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@alchemydc

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45 Followers
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@alchemydc
If you watch only a single talk from #ethdenver this year let it be this one. https://youtu.be/Q2KfNDqj9Vo
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@alchemydc
Pegging one core. Loading as many others as I give the workload access to.
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@alchemydc
Seeing high CPU utilization when running node as a bootstrap peer. Unexpected given that we are pre genesis. Anybody else seeing similar?
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@alchemydc
Peer ID: QmXbbmtS5D12rEc4HWiHWr6e83SCE4jeThPP4VJpAQPvXq
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@alchemydc
TL;DR: The Celo L1 is planning to become an L2 on Ethereum, leveraging the open source OP Stack. There are many technical, political, and cryptoeconomic questions yet to be answered, but I believe that this is good for Celo, good for Ethereum, and good for users.
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https://stack.optimism.io/docs/understand/landscape/#settlement-layer
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@alchemydc
While Optimism and the OP Stack were quick to embrace the optimistic approach, they appear to be in the process of supporting ZK based validity proofs. This is huge.
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@alchemydc
In short, proving that something is true (eg a validity proof asserted in zero knowledge) is more effective and efficient than waiting around for somebody to assert that something is false (eg a fraud proof to dispute an optimistic transaction).
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@alchemydc
While the optimistic rollups (Optimism, Arbitrum) have been dominating the ecosystem (in terms of TVL) to date, many believe that ZK rollups are better, mostly because they trade increased complexity for better UX (near instant withdrawals).
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Finally, there's the question of whether Celo should embrace an Optimistic or ZK backed rollup architecture.
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Interestingly, many of the players in the shared sequencer space are leveraging threshold encryption to mitigate MEV, which resonates with my belief that **MEV is a bug, not a feature**.
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Such an engineering feat could likely raise the bar considerably on the emerging ecosystem of shared sequencers, which is innovating quickly: https://bridgeharris.substack.com/p/a-primer-on-shared-sequencers
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@alchemydc
In theory, Celo's existing ecosystem of (reasonably) decentralized validators could participate in BFT consensus, plugging into the OP Stack's planned modular sequencer framework. https://stack.optimism.io/docs/understand/landscape/#sequencing
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One of the biggest criticisms of Optimism to date are the centralized (singular) sequencer. The Celo teams plan to lean into the (as yet unsolved) engineering challengesof creating a decentralized sequencer.
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As Ethereum's position as the 'settlement layer' of the new rollup-centric digital economy solidifies, now is the time for Celo to break from the long tail of alt L1's and migrate to an L2 on Ethereum, leveraging the OP Stack.
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Fast forward to the present: the Merge was successful, Coinbase is building Base on the OP Stack, and Ethereum's rollup-centric-roadmap is coming into focus.
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If @jpm (which was a Celo seed investor via Coinbase Ventures) had listed cUSD and incorporated it into the Coinbase Card, it would have been easy for normal people to use cUSD to pay for goods and services from their phones, much like they do with Venmo today.
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The EVM compatible L1 space got crowded, and Celo failed to get meaningful traction with the "Venmo for crypto" vision, in part due to US regulatory friction around the cUSD stablecoin.
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Celo launched in 2018 as a carbon-neutral, mobile-first, high performance low fee network that launched EVM compatible proof-of-stake long before "The Merge" came into focus.
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As #Ethereum emerges as the actual "Eth killer", @CeloOrg announces plans to migrate to an Eth L2 leveraging the open source rollup SDK from @undefinedFND known as the OP Stack https://forum.celo.org/t/clabs-proposal-for-celo-to-transition-to-an-ethereum-l2/6109 🧵
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