1/ Yesterday: My L1 chain has better, faster tech than #Bitcoin or #Ethereum. It is not compatible with existing software or tooling, but will nevertheless overcome network effect and momentum to become the next Ethereum. Invest in my Ethereum killer.
2/ Today: My L2 rollup chain has better, faster tech than #Bitcoin or #Ethereum. It is not compatible with existing software or tooling, but will nevertheless overcome network effect and momentum to become... Invest in my...
3/ Investors routinely underestimate the value of iterative evolution - trial-and-error over time - sunk into software, tooling, auditing software libraries & the 1,000 other elements of a software ecosystem.

Smart competitors build on top of that, rather than starting from zero
4/ The EVM is far from perfect. Holistically, however, it is far safer, and far less engineering effort (and expense) to build on top of battle tested, real-money-tested, audited #DeFi components, vs starting anew with a new smart contract language on a new chain with new quirks
5/ To clarify, this applies to the #Ethereum chain, but also other EVM compatible chains (Avalanche, Qtum, RSK, xDAI, ...)

The EVM has become a CPU instruction set, where the underlying CPU is optimized (chain node) while the Instruction Set Architecture evolves on its own.

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More from @jgarzik

6 Oct
1/ Supportive of this innovation and effort, and encourage people to participate.
2/ #Ethereum bot ecosystems often unintentionally evolve to single-bot-wins situations, where it is pointless & costly to run a bot that consistently comes in "2nd place"
3/ Bot 1 consistently wins liquidation auctions. It becomes unprofitable for others to play the game, resulting in a single player game. If the player (Bot 1) leaves or malfunctions, no other bots step up and take its place, due to incentives & deteriorated ecosystem.
Read 4 tweets
21 Feb 19
Finally spent some time studying #Ethereum Merkle Patricia Tree github.com/ethereum/wiki/…
1. It is an elegant data structure for Eth, creating a cryptographically stable merkle root, no matter the data insertion order.
2. Oh boy, it really punishes your hard drive storage.
In my past life at Red Hat, I wrote the ATA (aka IDE) drivers for Linux, so I know a bit about data storage and hard drives.
Here is why Eth is so punishing on data storage, and why SSDs/NVMe are a field requirement for Eth:
Like Bitcoin, Eth has poor cache locality:
* Huge db, which means each Next Page is less likely to be in page/disk cache.
* Keys are hashes, which means each Next Query Key is uniformly random, and therefore equally unlikely to be “close” to any recent past query.
Read 6 tweets

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