Highly recommended read.
“What if we “owned our identity,” meaning you have some kind of digital passport (or wallet) that proves you are you, not some imposter, and that this passport is secure, easy to use, and widely accepted in all corners of the internet, and also at banks and gyms and schools and shops? And what if – crucially – your passport is not controlled by third parties like Facebook or the government?
And what if we “owned our data,” meaning that instead of trusting the Googles and Facebooks with our precious data – a resource more valuable than oil – we are the custodians of our data, and we only share it when we choose, in certain contexts, and perhaps we can sell it or license it?
In today’s internet, most of us have made the Faustian bargain of trading agency for convenience. We trust Facebook with our log-in credentials to countless other sites, the photos of our family, the contents of our private messages, and troves of personal details that can be repackaged, exploited, and weaponized.
Self-sovereign identity (or SSI) would combine the convenience of Facebook with the principles of decentralization. When the SSI puzzle is fully cracked, centralized brokers like Facebook would be replaced (at least partially) with peer-to-peer communication, as we no longer need intermediaries.
But what would that actually mean from a user experience?
No more username and password hell: With SSI? Poof. You now have one master key that can open countless locks. ‘You’d use your ID to log in to anything that you need to access.’
A trusted internet: Deep fakes. Misinformation campaigns. Fake news. SSI could be the solution. Imagine a future internet where every tweet, post, pic, video, or article is cryptographically signed to verify the author’s identity, like a vastly superior version of Twitter’s little blue check mark.
More fluid payments: ‘The emergence of SSI and trust-over IP will significantly change how value exchange will happen.’ Digital wallets are being developed for SSI, and those will be cryptocurrency-enabled. Widespread adoption could (at last) follow.
One identity across ecosystems: Consider the world of gaming. Today, you might have one identity in Fortnite, another in Second Life, another in Call of Duty. If you’ve played thousands of hours in World of Warcraft, building up an online reputation? This means nothing when you create a new ID in League of Legends. You start from scratch.
Flash forward to 2030. In the online utopia of SSI, you could float between worlds with the same core identity, bringing your reputation with you.
This might sound trivial, but consider the case of online trolls or bullies. In today’s world, it’s possible for ass-clowns to create an avatar in one game, spew racist hate speech, get banned, and then simply create a new character in a different game and continue their trolling. With a unified SSI that transcends platforms? Online “reputation” would follow you, potentially curbing toxic behavior.
Hyper-personalized shopping: Targeted ads, while creepy, have merit. Once again we make that agonizing tradeoff between privacy and convenience. The SSI internet of 2030, potentially, could give us both … with dramatically greater personalization.
‘I can go to a website, and they can give me a customized experience without asking for a log-in.’ The site wouldn’t just give you options to buy sneakers in ten different sizes (like today’s Amazon); instead, it would automatically display the sneaker in your exact size. Key caveat: It would only do this if – and only if – you’ve given permission for the partner to know your shoe size. ‘That’s the sovereign element of this. I have the choice.’
Secure and private messaging: Think of all your messaging platforms. Some are encrypted, some are not. ‘I should be able to use one smart secure messaging platform for everybody.‘
Online organizations with hard power: SSI could enable online voting – since your identity is now verified, online voting suddenly works – and this, in turn, would enable virtual organizations to wield hard power. ‘The internet will not just be a place where you ideate and talk about things, but it will be a place where you build and you shape reality.’ Virtual organizations that could, eventually, rival the power of nations.
‘Flow’ like a multimillionaire: ‘Imagine you’re a multimillionaire, and you’re taking a flight from New York to Los Angeles.‘ A car picks you up from your apartment, drives you to a private plane, and your favorite cocktail is waiting for you. Your favorite magazines are tucked in your seat. When you land in LA, a private car (your preferred car, of course) whisks you to your hotel, and your assistant has already set up drinks with your LA friends.
You have this flow, your life just flows. And ultimately, that’s what the Internet can deliver us. That’s the real promise.”
“Last week the Optimism team announced the launch of the first stage of their testnet, and the roadmap to mainnet. They are not the only ones; Fuel is moving toward a testnet and Arbitrum has one. In the land of ZK rollups, Loopring, Zksync and the Starkware-tech-based Deversifi are already live and have users on mainnet. With OMG network’s mainnet beta, plasma is moving forward too. Meanwhile, gas prices on eth1 are climbing to new highs.
In a further twist of irony, eth2’s usability as a data availability layer for rollups comes in phase 1, long before eth2 becomes usable for “traditional” layer-1 applications. These facts taken together lead to a particular conclusion: the Ethereum ecosystem is likely to be all-in on rollups (plus some plasma and channels) as a scaling strategy for the near and mid-term future.
A rollup-centric roadmap could also imply a re-envisioning of eth2’s long-term future: as a single high-security execution shard that everyone processes, plus a scalable data availability layer.
To see why this is the case, consider the following:
- Today, Ethereum has ~15 TPS.
- If everyone moves to rollups, we will soon have ~3000 TPS.
- Once phase 1 comes along and rollups move to eth2 sharded chains for their data storage, we go up to a theoretical max of ~100000 TPS.
- Eventually, phase 2 will come along, bringing eth2 sharded chains with native computations, which give us… ~1000-5000 TPS.
It seems very plausible to me that when phase 2 finally comes, essentially no one will care about it. Everyone will have already adapted to a rollup-centric world.
This implies a “phase 1.5 and done” approach to eth2, where the base layer retrenches and focuses on doing a few things well – namely, consensus and data availability. This may actually be a better position for eth2 to be in, because sharding data availability is much safer than sharding EVM computation.”
See Also: Deposit Contract Deployment Imminent!
Great in-depth investigative report from the Verge examining the history of and employee accounts of working under Tron’s Justin Sun — an epic account of Sun’s downward spiral, from plagiarizing the Ethereum Whitepaper, to smoke-and-mirrors ‘development’, to outright employee intimidation and physical abuse.
“Anyone following Justin Sun on social media couldn’t be faulted for thinking his reign over Tron consisted solely of insufferable, nonstop winning. In trying to separate facts from fiction in Sun’s story, and Tron’s, I spoke to former and current employees, both in China and the US, both rank-and-file and senior level, across multiple departments. In all, 18 insiders, current and former, spoke to me on the condition their names not be used out of fear of retaliation, with one exception who is on the record. Sun and Tron did not respond to repeated requests for comment..”
“While some countries are putting pressure on investors and levying taxes on income and capital gains from Bitcoin transactions, many are taking a different approach—often with the aim of promoting better adoption and innovation within the crypto industry. They’ve implemented friendlier legislation, and allow investors to buy, sell, or hold digital assets with no tax liability.
- Hong Kong
“Exciting days also for the blockchain gaming ecosystem as BlockPegnio (The Six Dragons) becomes an official Playstation partner. The Six Dragons will come to Playstation 5, making it the first announced game for Sony’s new beast machine.
Fans of the classic RPG games will enjoy an evergrowing substantial open world with a billion randomly generated dungeons. The Six Dragons is a community funded game and member of Enjin’s adopters program. The successful presale in June of 2019 raised over €150,000 ($168,000) by selling Loot Boxes, containing items based on the ERC-1155 Token standard and backed by 156,000 ENJ ($23,000).
The game has come a long way from that day with a complex and advanced crafting system, verified by Chainlink’s VRF technology. TSD sets some crafting standards and confirms that no one can mess with the outcome, not even the developers.”
“In a webinar yesterday, Jay Clayton, Chairman of the U.S. Securities and Exchange Commission (SEC), observed that all stock trading is now electronic, compared to twenty years ago. In the past, there were stock certificates, now there are digital entries.
It may very well be the case that those all become tokenized.
The point Clayton was making is that the technology might change, but the principles underlying certain activities’ regulation remain the same. He was keen to point out that the promise of blockchain technology and distributed ledger technology (DLT) is now being seen in terms of the efficiencies it brings.
We see this as more of an infrastructure issue than an investment asset issue in its maturity. What you have is a radical new payment system that may be better than existing payment systems, which are built on antiquated technologies.”
“After a thorough investigation, we have found the suspects of the 9.26 #KuCoin Security Incident with substantial proof at hand. Law enforcement officials and police are officially involved to take action.
In addition, Lyu said another $64 million of stolen assets have been recovered from “suspicious addresses,” bringing the total value of recovered assets to $204 million since Oct. 1.”
“Transaction volume on the Ethereum blockchain reached $119.5 billion in Q3 2020, surging by nearly 1,200% compared to the previous quarter.
Among the 13 blockchains listed on DappRadar, Ethereum accounted for 96% of the total transaction volume, retaining its mantle of the biggest network by far. At the same time, the DeFi ecosystem was responsible for 99% of those figures.
The DeFi ecosystem is not only the number one category but also holds 99% of the value within the Ethereum blockchain in Q3 2020.”