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David Mihal
@dmihal
So, I've been quietly working on a new project over the last year... and it's time to share a bit about it 😉 It's time to bring Ethereum back to it's roots, time to bring back the magic that made it so special. Let me tell you a bit about why I'm so excited about @fuel-network ⤵️
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David Mihal
@dmihal
Ethereum today looks a lot different than when I started. ETHBerlin 2018 was my first entry into the community. And back then, the community was pretty weird. A group crazy enough to think they could take on the world's governments, banks, and big corporations. I fell in love.
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David Mihal
@dmihal
This crazyness was what built Ethereum. People dreamed big, dared to think different. Not just different from the traditional, non-crypto world, but also from the mainstream crypto community who doubted that Ethereum could live up to it's grand promises.
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David Mihal
@dmihal
While most chains were single-purpose, Ethereum put a turing-complete computer on chain! When nearly every chain was using PoW, Ethereum set out to build the a robust PoS system. While every chain was trying to have a "fixed supply", Ethereum shifted tokenonomics with EIP-1559.
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David Mihal
@dmihal
Today, Ethereum looks very different. Ethereum secures over $1.5 trillion of assets. Mainstream institutions like Blackrock and PayPal are issuing assets on-chain. And Ethereum's core development has become slow and conservative, as the L1 approaches it's "final state".
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David Mihal
@dmihal
Yet this is a classic case of the "innovators dilemma": focus on pleasing existing users & customers kills the innovation cycle, making it vulnerable to disruption. Like many technologies before it, Ethereum is becoming a victim of it's own success.
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David Mihal
@dmihal
But in many ways, Fuel's doing the exact opposite of most L2 teams. - Instead of reusing the EVM, Fuel's building a fresh new parallelized VM - Instead of using accounts, Fuel has UTXOs - While everyone's doubling-down on ZK, Fuel's pushing "hybrid proving" with fast finality
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