Thread by @SalomonCrypto

(1/24) Are you liking my @ethereum roadmap posts? Do you want to further into the future, beyond the roadmap?

Bitcoin was our 0 to 1 for trustless applications. Ethereum for trustless computing.

And soon, @eigenlayer will extend $ETH to provide generic, extendable trust.

(2/24) @Bitcoin invented decentralized computation: the coordination of untrusted computers to achieve a unified computing environment.

However, Bitcoin was implemented as an application-specific blockchain computer. It’s only functionality is to transfer $BTC.

(3/24) In order to create any other application/functionality, you would have to deploy a new network with a new basis of decentralized trust.

Each application would fracture the available trust further and further.

(4/24) In 2015, @VitalikButerin delivered on Satoshi's 2008 vision: generalized trustless computing.

(5/24) @ethereum replaces Bitcoin's application-specific computing environment with a generalized one.

Bitcoin can only add or subtract. Ethereum is Turing-complete.

(6/24) Turing-completeness is a concept that boils down to "if a system is Turing-complete it can do anything that any other Turing-complete system can do"

We can prove that @ethereum is Turing-complete and therefore we know it is capable of everything your Macbook is capable of

https://twitter.com/SalomonCrypto/status/1543571618298880002

(7/24) @ethereum allows a developer to deploy a decentralized application without having to build out decentralized trust network.

Decentralized trust becomes a resource supplied by Ethereum. All the technology, infrastructure and participants get abstracted away.

(8/24) From the perspective of an application, @ethereum provides a decentralized trust module. Developers are freed up for innovation.

Before they had to rebuild the wheel and nurture a network before they even got started. Today all that comes in the base package.

(9/24) However, @ethereum didnt solve the trust problem. The trust module is built on the first three layers of the system (trust, consensus, context).

This created a great platform for innovation, but requires a complete rebuild for changes to those 3 layers.

(10/24) Turns out @ethereum only provides trust around block production, but there are lots of other applications that need trust.

Any other trust we must supply directly through middleware.

(11/24) Middleware is any software that provides a service, information or method of communication between chains.

Middleware exists between chains and therefore must secure its own trust.

(12/24) A good example of middleware is oracles, software that transfers data in and out of @ethereum’s computing environment.

These protocols must boostrap their own trust network… which is very hard and expensive. There’s a reason why @chainlink is the only game in town.

https://twitter.com/SalomonCrypto/status/1557211373288898560

(13/24) Fortunately we have @eigenlayer! So new I can only find 3 videos.

But just one is all it takes. Once you hear @sreeramkannan walk you through you’ll see that this technology will eventually be in the core @ethereum protocol.

(14/24) @eigenlayer integrates at the node level of @ethereum. Nodes are where $ETH staking takes place.

Node operators lock $ETH in exchange for the right to operate a node. If the operator behaves and fulfills his duties, he earns $ETH.

(15/24) If he fails in his duty (or worse, takes malicious action), a portion of the $ETH that he locked up is slashed (permanently taken) and they are ejected from the network.

This is the mechanism by which @ethereum secures and delivers trust.

(16/24) And so, a node operator puts capital at stake and operates a node.

Nodes are real computers scattered across the globe. The requirements for running an @ethereum node are EXTREMELY low, especially considering the capital at stake.

(17/24) Requirements are kept low deliberately; every person, whether MEGACORP CEO or Aunt Phillis, can become a node operator and keep the network honest.

From decentralization flows credible neutrality.

From credibly neutrality comes global dominance.

https://twitter.com/SalomonCrypto/status/1559920665477595137

(18/24) Many node operators have extra computational power, some MUCH more.

@eigenlayer allows node operators to deploy their excess computing power for middleware layers while tapping into the trust base of @ethereum.

The process is called restaking.

(19/24) Node operators begin the process like normal, locking $ETH in exchange for the right to operate a node.

Then node operators opt-in to being a service provider for @eigenlayer.

(20/24) Restaking means your $ETH is put at risk for additional slashing if the node operate misbehaves in providing these additional services

This isn’t a liquid staking product, this is managed through the delegated withdrawal address.

(21/24) $ETH stakers can set the withdrawal address of their node to a 3rd party address. When they opt-in to @eigenlayer, they set their withdrawal address to an EigenLayr smart contract. This contract can then deduct any $ETH before returning it to you (effectively slashing).

(22/24) In exchange for committing to operate the middleware and taking this extra risk, the node operator is compensate by the service provider.

Thus, the middleware can tap directly into $ETH’s trust base.

(23/24) Merge mining refers to the act of mining two or more cryptocurrencies at the same time, without sacrificing overall mining performance.

Restaking is Proof of Stake's version: merge staking.

(24/24) Below is @ethereum’s roadmap. As much as it’s full of detail, it’s even more full of questions.

The more I ask, the more I realize I still have to learn.

And the more I realize that Ethereum is inevitable.

https://twitter.com/salomoncrypto/status/1569867843323428864

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https://twitter.com/salomoncrypto/status/1572094840619532288