jakiro
Author: Jason Chen, source: author Twitter @jason_chen998
On the evening of September 5, 2024, the 12th Ethereum Foundation conducted an AMA on Twitter Space.According to the convention, I will select some key content for you to organize and interpret.
1. In addition to Layer2, does Ethereum have plans to further expand Layer1?
In this question, Justin and Vitalik both answered, and the answer was yes, so it means that Ethereum does not rely entirely on Layer2 to expand, and is also trying to expand itself. The extension methods mentioned in the answer mainly include the pre-execution of virtual machineCompilation, using ZK to improve the speed of proof, using Verkle to reduce the burden on nodes, and Dankrad said that Layer1’s extension is parallel to Layer2’s, and does not conflict.
2. What is the theoretical basis for ETH’s next value-added value?Do you think the value-added of ETH is important?
This question should be what everyone cares about the most. After all, the price of ETH is too shattered. Justin directly answered “ETH is money” and showed that the value-added ETH is very important for Ethereum success. He believes that there are three points in the value support of ETH, respectivelyIt is the economic bandwidth that carries trillions of dollars of decentralized stablecoins, economic security that provides unquestionable security, and economic vitality that attracts the attention of all major economic players.
3. Because Layer2’s strategy makes the gas of a large number of apps very low, resulting in almost no value-added use scenarios for ETH. How to solve it?
This problem is also an important reason why everyone thinks that the ETH price has collapsed. Dankrad said that he does not think that Layer2 will take away the fees and MEV of Ethereum, and eventually parasitizes Ethereum to suck blood. He believes that high-value trading scenarios will continue to exist.On the main network, Layer2 only provides sufficient expansion space for the main network to accommodate a large number of transactions. The main network should provide Layer2 with cheaper data availability in order to allow more Layer2 to survive.Justin’s point of view is not to focus on the amount of a single transaction, but to find a way to make the cake bigger and look at the overall transaction amount. For example, Ethereum’s most successful goal is to achieve 10 million transactions per second and to timely each transaction.The price is very low and can provide a one billion US dollars a day of revenue, so the main problem at present is that the application layer needs are insufficient and the transaction volume cannot be increased, rather than the problem of too small each transaction amount.
4. As governments put pressure on transactions to review, what measures are Ethereum taking to ensure the neutrality of the network?
The Ethereum Foundation believes that credible neutrality is the foundation of Ethereum. First, we must ensure that the validator set is decentralized. Secondly, there are indeed many entity (enterprise, government, etc.) validators, so the Ethereum FoundationImprovements are also attempted at the consensus layer, such as allowing decentralized validators to force transactions to be packaged into blocks.
5. How much funding reserves does the Ethereum Foundation have?What if the money is spent?
First of all, the Ethereum Foundation spends 100 million US dollars every year, and there are still 650 million US dollars, most of which are ETH, so the Ethereum Foundation also has strong motivation to find ways to make ETH rise, otherwise it will not have enough money to spend.In addition, in AMA, there are more than 300 people in the Ethereum Foundation. To be honest, I think this structure is still too bloated. I don’t know how many people are paid in it, and how many people are only doing research andDiscussing these unproductive work.
6. If Bitcoin implements OP_Cat and develops a powerful Layer2 ecosystem, what other unique value can Ethereum provide?
This question was answered by Vitalik personally. He said there are four main points. First, Ethereum has a larger data availability DA space to support the development of Layer2, and because POS has stronger decentralization capabilities, it seems that many people believe that this is true.If you have different opinions, you will think that POW is the safest, and POS is not safe, but Vitalik believes that POS is safer than POW.As for the communities, culture, values, etc. that Ethereum has, how to say, I feel that it is still not painful after reading Vitalik’s answer. I don’t know if Vitalik himself didn’t think it clearly.
Most of the other contents are discussions on specific technical aspects. To be honest, I was relatively disappointed after watching this AMA. I didn’t read the lack of application layer innovation and the value of Layer2 diversion Ethereum that everyone is most concerned about now.To get some clear and exciting answers and put forward practical measures, Vitalik, hurry up and stop falling in love.
