bartek.eth Profile picture
Nov 12, 2021 16 tweets 4 min read Read on X
1/ What are your favourite blockchain myths ? Can you add sth to this list of my personal favourites (in no particular order) ? Which one you disagree with ? Myths and Truths below: 👇🧵
2/ M: There is no extra social layer in blockchains, consensus is programmed into the software and blockchains are truly immutable
T: Users can decide to change consensus rules, fork the blockchains, change history
3/ M: Users will prefer immutable, code-is-law, blockchains over blockchain that changes former consensus rules
T: If programmed consensus rules seriously clash with what is understood to be the social consensus (the intent) users prefer a forked blockchain (ETH vs $ETC)
4/ M: Above might be true for other blockchains but Bitcoin is immutable and consensus rules have never changed in the past
T: The consensus rules have been changed with Bitcoin in the past, they can be changed again
5/ M: Ok, some rules in Bitcoin changed, but the 21.000.000 limit cannot be changed
T: We will see
6/ M: Merge mining provides as much security as the “host” blockchain
T: Blockchains merge mined can be “destroyed” by host miners, it happened in the past, sometimes singlehandedly by individual actors (@LukeDashjr)
7/ M: On-chain Oracles might be manipulated, but off-chain Oracles has never failed in the past, have huge Lindy effect and can secure multi-billion DeFi space
T: Off-chain Oracles failed in the past with disastrous effect blog.synthetix.io/response-to-or…
8/ M: User will learn from past Ponzis and won’t participate in new ones
T: Users will try to recoup their losses from past Ponzis with the new ones hoping that this time they will find bigger fools than themselves Image
9/ M: All crypto tokens are Ponzis
T: Many crypto tokens are Ponzis, some of them are definitely not. The hard challenge is to educate yourself to find ones that are not
10/ M: Algo crypto coins can work, it’s a matter of finding a good design
T: Most (maybe all ?) algo coins will not survive brutal bear market as evidenced by BitUSD, NuBits and many others. Good stablecoin needs sound collateral coingecko.com/en/coins/nubits
11/ M: Users don’t care about decentralization, they prefer fast txs and low fees
T: They will start to care if they are censored or rugged by unscrupulous centralised miners, either because they are dishonest or are forced by regulators
12/ M: zkRollups cannot be rugged by their teams, because of the moon matc
T: zkRollups can be rugged in a number of ways, most easily by including a backdoor in the circuit that is not detected by the larger community until it is too late
13/ M: In zkRollups state growth is not a problem and they can scale almost infinetly
T: To achieve true censorship resistance users need to be able to independently reconstruct the state which will be a challenge if state growth is too fast for the average user to keep up with
14/ M: Users will prefer projects with sound tokenomics and super-star team that spent millions on security audits, formal verification and countless peer reviews of their protocols
T: Users prefer coins with dog meme
15/ M: @sassal0x can single-handedly crush the market with one tweet given his superpowers and ungodly time zone in which he operates
T: This one may actually be true
16/ M: ETH archive node is gigantic compared to Bitcoin archive node
T: ETH archive node allows you to query the state at any point from the past. It's like asking Bitcoin node about UTXO set from a year ago. Comparison makes zero sense as the meaning of "archive" is different

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More from @bkiepuszewski

Nov 18, 2024
In one of the biggest recent news from L2 Land @taikoxyz enabled not just one but two different zk provers from @RiscZero and @SuccinctLabs ...

So why @l2beat keeps insisting that it's an Optimistic Rollup and its State Validation Pizza slice is still red ? 🧵

Taiko has a multitier proof system. You can override lower-tier proof with higher tier proof. The tiers are defined as follows:
1. SGX Proofs
2. ZkProofs from Risk0
3. ZkProofs from SP1
4. 1/8 Minority Guardian MSig
5. 6/8 Majority Guardian MSig

/2 etherscan.io/address/0x394E…Image
When you submit a SGX Proof, it can be overriden by any proof from the higher tier. Taiko does not force you to use ZkProofs, when you propose a block you can prove it with SGX /3
Read 10 tweets
Oct 12, 2024
The upcoming shutdown of @dYdX v3, once >1B$ rollup is IMO one of the most significant events in the Ethereum rollup space. Operators will simply stop working and users will have to remove their funds using L1 escape hatch if they haven't done that already ...
This ability - to remove your funds when operators shut down - is sth you should expect from any rollup. It is as if you had your funds in a bank and suddenly your bank shut down. What do you do ? /2
By operators I mean here any permissioned party. Sequencer, whitelisted state proposers, provers, multisigs able to upgrade the contracts, whoever. Imagine you are left alone, and all it's left working are smart contracts on Ethereum /3
Read 8 tweets
Mar 8, 2024
Here's my more nuanced take on @Blast_L2 , have a look at the first part below if you want to have a full picture. In this thread I will explain more the L2 rebasing mechanism 🧵👇
So you know that Blast is taking your funds from L1 escrow and tries to generate yield with them . This potentially can impact your withdrawals as explained in the previous thread. But what happens with this yield ? /2
There are some permissioned actors (REPORTERS) that periodically inform L2 about the new yield generated. You can see them in work here - each commitYield() generates L1 -> L2 message to report new yield /3 etherscan.io/address/0x9807…
Image
Read 11 tweets
Jan 12, 2024
A long thread on why, when you use external DA, you need a "DA bridge", which is why - using @sreeramkannan words - external DA looks like DAC (Data Availability) to Ethereum, and why we are complaining that projects using @CelestiaOrg are not using Blobstream bridge 🧵👇
This is what a Validity (zk) Rollup looks like. Transactions (or state diffs, doesn't matter) are posted to Ethereum and Validity proof reference them. Whole construction is very secure /2 Image
This is the optimistic version. No problems here either as we assume that data is always available as it was posted to Ethereum. Challenger should always have access to txdata that is needed for the Fraud Proof /3 Image
Read 12 tweets
Jan 8, 2024
There's this big misconception that Plasma = Fraud-Proofs + external DA (similarly to Validiums = Validity Proofs + external DA). The misconception stems from the fact that Plasma is using fraud proofs *and* does not use Ethereum as DA. But it does not work as Validiums 👇🧵
The easiest way to think about Plasma is that it is a system that allows users to permissionlessly exit their coins w/out any additional trust assumptions. So - security wise - Plasma is in the same category as Rollups /2
How is it possible if data is not posted to Ethereum ? The assumption in Plasma is that essentially data necessary to exit assets is kept by clients/users having these assets, so it's distributed all over the place (and not in some external DA as is the case with Validiums) /3
Read 13 tweets
Oct 31, 2023
TPS is a very faulty metric to measure blockchain throughput. And it's going to get worse in the future. One of the potential alternatives is to measure UOPS - User Ops per second. But what are they, how they relate to AA and is it really a feasible alternative ? 🧵👇 Image
We are used to see 100-200 individual transactions in a current block on Ethereum. Each (or most) what appears to be an individual action performed by an owner of EOA initiating the transaction /2 Image
It is likely though that in the future because of AA and PBS instead of hundreds of individual transactions we might see few "bundles" - transactions that "pack" dozens of individual user transaction in one, bigger tx prepared by the "bundler" /3
Read 19 tweets

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