We published an update on our related work and projects last Friday, and on this topic, these are the relevant points:
- Shorten slot times to increase the heartbeat of the network and decrease every delay: Time to inclusion / fast confirmation / finality.
See post by @misilva73 for the latest on this work! ethresear.ch/t/an-analysis-…
- Expose in clients the fast confirmation rule for strong confirmation in 1-3 blocks (10-30s) using the attesting weight, get apps/infra to use it where sensible, instead of waiting for full finality (13-19mins).
(Re-)Specification effort with @robsaltini @mkalinin2 among others arxiv.org/abs/2405.00549
- Investigate Gasper/beacon chain changes proposed by @VitalikButerin to pipeline better fork choice/dynamic availability data and finality data ethresear.ch/t/lmd-ghost-wi…
- Deploy a new consensus mechanism. We have one with three-slot-finality (arxiv.org/abs/2411.00558), also diving into fast BFT protocols with @yannvon @luca_zanolini to decrease time-to-finality further
This is partly inspired by the Flashbots "FRP" system, and motivated by more demands to collaborate/requests for interesting projects to look at, in particular from the recent Ethereum Protocol Fellowship blog.ethereum.org/2022/09/01/eth…
The first few prompts are likely underspecified, to be expanded upon with interested parties.
If there is something else you want to collaborate on, do reach out! As long as we have the time/resources/interest to do so, we would be happy to chat with you 😀
EIP-1559 is going live today! I am very excited to see all the work that went into it come alive 😀
And among all the excitement for the burn, I wanted to share a little more about why this mechanism is in place
To many, the burn is intrinsically linked to EIP-1559, but the relationship is more nuanced. EIP-1559 today has two properties:
1) It captures economic value created by the use of the network 2) It removes this value from the supply
What does property 1) buy us? Namely, resistance to economic abstraction. In other words, ETH the asset has a special place on Ethereum, the network, as the only asset that is able to pay for the protocol fee ("basefee")
@rshandross “There is no central authority that designs, engineers and runs the Internet. But what if there were such master puppeteer, a benevolent dictator who, for example, micromanaged its operation, allocating bandwidth to flows so as to maximize total satisfaction? ...”
@rshandross “... How much better
would the Internet run? What is the price of anarchy?” (C. Papadimitriou, algorithms, games and the internet). This is the starting point of my thesis (and many others)
@rshandross It is an important measure of how much worse a system runs because there is no central control, either because it is not desirable to have one or simply not feasible. But I argue, not well-understood in practice, nor its relationship with inequality
🥳 Yesterday I defended my PhD, "Efficiency, regret and inequality in decentralised systems" 🥳 I'll have more to say about it, but here is a quick twitter abstract 👇
People usually minimise some cost function, like when they walk on the grass to reach the other side. But the social planner would like to minimise costs / damages, so would rather some of them deviate to the path in yellow
The difference in costs between a decentralised society, where a social planner cannot enforce what people ought to be doing, and a centralised society where some central planner controls all the decisions is *the price of anarchy* (PoA) (Koutsoupias, Papadimitriou, 1999)