House Of Chimera

2023-03-29 18:00:00 Modular blockchains

In a previous discussion, we mentioned that Rollups have the ability to transform a monolithic blockchain into a modular one by assigning one of the main blockchain tasks to other layers. This leads to several advantages, including higher throughput, flexibility, and improved accessibility for developers. Some examples of such blockchains are:

Near ($NEAR)
Avalanche ($AVAX)
Ethereum 2.0 ($ETH)
Syscoin ($SYS) Open / Comment

2023-03-29 14:01:11 ZK-Rollups

We've previously learned that Rollups are a type of off-chain scaling method that groups and compresses transactions before sending them to the main blockchain. Today, we'll focus on Zero-Knowledge Rollups (ZK-rollups), which have some similarities to Plasma but also some significant differences.

While Plasma uses fraud proofs to maintain security on the child chain, ZK-rollups use ZK-proofs as cryptographic proof for a bundle of transactions processed off-chain. These ZK-proofs consist of compressed transactional data, making the design of ZK-rollups relatively complex. However, this approach offers several benefits:

Minimal data storage
Cheap
Higher TPS

Despite the compression, the amount of information is sufficient to confidently validate the data without revealing the data. Open / Comment

2023-03-29 10:01:30 GM!

Five major banks raided by French authorities in €100bn tax fraud investigation.

Societe Generale
BNP Paribas
Natixis
HSBC
Exane
https://www.dw.com/en/paris-banks-raided-in-100-billion-tax-fraud-probe/a-65151312 Open / Comment

2023-03-28 18:00:43 Modular Blockchain – Syscoin

Syscoin is a very secure blockchain as it utilises 4 different cornerstones:

Hybrid consensus method (PoW & PoS)
Z-Dag
Chainlocks preventing selfish mining and re-orgs
Rollux

Rollux is a suite of Layer 2 solutions developed by #Syscoin. This enables Syscoin to implement Rollups (Zero-Knowledge and Optimistic rollups) and Proof of Data Availability, enhancing scalability and security . As a result, Rollux allows for faster transaction processing times and lower fees, which improves overall network efficiency.

In the coming days, we will also discuss topics related to data availability and proof of data availability.
Keep up the learning! Open / Comment

2023-03-28 14:00:34 Rollups

We have learnt that Rollups are an off-chain scaling method, but what exactly are they, and what kinds of them exist? They are viewed as one of the most promising scaling solutions for public chains because:

Transaction-per-Second without making severe trade-offs
Scalability
Leverage main-chain security

Rollups handle transactions off-chain like Plasma and Sidechains; however, they post transactional data on the main chain. To decrease on-chain storage, rollups bundle transactions and compress them before sending them to the main chain. Thus, the data posted on the main chain is significantly reduced, increasing the overall network resource efficiency and scalability. Moreover, rollups rely on the main chain's security, considering that smart contracts are deployed on the main chain. Users can interact with the rollups through the rollup smart contract, which lives on the main chain.

To date, two types of rollups exist, Zero Knowledge and Optimistic rollups. Be sure to stick around for the coming days to learn about them! Open / Comment

2023-03-28 10:00:11 GM !

The investment bank , Goldman Sachs, says that generative AI can raise GDP by 7% over a 10-year period and eventually expose 300 million full-time workers to automation. Open / Comment

2023-03-27 18:13:14 CFTC has just sued Binance for regulatory violations.

However, there is one particular interesting paragraph within the document stating that: $BTC, $ETH, and $LTC are commodities.

Full doc: https://www.docdroid.net/60YAbCz/cftc-binance-pdf Open / Comment

2023-03-27 18:00:53 Scalability Solution – Alternatives to Rollups

We have learnt that there exist different blockchain scalability solutions. Earlier, we discussed Danksharding as an on-chain method to scale Ethereum. However, off-chain approaches also handle transactions outside the primary chain. In addition to Rollups, which can convert a single chain into a modular one , we will briefly introduce other off-chain alternatives.

Sidechains
Sidechains are independent blockchains and have their own consensus method, ecosystem design and parameters (e.g. different block creation times), and security mechanisms . Thus, sidechains are isolated from the main chain. Sidechains utilise a two-way peg to move assets from the main chain to the side chain(i.e. bridge). For example, Gnosis, an independent blockchain, is a sidechain on Ethereum.

Plasma
Plasma is a framework of child chains that have an independent consensus mechanism and produce their own blocks. A child-chain has a parent-child structure whereby the main chain (e.g. Ethereum) is the parent. All transactional functions of the blockchain are performed in the child chains, and the result is posted to the parent chain. Compared to Sidechains, Plasma relies on main chains' security measures. Additionally, Plasma does utilise off-chain storage and does not post transactional data on the parent chain. For example, Polygon Network is a Layer 2 built on Ethereum using Plasma. Open / Comment

2023-03-27 14:00:55 Blockchain Trilemma & Rollups

Last week, we briefly mentioned #Ethereum and its Danksharding method for on-chain scalability. However, there are other methods aimed at addressing the blockchain trilemma, which refers to the unavoidable trade-offs between:

Scalability
Decentralisation
Security

This cryptographic problem has not been solved yet; however, several scalability solutions have been proposed in the literature, such as traditional Sharding, Lightning Network, increasing block sizes, and Rollups.

Rollups takes advantage of the concept that all core blockchain tasks, including consensus settlement, data availability guarantee, and transaction execution, must not be performed on a single layer. Some modular blockchains , such as Syscoin, perform one of these core tasks on a different layer. Rollups are an off-chain technique that can convert a single chain into a modular framework by processing transactions outside the primary chain. This approach preserves the main chain's state while applying the most recently processed state on the other chain (i.e., layer 2).

Other off-chain scalability methods exist besides Rollups like Plasma and Sidechains, but over this week, we will discuss the increasingly popular Rollups, their benefits and much more!

Stay tuned! Open / Comment

2023-03-27 10:01:42 GM!

New week, new content ! This time we will discuss a popular blockchain scaling method, Rollups .
Stay tuned! Open / Comment