The Internet Computer Protocol $ICP continues to improve.
@lastmjs and I frequently discuss building on the #IC: problems, pain points, bottlenecks
In our past few conversations, we've been running out of problems to talk about.
Here's what I'm most excited about for 2023: 🧵
Increasing the binary size limit.
Right now all of your canister code has to fit in 2MB. This is pretty low, especially if you are doing canister dev in Python.
They are working on increasing it which will enable standard library in Python, external dependencies, etc.
Decentralizing node providers and boundary nodes.
The sooner anyone can buy a rig and become a node provider the better. This is a common reason why people complain about $ICP centralization.
This is currently being worked on, and I can't wait to forever remove this concern.
Hardening and further securing the NNS.
Let's make it very hard to change canister code, censor canisters, and change protocol tokenomics.
This will increase trust in the protocol and give us safeguards while governing the protocol.
Cross-canister query calls.
All cross-canister calls right now (one canister calling another canister directly) are update calls. Being able to do cross-canister queries will be absolutely amazing and will enable SO many new things. Will be within same subnet first.
Improvements to tECDSA speed.
At 1 txn/s/subnet we can't really handle any kind of meaningful activity at scale. I think Dfinity can get it up to 10 txns/s/subnet, at which point combining it with some roll-up or txn bundling will enable tECDSA at scale I believe.
Image caching at boundary nodes
I would love to be able to cache assets in a granular and configurable way at the boundary node layer. Would be extremely convenient to not have to worry about caching as an application developer.
Unsure on progress, but hope it comes in 2023.
Threshold Key Derivation
This will add incredible privacy to the IC by enabling canisters to perform threshold key derivation. This means even node providers cannot access your canister data.
Once implemented, the #IC could host the most secure and private data in the world!
Increased message size or better tooling
Right now all messages are limited to 2MB, which is limiting in many cases.
Having a general solution at the protocol level to handle messages larger than 2MB would be amazing in abstracting away chunking/streaming from #IC app devs.
Modular robust DAO tooling.
With SNS, @CigDao_, @DSCVR1, we have a great start to DAO tooling. I expect this to increase substantially in 2023.
$ICP has a major advantage over other chains in being able to control a full stack app with a DAO. Will 2023 be the year of the DAO?
Now for the crazy wish-it-could-happen item: sending $ICP in an update call.
If you could call a canister ".with_icp(10)" it would be the simplest payment flow of all time. This would dramatically simplify payment flows on $ICP & enable app devs to do way more with ICP payments
I have been building canisters in Kybra (using Python) over the past month, and I am impressed at how capable the Internet Computer is right now.
I can basically do whatever I want in Python on the #IC, which is absolutely insane.
And it's just going to get better.
Thanks to everyone at @dfinity for continuing to make incredible progress at the protocol layer. 2023 is going to be absolutely massive for #ICP 💥
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What are current network parameters?
How do proposals work?
What can we actually do as a community?
How do we view proposals and vote?
For the technical and non-technical folks of the great $ICP ecosystem.
Let's go 👇
First up - current network parameters.
Default followees = None
Proposal rejection cost = 0.1 token
Neuron min stake = 0.1 token
Max dissolve delay = 100 years
Max neuron age for age bonus = 6 months
Min dissolve delay to vote = 30 days 10 hours 30 min
Txn fee = 0.00001 tokens
Unfortunately Twitter threw an error and didn't post the remaining 18 tweets in this thread. So I'm going to have to retype those. Give me a bit.
The SNS might be the first DAO-generation tool that creates 100% on chain DAOs across all of Web3💥
The SNS isn't a silver bullet though, so let's dive into the pros and cons of using a DAO creation tool like the SNS:
👇
The Service Nervous System (SNS) will be released soon and builders on $ICP can use it to do a Decentralization Sale, where they sell/airdrop governance tokens and give control of their dApp (FE/BE) to a governance smart contract.
The SNS is unique when compared w/ other DAOs because on $ICP you can decentralize EVERYTHING using the SNS: dApp frontend, backend, business logic, and assets (images, files, etc). Only the controller can make modifications, and that controller is a governance smart contract.
Volt is a smart wallet solution on $ICP. Every user gets their own canister (technical view)
But in reality, think about it less like a wallet and more like the center of an entirely new ecosystem of amazing Web3 products
Here's why the Volt ecosystem is going to be massive⚡️👇
Smart contract wallets have been around a long time, and exist on many chains, but we're just barely starting to scratch the surface on what they can do on the #IC.
Smart wallets might be hard to understand for non-technical folks, but trust me, they are going to be the future.
A smart wallet is exactly as it sounds, a "smart" wallet. A wallet that can do more than a normal wallet. A supercharged wallet. A wallet with superpowers.
Combine that with the smart contract capabilities on #ICP, and you can basically do anything.
Heated community discussions are happening everywhere on #ICP right now.
I would like to reposition the discussion from solution-focused to problem-focused.
Let's talk about WHY this is happening. What is the problem?
Once we agree on the problem we can discuss solutions
🧵👇
1. There is one major contributor to the development of the Internet Computer Protocol (ICP) right now 2. There is one entity reviewing new protocol changes 3. There is one entity giving out grants to ecosystem projects 4. There is one entity establishing the roadmap of the IC
That entity is the @dfinity foundation, and they are doing a marvelous job
But this is the problem. The #IC has many points of centralization
Our task, as a community, is to determine how we decentralize the 4 areas I mentioned above:
I've been talking with @danostrovsky and @rckprtr about how to grow the #IC, which inspired my poll yesterday.
Based on discussions, my current thesis is that focusing on bringing in more Web 2 users is likely the right move for the majority of #ICP companies.
A thread...🧵👇
To understand why expanding to Web 2 users is the right path forward, let's look at the technology adoption lifecycle.
New tech adoption starts at the left and moves to the right:
Innovators: 2.5%
Early Adopters: 13.5%
Early Majority: 34%
Late Majority: 34%
Laggards: 16%
There are about 50m users that own NFTs and about 300m users that own crypto currency worldwide.
If you take the percentage of people in the innovators group and multiply by internet users in the world (~4 billion) you get 100m, which means at 300m we are right at the "chasm"
Now, more than ever, we need better monetization models for creators.
So let’s explore a few promising options 🧵
Let’s start with three models and the types of NFTs they work with:
- Harberger taxes -> Pure art
- Subscription NFTs -> Utility NFTs
- Milestone based minting -> NFTs meant to fund dev
And then a fourth royalty avoidance detection AI idea at the end you’ll want to hear about.
Harberger taxes:
1. All NFTs must be listed on the marketplace at all times. After purchase, you have to list.
2. You pay X% of your listed price as a monthly tax to the creator. The higher your listing, the more secure your NFT, and the more tax you pay, and vice versa.