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Patrick McCorry (πŸ’™,🧑) Profile picture
@stonecoldpat0
May 6 β€’ 1 tweets β€’ 1 min read β€’ Read on X
Franklin Templeton and what looks to be a proxy for BlockRock has applied for the ArbitrumDAO's STEP allocation?

wow

β€’ β€’ β€’

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More from @stonecoldpat0

Patrick McCorry (πŸ’™,🧑) Profile picture
Nov 11, 2022
The DeFi workshop is on and it kickstarts with @danrobinson giving a keynote about Uniswap V3 :) ImageImage
Uniswap is a decentralised exchange built using smart contracts. Sort of like the functionality of exchange like a coinbase to allow counter parties to trade assets.

You can trade it directly with the counterparty and everyone maintains custody.
There are plenty of benefits.

You can keep custody of funds - no need to trust someone else to protect them.

It’s censorship resistance via the base layer. Anyone can transact.

It’s permissionless - you don’t need a business relationship to use it.
Read 100 tweets
Patrick McCorry (πŸ’™,🧑) Profile picture
Nov 9, 2022
Satoshi Nakamoto's goal was to remove all the that's required to make it work with cryptographic proofs

Yet, insolvency-ridden exchanges have replicated the trusted model

Rollups are a solution to fix the woes of FTX and carry on Satoshi's vision:

stonecoldpat.substack.com/p/rollups-cent…
πŸ§΅πŸ‘‡
Off-chain scalability has helped us scale for the past ~12 years.

For many users, it is the representative experience of using crypto as they only transact on trusted platforms.

Unfortunately, the design of fully trusted off-chain systems are fraught with dangers including:
- No proof of reserves and only "external audits" of spreadsheets

- Funds are freezable, especially when the exchange runs out of money.

- Closed source and not auditable

- Lack of oversight as customer funds lent out in waves of credit bubbles.
Read 33 tweets
Patrick McCorry (πŸ’™,🧑) Profile picture
Nov 7, 2022
Ethereum was successful because it solved a fundamental problem in Bitcoin and a community was hungry for it.

They didn't perfect the code for X years before making it public. It was open from the get-go and anyone could participate.

Open & public ethos == winning strategy
They did not set out to build an empire based on a software moat. It was obvious then, and it is obvious today, that is a failing strategy.

The goal was to build a developer moat. Get everyone building towards the same goal. It was then followed by an asset and user moat.
Today, the Ethereum's upcoming moat is to become the settlement layer for a world of chains.

They are not the first to have this idea and several other blockchain projects built it already.

The difference is that Ethereum is King of the developer, user and asset moat.
Read 5 tweets
Patrick McCorry (πŸ’™,🧑) Profile picture
Sep 15, 2022
The Merge is HERE

A thread about PoS Ethereum πŸ§΅πŸ‘‡
Energy consumption is reduced by 99.8%

It is publicly verifiable, and beyond all reasonable doubt, there is NO environmental impact to use/run Ethereum.

NONE NONE NONE.

This is one less problem to help convince newcomers to try, adopt and use crypto.
No impact on scalability

PoW & PoS is a sybil-resistance mechanism.

Goal:
-- >Restrict who can participate in the block production process

It attempts to only find players with skin-in-the-game & thus act rationally.

Read 22 tweets
Patrick McCorry (πŸ’™,🧑) Profile picture
Jul 5, 2022
I’m hoping to tweet some of the talks at Advances of Blockchain Technology today.

🧡 πŸ‘‡
First talk is a comparison of layer-2 techniques for scaling blockchains by Adria Torralbla-Agell
It was a short talk. But generally it focused on:

Blockchain trilemma:
- Scalability
- Security
- Decentralization


Typically pick one of two.

But what does it mean to scale? There are lots of ways to measure performance such as tps.
Read 98 tweets
Patrick McCorry (πŸ’™,🧑) Profile picture
Mar 10, 2022
Rollups have empirically demonstrated how to bring down the cost of transacting by 10x-100x.

This is because computation is now local to the rollup and only the data is publicly posted to world.

EIP-4844 can bring down the cost of data, saving us all more on fees.

πŸ§΅πŸ‘‡
Data is the single most important resource for any blockchain system including rollups.

The sole purpose of data is to allow anyone to compute a copy of the database that contains:
- Account balances,
- Smart contract code,
- Smart contract state.

Why is that important?
It allows anyone to:
- Review the code of an application (make sure it’s not a scam),

- Check balances and position (in real time),

- Confirm the off-chain system is fully collateralised (assets cover liabilities),

- Be convinced the database’s integrity is intact.
Read 15 tweets

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