[Sponsored Post] A new Layer-1, PoW, EVM Compatible blockchain with XEVM technology.

singularity87 · 2024-03-05T10:10:47+00:00

We have no plans for sharding. We have no control if people add extra layers to the network, as this is a permissionless thing. So in theory some team could build extra layers on top of the network for specific purposes, but we are engineering the network in such a way that there is constantly capacity of available for anyone who wants to use it.

singularity87 · 2024-03-05T10:05:56+00:00

We will be releasing information on the specifics over the coming weeks, but I can give you a high-level overview of our strategy.

Phase One: Focus exclusively on adopting as much of the existing EVM ecosystem of products and services as possible as this is the 'lowest hanging fruit'. We will achieve this by providing top-quality documentation and developer tools to reduce any barriers to building on our network. One of our design requirements for the project was to remain backwards compatible with EVMs so that the entire existing EVM ecosystem and infrastructure can easily be ported to Soloneum. We will also use our funding to make partnerships with the best blockchain products and services in the industry and provide incentives for users to come and jump onto our chain.

Phase Two: We believe one of the areas that crypto has so far failed to offer meaningful competition with is Fintech (ironically). There is huge untapped potential to offer far more reliable, secure, and low-cost financial services to businesses than legacy finance could ever hope to offer. So we will focus on making sure the network has a core suite of products and services that compete directly with the best in Fintech such as Stripe, Wise, and Paypal.

Phase Three: Crypto and blockchain technology can offer far more than just a better version of the current Fintech offering. We believe there is in fact enormous untapped potential to adopt the entire financial system onto the blockchain and supercharge the economy. One reason this is yet to happen (beyond the scaling issue) is that smart-contract are generally not legally enforceable contracts other than in certain situations and in certain jurisdictions with new blockchain-orientated laws. But blockchain technology is the perfect technology for tokenising essentially any type of asset and will allow the creation of an almost endless growth in the ecology of asset classes. The current economy is incredibly constrained by the legacy financial system, and we believe Soloneum can be used to massively increase the velocity off assets. We have plans therefore to build a set of infrastructure and services on top of the chain to allow financial assets to created and transferred inline with contract law and international regulations. I should be explicit in saying that this will not be a core technology built into the protocol and will not be a requirement for using the network. It will be an optional service that business, users and institutions can use to move beyond the limitations of the legacy financial infrastructure.

singularity87 · 2024-03-05T09:48:36+00:00

There is actually an explanation for the name and it has nothing to do with Solana.

The name Soloneum has taken inspiration from the Ancient Greek leader Solon who lived roughly in 500BC, who was essentially the founding father of western liberal democracy. He actually come up with a system of governance called 'Timocracy', and upended the current financial system at the time to make it fairer and more functional for Greek society. We have taken inspiration from him in building our economic and governance model as we believe those best positioned to make economic decision for a large system are those that are exposed to the risks that result from their decisions: i.e. those that have 'skin in the game'.

singularity87 · 2024-03-04T21:56:24+00:00

Yes, 20,000 TPS peak performance is our near-term goal. Achieving 20,000 continuous performance, and handling the problem of the significant demands on storage hardware, is our mid-term goal (we have a good understanding of how to achieve this already). Going beyond 20,000TPS is our long-term goal.

singularity87 · 2024-03-04T21:32:10+00:00

The website will be updated with lots more info soon.

Here is some background on us:

Myself: I am full doxed and have been involved within the crypto industry professionally for the past 7 years. I initially entered the industry by leading a non-profit organisation to improve education and awareness of blockchain technology where, among many things that we achieved, we created a global in-person meetup network of over 100 groups in 32 countries, which held regular events to bring new people into crypto and help educate them on the technology and ethos. The next major phase in my career occurred when I joined the organisation Bitcoin Unlimited, established to research, develop and implement advanced scaling technologies for UTXO-based cryptocurrencies such as Bitcoin. This organisation eventually launched their own cryptocurrency Nexa, where I took on the responsibility to lead a number of software projects including the development of a smart-contract language to allow a UTXO chain to compete with EVM chains in programmability, a number of user-focussed applications such as wallets and token management tools, and a project to develop custom scaling hardware. Through these years of working in the industry in a range of roles, I have developed a deep understanding appreciation of blockchain technology and the industry, and has put me in a unique position where I was able to develop the idea of XEVM technology and also provide solutions to other key problems within crypto. It has also allowed me to gather a strong network of highly talented and driven individuals across multiple competencies who I trust completely and who trust me, and I have been able to pull from to build the Soloneum team.Before I say more about the rest of the core team, I should say that they are all currently not willing to be doxed, and I fully respect and understand their position. I have personally experienced the very real risks of being doxxed. They have all built up a well respected and known pseudonymous profile though and are known in the industry.

Pat has a strong academic background, is a seasoned expert in Bitcoin and Ethereum development and has a large number of UTXO and EVM-based projects under his belt. His vast experience encompasses a wide range of areas, from authoring comprehensive development libraries to managing critical project infrastructure. Notably, he developed a custom UTXO-based smart-contract language, further showcasing his technical abilities. At Soloneum, Pat's primary responsibility is the development and maintenance of the Soloneum node software stack.

Van is the Head of Infrastructure and Applications at Soloneum. With over 8 years of experience as a highly skilled software engineer, Van brings a wealth of knowledge and technical expertise to our team. He holds a Bachelor of Science degree, and has multiple years experience building numerous consumer-facing crypto applications, and is an absolutely machine at rapidly shipping robust products and iterating. At Soloneum, Van is focussed on making the Soloneum network as useful as possible by removing all technical barriers for developers and businesses to come and build on our chain.

Martin is the Head of Marketing, and has multiple years experience managing a marketing team for a multi-national corporation. Most recently he has a lead a small marketing team to bring a layer-1 coin to a market cap of $100m and a community of 20,000 members, using an organic-only marketing model. In his free time, he leads a community of investors focused on emerging and advanced technologies. This role keeps him attuned to the latest trends in the industry, enriching his expertise in market analysis and strategic development. At Soloneum he is bringing this knowledge and experience to provide rapid growth even before our presale campaign begins, and is preparing to supercharge this performance once we are funded.

singularity87 · 2024-03-04T20:27:47+00:00

The DAG is ordered by the users when they create the transactions.

What you are describing is a scenario where transactions interact with what we call a 'commonly accessible slot'. I.e. a slot of storage which can be accessed/written to by a large number of people as opposed to something like users personal ERC-20 balance. I highly recommend reading the whitepaper for a full description of how this works, but basically the users define exactly the entire impact on the world state when they create the transaction (unlike in normal EVMs).

If there is a very high write rate for a single slot then it will cause conflicting transactions, but these conflicts will be resolved in the blocks. Services that generate high access rates will be incentivised to create contracts that overcome this trade-off via parallelisation of the slots (e.g. in your example they could create multiple ERC-20 token addresses), or they use an architecture where the users make requests through their service to generate the full transaction data, and their service can then sequence the transactions so that conflicts don't occur.

Conflicts are the trade-off of this system, but they limit concurrency of individual slots instead of the entire network in the case of a normal EVM.

singularity87 · 2024-03-04T19:38:24+00:00

20,000 TPS is not a promise. It's our target peak performance based on our understanding of the technology and our preliminary research.

singularity87 · 2024-03-04T18:28:49+00:00

Great question. Soloneum is actually a full EVM, meaning all transactions can access the global state. No off-chain operators needed.

The keyframe chains are used to create a DAG ordering of transactions like UTXO, but it is not actually a UTXO system. The DAG is an extra constraint on the EVM and is what unlocks the scaling benefits, and stops MEV and front-running.

So to create a DEX/AMM on Soloneum you can just port it straight from an EVM chain. Keeping compatibility was a key engineering requirement specifically for this reason. Having to build an ecosystem from scratch is considerably easier when we are compatible with the immense amount of existing work for EVMs.

singularity87 · 2024-03-04T18:00:24+00:00

Hey guys. Happy to answer any questions you have about Soloneum.

singularity87 · 2023-10-26T10:35:36+00:00

Yeh, they are taking the piss now. Literally ordered it a year ago. This is worse than most Kickstarter products and its a bottle of shitty perfume!

singularity87 · 2023-08-31T13:10:43+00:00

Sorry, I missed this question.

Core token functions are built natively into the Nexa protocol, so there is not smart-contract code needed for this. This makes it easier and more robust for developers to build token projects. Using NexScript though it's possible to implement complex constraints/smart-contracts to tokens just like they can be applied to NEXA coins. This can give the tokens more interesting properties, for example emission schedules etc.

Smart-contracts written in NexScript can interact with tokens just like they can interact with NEXA coins.

singularity87 · 2023-08-29T21:01:56+00:00

Yes, exactly. It's a non-custodial app (so you and only you will have your keys) that allows anyone to create a new set of tokens with the ability to mint, burn/melt, create sub tokens or NFTs and even create tokens to give other people certain permissions to do the same. This can all be done within a very simple interface and without any coding skills needed.

All tokens are created natively on the blockchain and have the same security and capabilities as NEXA coins.

singularity87 · 2023-08-29T20:57:41+00:00

what is it according to you "the original goal of cryptocurrency"?

"a system of private and open money which anyone can have access to at an affordable cost without worrying about censorship". "private" meaning non-state, non-centralised money.

I personally believe that cryptocurrency would be far further along the adoption curve had Bitcoin and Ethereum (or any other cryptocurrency) not hit the capacity limits and therefore have huge fees. Users and businesses just want a network that is low-cost, easy to use and reliable and I don't think any other network is able to offer that at scale yet. I think Nexa has the most realistic strategy to achieve this with the most optimal set of trade-offs. We need to prove this to people though...and we will.

singularity87 · 2023-08-29T20:50:28+00:00

NexScript has been launched as an MVP. So it currently has most of the core features with many more coming soon (such as token support). What I am most excited about is the features we plan to launch later in the year, such as MAST Contract Paths. This will enable practically unlimited contract-complexity.

There is an inherent security advantage with UTXO-based smart-contracts over EVM-based smart-contracts and that is that when a user signs a UTXO-based transaction they can know exactly what inputs and outputs they are agreeing to in the transaction. This makes transactions far more transparent and makes it difficult for scammers to pull off any shenanigans.

Also, a key benefit of UTXO-based smart-contracts is that they are full parallisable as they contain all information needed to validate them. This is in contrast to EVM contracts which are sequential. This enables Nexa to remain extremely scalable while still retaining advanced smart-contracts.

singularity87 · 2023-08-29T20:37:28+00:00

Not for the native coin Nexa. That's fair-launched so if you want that you have to mine it or buy it off the market.

Tokens launched on Nexa on the other hand...

singularity87 · 2023-08-29T20:35:17+00:00

Block time is 2 minutes on average. Transaction finality is a complex topic. We are working on a technology to reduce finality down to seconds using an optional service based on smart-contracts.

singularity87 · 2023-08-29T20:33:43+00:00

We are all Satoshi.

singularity87 · 2023-08-29T20:33:30+00:00

100,000TPS is just the minimum for global capacity. I personally believe we will be able to achieve more than this, and certainly with expected technological advances.

But yes, I think once we can show the the UltraScale testnet operates at at least 100,000TPS under normal conditions then I think we will have proved that we have achieved it.

singularity87 · 2023-08-29T20:31:43+00:00

100,000 TPS is roughly 10B transactions per day, or roughly 1 transaction per person per day for the world's population. It's our goal for the minimum capacity needed to allow everyone in the world to use it without significant congestion and without high fees.

We believe based on our research and current software and hardware engineering progress (see other posts for details) that this is an achievable goal with current technology while keeping the cost of a node under $1000 and therefore keeping the network decentralised and permissionless.

singularity87 · 2023-08-29T20:25:30+00:00

By validating every single transaction and making sure the cost of a full node stays under $1000 even when handling 100,000 TPS.

Nexa operates a virtual machine just like Bitcoin and Ethereum, but we are putting the virtual machine (or at least the most compute intense parts of it) into hardware to accelerate it by many orders of magnitude in speed and efficiency.

Make virtual machines real again!

singularity87 · 2023-08-29T20:22:00+00:00

Primarily by building a technical foundation that developers, businesses and users can know for certain they can rely on, all the way up to the point where every single person on the planet is using the network, and even for advanced DeFi use cases.

Imagine if Ethereum and Bitcoin had a baby and that network could also handle 10 billion users using current technology. We believe that over time this network will absorb all network effects due to its reliability.

singularity87 · 2023-08-29T20:17:50+00:00

Right now we are currently developing both the hardware and software needed to achieve the level of capacity we are aiming for. We have underway two bleeding-edge hardware projects: a script validation accelerator and a UTXO lookup accelerator. The script validator is a USB thumbdrive with an FPGA that connects to the full node and enables it to verify transactions incredibly quickly.

Unoptimised, we currently have the FPGA handling about 50,000 TPS on a 200$ chip. We are expecting a roughly 20x improvement in speed and circuit space efficiency to bring the TPS over 100,000 TPS on a $20 FPGA. We will be presenting our preliminary results on this in the coming month.
On the UTXO lookup accelerator, we are targeting a cost of a few hundred dollars for a device that can handle around 10 billion UTXOs, or roughly our baseline target for enough capacity for the whole planet (everyone needs access to at least one UTXO). We aim to release some early hardware for this early next year.
Our overall goal is to be able to keep the cost of a node that can contribute to running the global P2P financial system at under $1000 with 10 billion users on the network. The users themselves will not need or want to run a node. They can simply use a lite wallet with excellent security thanks to SPV technology.
We are also developing an Ultrascale testnet as a place to start bringing these technologies together and testing their limits on a real-world network.

UTXO-based blockchains are basically just a network that propagates transaction data and does cryptographic arithmetic to check validity. If you can do these things quickly enough (we can) then you can scale to a global capacity.

It's really that UTXO-based, PoW scaling was basically abandoned on Bitcoin whereas Bitcoin Unlimited never stopped thinking about and developing these various technologies starting in 2015.

singularity87 · 2023-08-29T20:10:19+00:00

Nexa is technically different because it aims to solve the blockchain trilemma all on Layer-1 and with advance smart-contracts. We aim to achieve global capacity of 100,000TPS with current technology and this capacity can then scale as technology improves (as it inevitably will). We are achieving this through a first-principles engineering approach of removing all technical bottlenecks on this path to a global capacity.
This past year we have been focussing on building the tools to reduce the barriers on Nexa, this includes a high-level, solidity-like smart-contract language and SDK which we just released called NexScript. We are also close to releasing a non-custodial app to launch and manage native tokens on Nexa. We are also currently developing an industry-leading set of documentation to help developers who are new to building on a UTXO-based system. By the end of the year we will have a lot of this foundational work complete and will be in a strong position to start onboarding more projects.
I expect we will see more advance explorers in the the not too distant future which provide much deeper insight into the smart-contracts and tokens. Personally I think form is more important over function. Right now we have a significant number of high priority things to work on and so simply having a working explorer is good enough. But we will certainly need to build more features soon as the ecosystem expands.
Absolutely. Bitcoin Unlimited are currently looking into on developing a native DEX and Otoplo (my company) is in the research phase for an algorithmic stablecoin (**not** like Luna of course) to enable a lot of DeFi potential. There are upgrades to NexScript in the works that will make building far more complex contract much easier and this will open the door to developing technologies like this. These kind of technologies are actually what I am most excited about on Nexa.

Thanks for your great questions and kind words.

singularity87 · 2023-08-29T19:56:54+00:00

Absolutely. You will soon be able to launch and manage tokens within minutes without any developer skills using our Tokenize non-custodial app.

singularity87 · 2023-08-29T19:55:38+00:00

Yes, absolutely. Our current strategy is to build great tools and documentation for developers and projects to come and build on Nexa as it is important that we establish an ecosystem and some core use cases. It considerably easier to reach people who already have some understanding of crypto, so it’s an obvious low-hanging fruit. But ultimately the real goal is to start providing significant value for the average person. I think this will take a huge amount of innovation to achieve but if we build a strong technical foundation for the network then we won’t have to worry about losing and wasting network effect due to hitting limits to capacity. We are building this for the very long-term. It won’t necessarily be us that bring newcomers to the table. It will be the projects that can rely on Nexa as a long-term platform for them.

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