Update Sei v2: The First Parallelized EVM Blockchain

Sei v2 is proposed as the first parallelized Ethereum Virtual Machine (EVM) blockchain, representing a major upgrade to the existing Sei blockchain. Here’s an analysis of the provided information:

Key Features of Sei v2:

Parallelization:

Sei v2 introduces optimistic parallelization, allowing transactions to run in parallel without developers needing to define dependencies. Conflicting transactions touching the same state will be rerun sequentially, maintaining determinism.

Backwards Compatibility:

Sei v2 aims for backwards compatibility with Ethereum by seamlessly redeploying major Ethereum smart contracts on Sei without code changes.The Sei chain binary will automatically import Geth, enabling the processing of Ethereum transactions.

Optimized State Storage (SeiDB):

Sei v2 re-architects the storage layer by breaking the IAVL tree into two components: state store and state commitment.The new storage architecture aims to reduce state bloat, improve read/write performance, and ease synchronization for new nodes.Sei v2 will transition to using PebbleDB instead of GoLevelDB for improved read/write performance in multi-threaded access.

Interoperability:

Transactions across different components of Sei (Cosmwasm, EVM, bank, staking) can communicate seamlessly. Sei native transactions process various types, leading to a more unified developer experience.

Performance Metrics:

Sei v2 is projected to offer 28,300 batched transactions per second with 390ms block times and finality. The performance tests in a twenty-node cluster indicate promising results for SeiDB and optimistic parallelization.

Timeline:

The major upgrade is nearly code complete, with audits pending. A public testnet is planned for Q1 2024, and the mainnet deployment is targeted for H1 2024.

Implications

Enhanced Performance:

Sei v2 aims to provide significantly improved performance metrics, allowing for a higher throughput of transactions with lower per-transaction costs.

Developer-Friendly:

Backwards compatibility and the removal of the need for developers to define state access aim to make Sei v2 more developer-friendly, attracting a broader range of developers.

Interoperability and Integration:

The ability for transactions across different components to communicate enhances interoperability, providing a more seamless experience for developers.

EVM Simplified:

By making the EVM simple again, Sei v2 positions itself as an attractive platform for applications currently built on any EVM chain.

Governance Proposal:

The proposal emphasizes community involvement through a governance proposal that will be raised for discussion and voting.

In summary, Sei v2 presents itself as a significant advancement in blockchain technology, aiming to combine the best features of Solana and Ethereum, with a focus on performance, compatibility, and a simplified EVM experience. The success of Sei v2 will become clearer as it progresses through testing and deployment stages.