Answer to this junky analysis is on the slide on subnet creation & "deterministic decentralization" in the std. deck. TLDR; real world resilience though actual decentralization is far HIGHER than for the trad. blockchains in Justin's bags 🧵

deck.internetcomputer.org @Justin_Bons An ICP subnet (an advanced form of blockchain that integrates with other subnets) is:
– created by sovereign hardware, not cloud instances
– every node owned/operated by a different provider
– from different data centers
– in different geographies
– and jurisdictions (most)
🧵

Here's my unfinished "Pebble" cryptocurrency from 10/2014 paper, and other historical notes for #ICP folks, until now/AI 🧠

— 1st industry classical BFT math scheme for the blockchain setting

— 1st industry sharding/infinitely scalable cryptocurrency ledger scheme

🧵 Pebble was my first work in crypto, shared only with insiders like Vitalik, Nick Szabo, etc.

In the following years, my thinking became more sophisticated, but I pioneered concrete solutions for scaling, performance, efficiency...

📄 Pebble pdf:

🧵drive.google.com/file/d/1v0xs2v…

Ditto 🔥. @balajis we should chat some time!

Web3 and enterprise services can be built 100% on-chain on the Internet Computer using smart contracts.

Hardware is key to the magic formula: #ICP runs on sovereign hardware, similarly to how Bitcoin is created by ASICs 👇

https://twitter.com/balajis/status/1725536755213082808

#ICP "node machine" hardware specs are publicly standardized, and "node providers" create "provider profiles" on the network.

This helps make decentralization configurable, and is 100% necessary to the delivery of efficient "full stack decentralization"👇

@SaorsaLabs @Ankit_220793 Endless witch hunts won't bring anything out of the shadows. It just draws attention to quasi-criminal FUD and gives it life. The idea that as an organization, we would go through years of R&D to perform some kind of rug pull is absurd👇 @SaorsaLabs @Ankit_220793 This idea that the price fell because of insiders selling, also completely misses the obvious (as all conspiracy theories do): if the price was too high at $500, then it was going to fall in EVERY circumstance because of price discovery👇

2023 ➠ HUGE crypto advances🚀🚀🚀

Internet Computer | #ICP ➠ trustless L2 for bitcoin, ether, ERC20, smart contracts

It's started happening ALREADY, check out what's going on👇 MOMENTS AGO, I acquired icBTC on ICDex.io

My purchase took 1-2 secs⚡️

ICDex provides FTX-like functionality. But ICDex is really a next-gen DEX in beta, running 100% on-the-blockchain, including its web experience

It's made with decentralized smart contracts👇

Some Internet Computer | #ICP blockchain aims are less well known.

One such aim: Creating an equivalence between a bitcoin token and a social network ∞

This requires some explaining👇 A bitcoin on the Bitcoin ledger has some important key properties:

1. It's autonomous (no dependence of central parties, it just exists)

2. Ownership and control is sovereign to the key holder(s)

3. It's tamperproof & unstoppable. No hackers, govt. etc can stop it👇

The Internet Computer (ICP) is
a singular vision of web3

The vision is sufficiently opinionated,
it can only be right or wrong

The choice is vexing many in blockchain

Is this a web3 awakening, or not?

Hear the arguments👇 ICP’s vision is that web3
services & dapps should always run:

- 100% on blockchain (no cloud..)
- In the mode of decentralized *protocols*

i.e. they must be built 100% from smart contracts that serve web & run autonomously under the full control of community DAOs

Why?👇

It's time to speak out about some troubling stuff on FTX

ICP-PERP is a synthetic version of real ICP, exclusively created and traded there

The price is usually slightly below that of real ICP traded on spot markets.

Here's why 👇 When the price is below spot, that means traders/hedge funds/market makers can profit by:

1. SELLING n ICP
2. BUYING n ICP-PERP

When the price of ICP-PERP is kept below spot, it drives the selling of real ICP on exchanges around the world

But is the ICP sold coming from?👇

DeFi chains connect to Bitcoin & Ethereum via "bridges".

1/ Your original assets are lost if trusted validators:
- Collude or get hacked
- Receive a cease and desist

The Internet Computer will integrate with Bitcoin and Ethereum DIRECTLY w/o a bridge, trust or fragility

How? 2/ Chain Key crypto on the Internet Computer will maintain an infinite number of Bitcoin ECDSA keys, virtually...

Smart contract have their own Bitcoin address

They can receive bitcoin, and can send bitcoin using a function call

Bitcoin.send(...)

The bitcoin lives on Bitcoin

10 big ideas in the Internet Computer blockchain...

1/ The "reverse-gas model"

Users can interact with smart contracts without holding, or paying, tokens (which is troublesome)

Smart contracts are pre-charged with "cycles" (gas) and these are used to power computation instead. 2/ Smart contracts at web speed

Smart contracts are fast and can be called (invoked) in two ways:

Update call
- changes persisted on chain
- 2 secs+ (fastest consensus ever)

Query call
- changes discarded
- milliseconds

1/ Smart contracts will rule the world.

Most websites, systems and online services will be rebuilt and fully reimagined using them.

They are a new and superior form of software. The Internet Computer blockchain removes their limitations.

Here's why smart contract are better: 2/ Smart contracts run on public networks.

Nobody wants to be the captive customer of AWS, Azure and Google. Developers don't want to build using proprietary old IT frameworks. They want to be free.

Unlimited smart contracts provide the alternative.

Remember AOL vs internet...

1/ Filecoin says its network is rewarding an *exabyte* of storage capacity, but is only storing GBs of data.

e18 capacity vs e9 usage → Filecoin paying for a *billion* times more storage than they need.

IMO this is not scaling. This is wasting.

decrypt.co/48938/bigger-t… 2/ Filecoin can't solve Ethereum's on-chain storage costs (1GB costs ~$5 million). Myth

If a smart contract puts its transactional data on IPFS, anchored by a hash, it still has to receive that via parameters → costs can get BIGGER

+ diff trust zones, multiple systems → mess

1/ To design a web-speed blockchain computer:

—That can scale without bound
— Is efficient enough for mass market usage

You must observe a key design principle:

Your network protocol suite must separate key blockchain concerns, such as mediating participation, and consensus... 2/ Bitcoin was the first blockchain design, so naturally it tightly coupled concerns

For example, Proof-of-Work hashing must create "Sybil resistance" that mediates participation by making it costly *and* generate random numbers to drive consensus by selecting block proposals...

Decentralization is about to reset a decades long entrepreneurial calculus.

1/ So far, entrepreneurs have needed Silicon Valley to source talent, knowhow and investors… 2/ Network effects provided by Silicon Valley’s concentration of talent and capital afforded entrepreneurs with such advantage their ventures alone began to dominate the world.

But this is about to change…

Why do stocks keep rising? 2008 Redux? Crypto ponzi?!

1/ McDonalds Corp. is in serious decline:

Annual Revenues (Millions of US $)
2013 - $28,106
2014 - $27,441
2015 - $25,413
2016 - $24,622
2017 - $22,820
2018 - $21,025
2019 - $21,077
2020 - $14-17,000 (est./COVID) 2/ But, McDonalds Corp. stock price keeps on rising:

MCD, Price Per Share (US $):
2013 - $99.69
2014 - $98.03
2015 - $97.44
2016 - $125.68
2017 - $129.61
2018 - $156.38
2019 - $189.90
2020 - $188.50 (today)



Why…?

1/ The Internet succeeded because of its openness and decentralization

- Many thousands of independent ISPs built-out its huge scale
- Entrepreneurs could connect without permission
- Nobody could take away your access 2/ AOL, Compuserve & other corporate networks couldn’t compete

- The world didn’t want to connect via corporate-owned walled gardens
- Entrepreneurs needed permission to create services there, and...
- They might be switched off for competitive reasons