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  • I have a quote from you that you said in the same way that ethereum opened up the program ability of the asset.

  • We opened up the program ability of the network you say that's incredibly key and I think it's something a lot of people don't understand how important that is.

  • When you look at the other, the top 25 market caps.

  • What do you see?

  • You don't see innovation do you?

  • You see people that are maybe what do you see?

  • Tell me I'll be honest.

  • Yeah.

  • Yeah.

  • Let's go through this.

  • So what I see at the very top is Bitcoin and what I see there is the crux of a vision.

  • So compelling, so amazing that it began 8000 copycats.

  • So you know, let's first start with that's associated amazing vision and the technology is fantastic.

  • But at the root of it all is a hard capped asset that has great brand recognition and great liquidity.

  • But the technology does not scale as it's, it means layer two solutions to be able to accommodate things.

  • The layer two solutions have been a long time in the making and that they just aren't there.

  • If you want to send real money over the lightning network for example is just the capacities and thing.

  • So if I go down the list, I start seeing a theory and there is a fantastic idea.

  • It has one addition to Bitcoin which is, it ends up making the the scripting language touring complete.

  • So it makes it more flexible and that's that's the main thing.

  • It changes everything else it inherits from Bitcoin then you go down that list.

  • You see stable coins.

  • I'm not going to get into the five coins.

  • I think there is special and different.

  • They each have their own uses but all of the layer ones are essentially copycats of these two ideas, they're either a copycat of Bitcoin uh with just some parameters tweet Or they're just a cheap copy of ethereum with essentially not all that much changed.

  • It's just, it's exactly like ethereum, it runs elsewhere.

  • It runs in a more centralized fashion.

  • So that's what I see in the top 25, there's scant innovation there um nobody has uh you know, has really looked carefully at changing or giving programmable programmable control over the network.

  • So at least nobody had when we were looking into this in 2018, there only a very few set of coins, us, uh cosmos and polka dots that are even thinking about it.

  • But if you look at what they have implemented, they actually typically fall short of what they advertised.

  • So avalanche has has drastically revolutionized the space in bringing a new consensus protocol and let me just maybe go on a slight tangent here and talk a little bit about this.

  • Um some people have the notion that there are only two kinds of consensus protocols, proof of work and proof of stake.

  • That's not, that's not correct, proof of work is indeed one class of consensus protocols.

  • It refers to Nakamoto consensus which is intimately intertwined with that mining process, that electricity consuming process that your audience probably knows incredibly well, proof of stake refers to how you secure the network, you secure it not with mining but with steak.

  • So but that doesn't really define how you achieve consensus.

  • We achieve consensus by sending messages in a certain way.

  • I send a message to you, I get assigned response from you that's not sufficient of course for me to make a decision, I need to hear from some large number of people and there's a messaging pattern.

  • Every one of these protocols differs a little bit on how they do that messaging.

  • Um if you look at all coins other than avalanche, I mean all of all proof of stake coins other than avalanche they do at the end of the day, they do all to all messaging.

  • So there's a set of validators and a given validator talks to every other validator.

  • So that is an incredibly slow process and that is an incredibly unsalable process.

  • That's why other proof of stake protocols don't scale avalanche used a different mechanism.

  • I'm not going to get into the technical specifics but I will simply say it uses repeated sub sampled voting.

I have a quote from you that you said in the same way that ethereum opened up the program ability of the asset.

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B1 consensus avalanche proof ethereum stake layer

ALL LAYER 1's are COPYCATS of BITCOIN & ETHEREUM ? Emin Gün Sirer on Lack of Innovation

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    林宜悉 posted on 2021/11/15
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