitalik also pointed to the role of decentralized finance (DeFi) and NFTs in accelerating Ethereum adoption. He said: "People talk a lot about the DeFi space, and NFT has really managed to enter the mainstream business and attract a lot of people's interest."

Vitalik initiated the EIP-3298 proposal to return the gas fee to normal: On February 28th, Vitalik initiated the EIP 3298 proposal yesterday. The content-zce of the proposal is to remove the rule of "executing SELFDESTRUCT to obtain gas fee reduction rewards" in the London upgrade.

It is reported that the gas fee of the Ethereum network is affected by the size of the Ethereum state (the collection of contracts and address information stored by nodes), and the more the state of Ethereum expands, the gas of the entire network will increase accordingly. And "SELFDESTRUCT (self-destruct)" is an operation code at the virtual machine level. By executing this operation code to destroy the contract, the Ethereum virtual machine will return a part of the gas fee to the user, thereby incentivizing the contraction of the Ethereum state. However, some developers store gas in the contract when the gas fee is low, and execute "SELFDESTRUCT" for arbitrage when the gas fee is high. This behavior of filling "cheap gas" in advance actually leads to network expansion. After Vitalik initiated the proposal, Ethereum gas has returned to the level of tens of Gwei. [2021/2/28 18:00:26]

NFTs are special properties that allow them to be linked to digital content-zce such as images and music. The popularity of digital artwork has exploded in recent months as brands and celebrities launch their own NFTs, and multimillion-dollar sales of individual products have dominated headlines.

Vitalik: Ethereum 2.0 may take many years to solve the expansion problem: Vitalik Buterin, the co-founder of Ethereum, said that there is still a long way to go for the scalability of the Ethereum base layer, and it is likely that the blockchain foundation will not be realized after many years Layer expansion. According to Vitalik, scaling based on the application base layer may not appear until the last major stage of Ethereum 2.0 is completed, so it may take a few years to wait. Vitalik said that in view of the current situation, he suggested that all Ethereum expansion work be put on the second-layer Layer 2 solution. At the same time, he suggested that once the "Ethereum 1.5 phase" fully passes the proof of equity, then basically no attention will be paid to the expansion issue. If the user is not convinced that the "Ethereum 1.5 stage" can solve the capacity problem, then a compromise can be taken, namely: have a small number of execution shards (such as 4-8) and more data shards. Vitalik suggested building a layer-2 protocol directly in the wallet, such as MetaMask or Status. He also emphasized that more work needs to be done on "transmission across layer-2 protocols". Layer-2 solutions can somehow become part of the protocol itself, while Ethereum 1.0 can be used as an Optimistic Rollup client. [2020/10/3]

Diginex and Itiviti Expand Partnership to Adopt Itiviti's Tbricks Automation Solution: Itiviti, a technology and services provider for global financial institutions, announced an expanded partnership with Diginex, a digital asset financial services and advisory firm, to implement Itiviti's Tbricks automation solution . Diginex selects Tbricks to provide risk, P&L and portfolio management for its institutional clients. Notably, the company will use Tbricks to launch Diginex Access, a multi-venue trading, portfolio and risk management service for digital assets that will be powered by Tbricks automation technology. (Finance Magnates)[2020/7/16]

While Vitalik acknowledges that NFTs have a “speculative side,” he’s excited about their potential because they could “allow people who previously had no business model at all to finally have some sort of business model for the first time.” He added, This could include creators, artists, and even charities. “Things like this can be used as a way to make some interactions happen that weren’t possible before,” he said. “That’s already a great outcome.”

Playboy Announces Cryptocurrency VIT: The Playboy subsidiary has announced that it will launch its own cryptocurrency, VIT, as part of an online payment wallet it is developing. The wallet will serve the company's digital media and casual gaming businesses and will accept cryptocurrencies other than its own. Yesterday, Playboy announced that it would allow users to pay for adult content-zce using cryptocurrencies. [2018/3/16]

Vitalik's top priority is to help with the transition to Ethereum 2.0, the long-awaited upgrade that will see Ethereum transition from the PoW consensus mechanism to the greener PoS model.

“As the merger draws closer, the roadmap has gradually become more pragmatic in many ways,” Vitalik said. According to his “optimistic estimate,” the long-awaited upgrade is expected to be achievable this year. Unlike two blockchains where assets are transferred from one to the other (this was originally conceived in 2018), the network upgrade aims to minimize disruption for users and developers and promises to pass Sharding and "other things" greatly improve scalability.

Perhaps the biggest compromise is that the new PoS chain will not contain the transaction history of the old PoW chain, which was renamed the "execution chain". At the same time, the Beacon chain that introduced PoS to the Ethereum network will be renamed the consensus chain.

“When merged, the execution chain will be inside the consensus chain,” Vitalik explained. “Each beacon chain block will contain an execution chain block. So it’s equivalent to a chain within a chain.” The design is to “allow The incorporation process was made as simple and smooth as possible, for users, clients, developers, and contract and application developers." He added: "There is a lot of complex technology in the background of the game, but from the user's point of view See, you don't have to worry too much about that."

The entire transaction history of the blockchain will still be in this PoW chain of work. But eventually, the Ethereum client will drop the old code and will no longer be compatible with the new version. “People are going to have to use legacy nodes or create special purpose protocols to handle really old data,” he explained.

He noted that tools like The Graph, which can efficiently locate legacy data, are already available, and new ones are being developed.

The decision not to include old data is a necessary tradeoff. V God said: “We definitely don’t want Ethereum nodes to continue to become more clumsy and complex over time.”

"I don't think it breaks immutability because the hash chain is still there," so it can still be checked, but Vitalik also realizes that Bitcoin advocates may not be on the same page. "I think there's a real cultural difference in terms of expectations," he said. "[Bitcoin users] really value the idea that with today's Bitcoin nodes, you can verify everything that happened from day one." With Ethereum, that's not the case; future researchers Will have to use an old client to check older parts of the chain. He added that the difference in the relationship between the community and the blockchain is not the only thing that differentiates the Bitcoin and Ethereum communities.

Aya Miyaguchi, executive director of the Ethereum Foundation, which governs the ethereum network, also joined the discussion along with Vitalik Buterin. Aya Miyaguchi discusses the actions needed to get Ethereum to a billion new users, including working with UNICEF. The collaborative initiative aims to connect people to the internet, initially targeting schools.

She also said African governments were interested in participating in investing in the network as a way of gaining more financial independence. In the near term, the foundation will collaborate in more academic fields, expand into economics and the social sciences, and provide additional funding for under-resourced applications using the network.


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