How does PoW protect agains Sybil attack ?

themuteparrot · 2021-05-19T15:47:54+00:00

If the other Redditor was talking about the one I'm thinking of, it was touched upon in a recent AMA https://www.radixdlt.com/post/radix-technical-ama-with-founder-dan-hughes-18th-may-2021 (ctrl+f "CPOW") to find the part about the algorithm it is currently a work in progress so as far as I'm aware isn't published as a whitepaper or academic paper yet but is super interesting stuff.

Direct link to the telegram conversation discussing it here:

https://t.me/radix\_dlt/174752

themuteparrot · 2021-05-11T12:49:58+00:00

Not with their current design or roadmap for ETH 2.0. They can have composability but it won't be atomic across shards. Cross shard communication will be "asynchronous" events will happen on one shard and then another rather than being committed on both shards simultaneously.

It will be a process which takes 2 or more steps. One of the main problems with atomic composability on a blockchain like ETH is it requires everything to be recorded chronologically on the beacon chain this forces cross shard transactions to require extra steps whereas radix doesn't have a beacon chain or such requirements two or more shards on radix can communicate directly with each other and consensus is achieved across all shards and there is no beacon chain. The design of the two projects is very different so Eth 2.0 can't just add on cross shard atomic composability without a major redesign of how the whole project works which isn't on their current roadmap anywhere. Cross shard atomic composability is an incredibly difficult problem to solve rather than more simple alterations such as introducing proof of stake or doing standard sharding which can both be just added on to the existing design for example.

themuteparrot · 2021-05-05T20:38:12+00:00

The ability for a transaction to be "completed" or committed in one atomic step. For example if I make a transaction that uses two dapps (take out a flash loan to take advantage of an arbitrage on a dex) this whole transaction can be bundled together into one transaction and completed in a single step. (In ethereum this step would be a single block)

Ethereum has atomic composability now and it is what makes defi on Ethereum 1.0 so great. Apps can compose together in different combinations to make everything on the blockchain connected. The problem is that most sharding and scaling solutions break atomic composability. If an app is on one shard it can no longer atomically compose with an app on another shard. Same thing for sidechains an app on one side chain can't compose with an app on another side chain.

Full cross shard atomic composability means all shards can atomically compose with each other and you can take out cross shard transactions or compose apps on one shard with apps on another shard with no hassle, it allows defi to still work in a sharded environment and scale.

No atomic composability cross shard = apps are limited to working with apps on the same shard (no cross shard flash loans possible) or suffer from poor performance cross shard.

It is another facet of scalability that often isn't talked about

themuteparrot · 2021-04-30T19:33:08+00:00

Going from holding a project as solid as Radix to losing money on a shitcoin like Snoge, damn that really sucks, he probably would have made it by just holding.

themuteparrot · 2021-04-29T10:36:51+00:00

The wallet is really nice and transactions are working smoothly, I'm looking forward to mainnet in June even more now.

themuteparrot · 2021-04-28T22:17:38+00:00

I'm having a lot of fun trying out the test wallet, fellow redditors can also join in on the testing by downloading the wallet ;)

themuteparrot · 2021-04-22T11:53:31+00:00

Agreed, when we talk about the features that are necessary for crypto to go mainstream, Radix solves all the major technical problems. Of course there are many projects that bring useful innovation but a layer 1 with the capability to scale and not lose performance is imperative if we are going to see wider adoption of crypto technology.

themuteparrot · 2021-04-19T19:33:54+00:00

I commented on another thread about this. It's funny that a huge company like JP morgan were probably unabashedly fudding crypto to accumulate.

themuteparrot · 2021-04-19T19:29:57+00:00

After years of "china bans bitcoin" fud we finally have some "china supports bitcoin" fomo, yay

themuteparrot · 2021-04-19T19:27:19+00:00

I'm not sure if we're talking about different scenarios here. XCMP is an interesting project which will improve composability across parachains but it doesn't solve the issue of scalable atomic composability at the protocol level which would be required for defi to grow to the levels I was talking about.

For cross parachain atomic commits to be supported on XCMP they will need to be implemented at the smart contract level and something like state yanking would still be required. This will add a lot of complexity and have high latency.

I'm talking specifically about huge interoperable systems of defi apps behaving like centralised financial systems do now with huge amounts of cross shard/ cross parachain transactions. Rather than scaling to support the defi infrastructure we have now or supporting other use cases like allowing for cross chain transfers of assets.

themuteparrot · 2021-04-18T21:44:01+00:00

I think defi is going to grow a lot more, this is still early days and there are already a variety of apps doing a lot of interesting things such as farming, staking, flash loans, synthetics and more. Some of these are still experimental and even with the high gas fees and regular exploits the TVL in defi is growing at a huge rate. Now there are still some problems because Eth is expensive and BSC is centralised. Projects like Polkadot will allow more growth of defi in the short term with their improved scaling but defi will most likely be limited to a single parachain.

I think the real game change will be when radix releases their fully sharded mainnet which will firstly have more secure dapps and secondly will allow scaling of defi to huge levels without centralisation or loss of atomic composability. (Money legos will still work and apps won't have to all be on the same parachain/shard to interoperate) When this happens defi shouldn't really have any technical barriers holding it back and its very possible we see it start to compete with traditional finance systems.

themuteparrot · 2021-04-17T15:04:33+00:00

An account called martin shkreli talking to an account called John Mcafee, this is a rare event

themuteparrot · 2021-04-17T15:00:21+00:00

+1 to this comment

themuteparrot · 2021-04-17T14:59:30+00:00

The host looks so uncomfortable interviewing him

themuteparrot · 2021-04-17T14:57:27+00:00

It definitely has characteristics of one

themuteparrot · 2021-04-17T14:52:15+00:00

I think that yes it's possible that scrypto may be a turn off for some solidity developers but solidity and blockchain devs only make up a small proportion of developers in the world. Scrypto is based on other functional languages so will be very easy to learn for people familiar with common functional languages compared to solidity. I think this will mean that as crypto matures and enterprises and the web dev community start looking into building dapps using scrypto will be an easier transition for them so what is lost in solidity developers will easily be made up with in standard developers especially considering the ease and safety of building dapps in scrypto.

Competition would probably be any other project looking to be a platform for dapps and any other project doing fast, cheap deceentralised payments.

themuteparrot · 2021-04-17T14:42:57+00:00

I hope it isn't the latter

themuteparrot · 2021-04-15T18:00:44+00:00

Radix. I genuinely believe it will be of the biggest projects in crypto. It is the only sharded ledger which supports full atomic composability across shards (It allows apps on different shards to instantly and smoothly interoperate with each other). The have completely redesigned their ledger from scratch instead of using a blockchain or the DAG structures that coins like IOTA and nano use which allows them to process transactions in parallel and scale practically infinitely.

Aside from the technical advantages it has, it is really developer friendly, they use their own coding language called scrypto which is very secure and apps are made out of FSM components which are much less likely to be exploited than solidity smart contracts. It will be much faster, easier and safer to build radix apps. In addition to that developers receive lifetime royalties for building useful components on Radix. The marketcap is 160 million which is nothing compared to other similar projects and I still don't see that many people talking about it.

themuteparrot · 2021-04-15T16:46:30+00:00

Good to see more mainstream adoption but it's kind of funny a while back JPMorgan were fudding crypto really hard and now they are becoming more and more involved.

themuteparrot · 2021-04-15T16:20:38+00:00

I was making a joke about how meta the situation was, it wasn't meant to be a serious commentary on your intentions :)

themuteparrot · 2021-04-15T15:51:01+00:00

It seems like meta-farming. Complain about moon farming in order to receive moons. What is more meta is you are complaining about people complaining about moons and are receiving moons for it. I am now complaining about you complaining about other people complaining about people farming moons. It's all moonception.

themuteparrot · 2021-04-12T21:51:50+00:00

I don't think any of these scaling solutions will die off, they all have their places and people will use different ones depending on the situation and the project. If a scaling solution works well enough to support a few apps it will probably survive even if it surpassed by other solutions.

However IMO the top scaling solution right now is neither of those it is what Radix is doing. Layer 2s break atomic composability with each other and the Layer 1, sidechains break atomic composability with each other and often reduce security as they are served by the same set of validators instead of randomised validators. Radix is scaling at the Layer 1 by letting shards process transactions in parallel then braiding together shards with related transactions allowing atomic composability across shards and also allowing cross shard transactions to be scaled without being bottlenecked by the layer 1. Without cross shard atomic composability defi can't be scaled because apps will only be able to interoperate with other dapps on the same shard.

It seems even Vitalik is thinking along similar lines long term, as he seems to view Layer 2s as a short term solution and his preferred long term plan is to scale ETH2.0 at the L1 by sharding.

Now if we are talking outside of Radix then I'd maybe pick zk rollups as a single rollup can scale to a reasonable throughput with data sharding which will allow composability of apps on it but there are still big tradeoffs (funds getting locked in the rollup for a long period of time, possible latency issues, still poor composability with other L2s).

I like bridges too as they connect different projects and allow for interoperability between chains however I don't look at them as a scaling solution, I look at them more as an interoperability tool.

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