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Hans Moog 🦋 Profile picture
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Apr 4 • 5 tweets • 5 min read
@IotaFellow @DomSchiener @Vrom14286662 @izuhia L1 smart contracts in IOTA would be the first causally ordered smart contracts.

What would be the benefits?

- 100% deterministic outcome (never again sign a TX whose outcome is unknown)
- removal of the most severe attack vectors on smart contracts (re-entrancy ...
@IotaFellow @DomSchiener @Vrom14286662 @izuhia ... vulnerabilities, poison tokens, and spoofed token approvals)
- removal of MEV
- multithreaded execution (400-800% performance gain over blockchains with desktop hardware)

What are the drawbacks?

The throughput "per smart contract instance" is limited to around 5-7 TPS.
@IotaFellow @DomSchiener @Vrom14286662 @izuhia This should be more than enough for most DeFi use cases (it's a 5th of the entire ETH throughput).

If a use case requires more throughput then you can still add load balancing mechanisms to linearly increase the throughput (by e.g. load balancing to different SC instances) ...
@IotaFellow @DomSchiener @Vrom14286662 @izuhia ... and I also have some ideas for totally ordered smart contracts on L1 with an arbitrary throughput.

Why do we think paralellizable smart contracts are a big deal?

Because we assume that if we can parallelize processing and consensus of transactions on multiple cores, ...
@IotaFellow @DomSchiener @Vrom14286662 @izuhia ... then we should ultimately also be able to parallelize it on multiple machines which is equivalent to infinite scalability through a fluid form of sharding.

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More from @hus_qy

Hans Moog 🦋 Profile picture
Mar 27
@Crypto_KAIJU @dergigi Currently, all DLTs that exist are based on establishing a shared perception of time. It is therefore trivially true to say that: "If a project is truly decentralized it must not have a central keeper of time".

I also agree with the statement, that the "relativity of ...
@Crypto_KAIJU @dergigi ... simultaneity" is the single biggest problem in the DLT space which limits the performance of the protocols - I have addressed this in one of my blog posts: husqy.medium.com/the-trust-mach…

Our consensus will be the first DLT that no longer uses such a shared perception of time ...
@Crypto_KAIJU @dergigi ... for consensus by instead recognizing the relativistic nature of time in a distributed system.

In our model, a shared perception of time still exists but it is a consequence of consensus and only comes into existence in the "aftermath". This allows us to use similar ...
Read 5 tweets
Hans Moog 🦋 Profile picture
Mar 23
@multifolio Turing complete "smart contracts" will always require some form of fees.

And this is not only related to the fact, that nobody will "run" your arbitrary complex programs for free, but also to a very fundamental problem of "computability theory" - the halting problem.
@multifolio It states that it is impossible to write a program, that looks at another program, and that determines if and after how many steps of execution this program will terminate.

The way smart contract enabled platforms deal with this problem is that each step of execution costs ...
@multifolio some resource and if this resource is exhausted, then the execution is stopped.

Without such a "cut-off" condition, somebody could deploy a smart contract with the following code:

while true {
doSthHeavy()
}

and keep the network busy forever.
Read 5 tweets
Hans Moog 🦋 Profile picture
Mar 12
@NordpoolI @Venota_IOTA @IOTA_dude There was no bug to find.

The algorithms we used to inherit branches and check transaction validity were simply unnecessarily complex which caused problems with the "merge-to-master" component.

We also didn't "rewrite" 50000 lines of code. We mostly deleted things (which ...
@NordpoolI @Venota_IOTA @IOTA_dude ... also counts as a changed line of code).

The new algorithms are not just much shorter and easier to understand but also around 8 times faster than before and lead to a much better separation of concerns in the different software components.

The problems we faced were ...
@NordpoolI @Venota_IOTA @IOTA_dude ... actually indirectly related to an improvement to the protocol that we just recently introduced and that allowed us to get rid of reattachments.

The very same change that caused the problem also enabled us to simplify the algorithms which is actually really amazing as we ...
Read 6 tweets
Hans Moog 🦋 Profile picture
Mar 10
So ... after a few days of catching up with work, today I will finally have some time for Twitter😅

I wanted to use the chance to give everybody a little status update about the progress in goshimmer and what we have been working on in the last 2-3 months.

🧵A Thread ...👇
End of last year (after debugging the first version of multiverse consensus) we started to implement one of the last missing pieces of coordicide - the "merge to master" functionality that takes care of cleaning up decided branches to keep the algorithms fast and performant.
What we estimated to take around 3-4 weeks turned out to be much more complex and kept us busy for nearly 3 months.

What had happened?

Early on, it looked like the problem was much less complex than we assumed and implementing the planned changes was progressing very fast.
Read 11 tweets
Hans Moog 🦋 Profile picture
Nov 23, 2021
@lukastanisic99 @mytweetnamehere @DomSchiener @DavidSonstebo Normally when you start a new ecosystem, you do an ICO and collect large amounts of money from venture capitalists and whales. We have decided to instead distribute the tokens to the IOTA holders for free, but this means that the ecosystem has no funds that it can access.
@lukastanisic99 @mytweetnamehere @DomSchiener @DavidSonstebo Reserving a certain fraction of the supply, doesn't work as that would only develop a value after the project has already established itself and it cannot be used to pay the first community developers and e.g. for exchange listings.

Collecting "external" funds through a ...
@lukastanisic99 @mytweetnamehere @DomSchiener @DavidSonstebo ... genesis NFT allows the community to not only raise capital for a DAO that can properly bootstrap the network but it also creates a commitment by actors to support the network by holding tokens (otherwise the booster is useless).

I understand that people are concerned ...
Read 10 tweets
Hans Moog 🦋 Profile picture
Nov 8, 2021
A lot of people think that IOTA is about creating a DLT that serves the IoT.

I have to disappoint you, guys. IOTA is not about serving the Internet of Things alone.

IOTA has the goal to create the most efficient and secure DLT that you could possibly ever build and ...
... accordingly a technology that is "secure and robust enough" to even be able to serve as the foundation for the IoT revolution.

But this doesn't mean that IOTA is going to only address that very specific topic. IOTA is going to revolutionize the whole space and I am very ...
... happy to see a lot of high-profile actors entering our ecosystem.

It is you guys, the DLT researchers, that have previously been working on other projects that are going to have a huge impact on our tech and I really invite you to voice your opinion.

IOTA is most ...
Read 4 tweets

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