Snark: First Class State Concurrency
Ethereum is a state consensus engine. It keep track of accounts and balances in the Ethereum state. The Ethereum State can be denoted as S1.
Each ERC token can be categorized as a Sub State. ERC tokens are not first class citizens of the Ethereum State.
Snark’s design allows for state concurrency as first class citizens. Sub States are promoted to full States.
We use ERC contract representing token TK as our base. TK could fork Ethereum and launch their own mainnet. They would be incentivized to do this to allow TK to be used for fees and block rewards.
Snark allows for state concurrency. TK can launch a new State denoted as STK. State transitions will occur on STK instead of S1. Transactions will be denoted as TXTK. This concurrency allows stakers to be rewarded with multi currency for each state they include.
This approaches economic abstraction. A key problem with non first class tokens are their inability to be used natively as fuel or gas. Current proposed solutions create DEX abstractions for swopping the underlying asset.
Snarks multi state concurrency allows for concurrent native tokens within one eco system.
The problem this solution often creates is hash overpowering. Since a sub state has significantly less hashing power, it is easy to redirect the attack. This is already addresses via the Consensus First, Eventually Consistent Consensus mechanism.