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Themelio x Satoshi Club AMA Recap from the 11th of January

Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Themelio and our guest was . The AMA took place on the 11th of January

The AMA session was divided into 3 parts with a total crypto reward pool of $500

In this AMA Recap, we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&WebSite

Jonah 🏅🎹 | Satoshi Club

Hello Satoshiclubbers welcome to Another AMA session

Jonah 🏅🎹 | Satoshi Club

Our Guest today is from Themelio

Robocop | Satoshi Club

We are pleased to announce AMA with Themelio and today our guests is @nullchinchilla

nullchinchilla

Hi everybody! Excited to participate in this AMA

Robocop | Satoshi Club

Welcome @nullchinchilla to Satoshi Club!

Jonah 🏅🎹 | Satoshi Club

We are Glad to have you here @nullchinchilla

Jonah 🏅🎹 | Satoshi Club

How are you doing today?

nullchinchilla

I’m doing great

Robocop | Satoshi Club

Well, let’s start our AMA!

Jonah 🏅🎹 | Satoshi Club

Let’s start with an introduction, can you introduce yourself to us how you got into crypto and how Themelio started?

nullchinchilla

Sure! I’m Eric (Yuhao Dong), otherwise known on the internet as nullchinchilla. I am the founder and CEO of Themelio Labs, the company behind Themelio. My blog: https://nullchinchilla.me

I got into crypto from my background as a cypherpunk and security researcher. Growing up between China and Canada, I was always disturbed by how centralization and insecurity on the Internet facilitates oppressive social control — see China’s Great Firewall, for example. Since I was also into computers, it’s natural that since I young age I’ve been very interested in security & privacy tools like Tor and Bitcoin.

In college, and later during my PhD studies at the University of Waterloo, I focused on researching and designing privacy-protecting technologies. During this period I also released Geph (https://geph.io), a VPN with unique cryptography-powered privacy protection and censorship circumvention. It is now a profitable business with more than 10K regular users, mostly in heavily censored countries like China and Iran.

What got me into blockchains was the problem of the root of trust: any secure system ultimately relies on trusting somebody. But the present-day internet’s security depends entirely on trusting centralized institutions, like CAs, DNS servers, etc. This is terrible, since when these institutions go rogue like in China, security becomes impossible.

I found the solution in using blockchains as decentralized, autonomous roots of trust and security. But after building two naming systems on Bitcoin, I concluded that existing blockchains are not up for the task. So I made Themelio, a revolutionary public blockchain based on my PhD thesis.

Jonah 🏅🎹 | Satoshi Club

You have an incredible background and passion for this

Jonah 🏅🎹 | Satoshi Club

Can you now tell us a little about Themelio, what is it all about?

Robocop | Satoshi Club

wow that is really great background in cryptocurrency, btw can you explain a little about what is Themelio?

nullchinchilla

The central idea behind Themelio is simple and bold: existing blockchains miss out on most of the potential of blockchains by targeting the wrong layer of the application stack. Both Ethereum-type “application platforms” and Bitcoin-type “ blockchain apps” are far too close to the application layer, causing tight coupling with the unstable and fickle trends of app development.

This leads to frequent community spats and protocol upgrades that shake the very “code is law” foundations of blockchain security.

Themelio instead aims to be a low-level, IPv4-like foundation for a decentralized Internet. It’s intended to last decades without changes to its core protocol once the 1.0 version stabilizes. This of course requires very careful design and engineering, as well as a minimal protocol that “does one thing and does it well”, but the reward is completely sidestepping the notoriously tricky problem of “blockchain governance”.

Jonah 🏅🎹 | Satoshi Club

I see that what your project focusses on solving are technical issues of existing blockchains

Jonah 🏅🎹 | Satoshi Club

Not all projects have the ability to do so

Jonah 🏅🎹 | Satoshi Club

Thank you for the introduction

Robocop | Satoshi Club

Thank you for the great introduction, now we have 6 question from community in part 1, are you ready ?

nullchinchilla

Haha yeah. I wouldn’t say they are technical issues, but more like deeper, design philosophy issues

nullchinchilla

Sure!

Jonah 🏅🎹 | Satoshi Club

Oh yeah.. and I see you have the knowledge to solve them

Robocop | Satoshi Club

Q1 telegram user @Highpee

Themelio is developing its own unique uniquely flexible and usable UTXO-based data model known as MelVM. Can you explain more about this virtual machine and how it operate similarly or better than the popular Ethereum Virtual Machine (EVM)? Will developers need to learn additional programming language in order to be able to build application stacks that are MelVM compatible and can it be used to facilitate cross-chains dApp deployment similarly to what is obtainable on EVM compatible protocols? Also, can you explain how MelVM empowers complex dApp and how it grants better security guarantee?

nullchinchilla

MelVM is intentionally very different from EVM:

– It is based on purely functional data structures

– It is non-Turing-complete, and gas usage can be determined statically

This is because covenants in Themelio’s extended UTXO model are very different from smart contracts in Ethereum. Themelio covenants only constrain how coins are spent, and they do not have mutable storage, dynamic gas costs, etc. The entire data model is different — for example, we don’t have “accounts”, and transactions look much more similar to Bitcoin transactions.

It would be hard to port most EVM dapps to Themelio. But that is intentional, because we believe that most EVM dapps do not belong on layer 1.

MelVM is instead designed to focus on implementing logic that does belong on layer 1: ordering and constraining graphs of critical events, like money transfers or name registrations. For these applications, the extended UTXO model actually has much better security and performance. Whole classes of bugs from bad storage management are gone because there’s no mutable storage (e.g. in Themelio creating a custom token doesn’t require implementing your own account math). And parallel processing of transactions greatly increases TPS without hurting decentralization.

Jonah 🏅🎹 | Satoshi Club

You Talked about the extended UTXO model having much better security, have you carried out an Audit of your project to determine if there are vulnerabilities?

nullchinchilla

Not yet, but we plan on doing so during the betanet period, before our protocol stabilizes. In any case, our protocol is much simpler than modern layer-1 protocols like Ethereum or Solana, and we think that it’s much less likely to have hidden bugs.

Robocop | Satoshi Club

Thank you for the detail answer, its really clear for me, btw when will the betanet period? can you share the roadmap from Themelio?

nullchinchilla

Our roadmap is here: https://themelio.org/roadmap.html

We are in the middle of a website revamp though, so some info might be out of date.

We are currently in the betanet period!

Jonah 🏅🎹 | Satoshi Club

Thank you for your answers

Jonah 🏅🎹 | Satoshi Club

Ready for the next question?

nullchinchilla

Yep!

Robocop | Satoshi Club

Q2 telegram user @Rotoxy

Your token $MEL is said to be the first truly decentralized, fiat-independent stablecoin. Can you explain how MEL stability is attained when it is not pegged to a fiat? How does it bridge the dichotomy between trustless minting and low volatility of conventional cryptocurrencies and how does it tackle the systemic risks of oracle-based fiat peg stablecoins? Lastly, since you have only mentioned stablecoins, does it mean that the only currency you will have is this stablecoin? Are there no plans for a secondary token that will have a feature of a regular crypto asset and which can be suitable for trading, governance or other utilities?

nullchinchilla

MEL’s stability comes from the fact that it’s pegged to an index called a “DOSC”. It’s defined as the cost of running a sequential computation for 24 hours, using the fastest processor available. For example, a DOSC in the year 2000 is the cost of occupying the fastest single CPU core available in 2000 for 24 hours, while a DOSC in the year 2021 is the cost of doing the same with a 2021 processor.

The DOSC has two cool properties:

– It has a stable purchasing power! In most of history, using up a CPU core for 1 day costs around $0.30, including electricity and CPU depreciation costs. We did an analysis here: https://github.com/themeliolabs/dosc-analysis

– We can trustlessly measure this on-chain, without any oracles!

A more detailed explanation is available on our docs: https://docs.themelio.org/whitepapers/melmint-v2/

Finally, we actually do have a secondary token that is mostly fixed-supply. It’s our dedicated Proof-of-Stake token, SYM. SYM, unlike Mel, will not have a stable price. Validators stake SYM to participate in consensus and earn gas fees from people using Themelio. And if Themelio succeeds, SYM will go to the moon

We’ll be selling SYM during our token sale, currently scheduled for Q1 2022.

We’re working on a document summarizing the tokenomics of MEL vs SYM.

Jonah 🏅🎹 | Satoshi Club

Are the staking details and the percentage of fees stakers will get as rewards available?

Robocop | Satoshi Club

I see, so can you share the tokenomics from $MEL and $SYM ?

nullchinchilla

We are still working on a user-friendly tokenomics webpage. But in short:

– All fees go to SYM stakers. We use a system similar to EIP-1559 to set stable fees, but unlike EIP-1559, all fees go to stakers, including the “base fee” which is split between stakers. This is due to cryptoeconomic modeling that shows that this system optimally aligns incentives between users and stakers. More info: https://docs.themelio.org/basic-concepts/03-consensus/

– Staking has no minimum stake, but also no built-in delegation. You will be able to join staking pools like in Eth2, but we intentionally don’t support EOS-style delegation. This is for decentralization and incentive alignment.

– SYM also is used as collateral to stabilize the MEL peg. This is similar to MKR stabilizing Dai. So MEL becoming popular also makes SYM go up.

Jonah 🏅🎹 | Satoshi Club

Thank you for your Detailed Answers

Jonah 🏅🎹 | Satoshi Club

Ready for the next question now?

nullchinchilla

Yes!

Robocop | Satoshi Club

Thank you for the clear answer let continue to next question

Robocop | Satoshi Club

Q3 telegram user @Giniwhite

I read Themelio is a public blockchain that enables open, secure, and resilient decentralized apps. An example is Mel, an independent, stable-value cryptocurrency that anyone can freely use. Inspired by previous blockchains like Bitcoin and Ethereum, Themelio nonetheless takes a very different design approach: radical immutability inspired by the architecture of the Internet. Since Ethereum and Bitcoin are very succesfully projects how do you plan to use this inpirations to make Themelio Competitive? how do you plan to attrack more developers?

nullchinchilla

Themelio will be competitive not by imitating Ethereum and Bitcoin, but through its refocus of the blockchain on its core purpose: endogenous trust. Endogenous trust means security based on incentives and cryptography, not the arbitrary decisions of developers or ill-defined user communities. It’s the old “code is law” principle that blockchains these days has almost forgotten.

Ethereum and Bitcoin can’t ensure endogenous trust, because they’re tightly coupled to applications. Applications keep changing and need to evolve — this then forces the blockchain to change with them. And we are forced to trust whoever decides the changes! I have a blogpost where I explain why Themelio is against the whole idea of blockchain governance (https://nullchinchilla.me/posts/against-blockchain-governance.html).

Themelio therefore is decoupled from applications and is designed for building intermediate, layer-2 protocols, rather than directly interfacing with dapps. This approach will also make application development much more flexible. For example, if you want to write a Telegram-like chat app with decentralized trust, instead of writing a bunch of expensive smart contracts and selling tokens, you can just combine a Themelio-based PKI with a traditional end-to-end encrypted protocol like OTR or Signal.

Themelio thus encourages writing apps that use the blockchain for security-critical functionality, but are mostly off-chain. We also hope that this will attract more “traditional” security-minded developers turned off by the existing web3 world full of hype, memes, and terrible usability.

Jonah 🏅🎹 | Satoshi Club

In other words Themelio is trying to ensure that true decentralization is maintained

nullchinchilla

Exactly!

Robocop | Satoshi Club

Themelio really unique

Jonah 🏅🎹 | Satoshi Club

This is indeed a Unique and well thought out concept

Jonah 🏅🎹 | Satoshi Club

Kudos to you Eric!

Jonah 🏅🎹 | Satoshi Club

Thank you for your answers

Jonah 🏅🎹 | Satoshi Club

Ready for the next question?

nullchinchilla

Yep

Robocop | Satoshi Club

btw this idea come alone from yourself or do you have team behind this?

nullchinchilla

Well the ideas mostly come from my PhD thesis, but I do have an excellent team of engineers helping me implement them!

Jonah 🏅🎹 | Satoshi Club

Oh great How many are you in the team at the moment?

nullchinchilla

We’re a pretty early-stage startup. Including me, there’s just 5 people, haha

Robocop | Satoshi Club

oh wow what a great team Themelio have

nullchinchilla

We’ll have a team page on our website soon

Robocop | Satoshi Club

Thank you for the answer, lets continue to 4th

Jonah 🏅🎹 | Satoshi Club

That’s still a decent number for an early-stage startup.. we hope to see you grow beyond this soon

Robocop | Satoshi Club

Q4 from Telegram User @Rozielyna

I read on your website that Themelio is still under heavy development, recently entering the betanet phase of our roadmap. Which means that although the tooling is far from complete, you do have a feature-complete persistent mainnet and testnet running. And in participating one can participate by running a thin client or full node. When will the testnet and mainnet start running? What are the features of each of the Mainnet and Testnet? Are there Incentives or benefits attached to participating testnet? What are the distinct differences between the thin client and full node when participating?

nullchinchilla

Right now, we already have a mainnet and testnet running! But they are beta-quality, and the protocol isn’t fully stabilized yet. You can think of Themelio now like Bitcoin in 2009 — there’s a mainnet and testnet, but neither is stable.

The mainnet has persistent history, and once we do our token sale and “really” launch the network, that’s the one that’ll launch.

The testnet is occasionally wiped, and history there is not persistent. You can also randomly give yourself as much money as you want on the testnet, so assets there are worthless, haha

We are planning on a series of incentivized testnet contests, like airdropping MEL to whoever can spam the most testnet transactions in a day, etc. Since we already have a mainnet, we’re gonna reward people with real, mainnet MEL, even before our token sale!

Right now you can run both full nodes and clients. Full nodes replicate the entire blockchain history, while clients just query little pieces of information.

Jonah 🏅🎹 | Satoshi Club

Can you share links and details on how users can participate in the ongoing betanet?

nullchinchilla

Yup! Start here: https://docs.themelio.org/try-themelio/core-cmd-tools/

We have tutorials on sending transactions on the testnet, as well as running full nodes. They’re still being improved upon though, and we welcome any feedback from the community!

Jonah 🏅🎹 | Satoshi Club

Thank you for sharing..

Robocop | Satoshi Club

So there will be airdrop for $MEL, don’t miss this opportunity Satoshi Clubber ,join Themelio telegram so you can know all new update

nullchinchilla

Yep! We’re also giving away free MEL for people who complete our survey: https://form.typeform.com/to/To6hcO5N

Jonah 🏅🎹 | Satoshi Club

Great opportunity here guys

Robocop | Satoshi Club

Thank you for sharing this

Jonah 🏅🎹 | Satoshi Club

Filling this straight away

Robocop | Satoshi Club

do you want to add anything else or we can go to next question?

nullchinchilla

I can go to the next question

Robocop | Satoshi Club

Q5 from Telegram User @UncleStrange1

I understand that in Melmint, nominal DOSCs (nomDOSCs) are minted by creating a DoscMint transaction with a proof of sequential work over its inputs. This nominal DOSC is then continually converted through Melswap into Mel, and used to pay transaction fees. And also, any excess is sent back to the backup wallet. Can you elaborate more on how to create DoscMint transaction? How can users access the Melswap feature for converting DOSC to Mel? Will there be added fees for the conversion of DOSC to Mel usidng the Melswap feature?What will the excess Mel sent to the backup wallet be used for?

nullchinchilla

I think this question is about the operation of the melminter command-line tool. In that tool, we continually mint Mels, and any excess Mels are sent to a given other wallet.

This is so that the melminter only keeps enough mels to pay its own gas fees, rather than hoarding them. All of the “profit” is sent to the backup wallet — you!

There is a small transaction fee for the transaction that converts DOSC to Mel, but DOSC tokens by themselves are useless, so it’s pretty much mandatory to convert to Mel. So you’re not really giving up any value through the conversion.

In the future, we will be improving the melminter tool to have customized strategies for dealing with the minted DOSC, as well as thresholds for sending to the backup wallet, etc.

Jonah 🏅🎹 | Satoshi Club

Is there a fixed price at the moment for what the conversion fee will be?

nullchinchilla

Nope, it’s just a gas cost like any other transaction, it’s not fixed. Normally it should be extremely small (less than 1 cent or so)

Jonah 🏅🎹 | Satoshi Club

Oh I get it..

Robocop | Satoshi Club

so speak of wallet, do you have own wallet or we can use “other” wallet?

nullchinchilla

You need to use our own wallet to transaction on our blockchain, because Themelio’s not Ethereum-compatible. We are very close to releasing a feature-complete GUI wallet for desktop!

However, when we do our token sale, wrapped ERC-20 versions of MEL and SYM will become available. You’d be able to use metamask, etc, to transact in WMEL and WSYM on Ethereum, but to use them on Themelio you’d still need our wallet.

Jonah 🏅🎹 | Satoshi Club

You have everything carefully planned out

Robocop | Satoshi Club

ok thank you for the detail answer , btw is there any fee for change from $MEL into WMEL?

nullchinchilla

We are planning on a completely trustless bridge, so that we don’t need to trust custodians like we do with WBTC/BTC.

Unfortunately, this also means that wrapping MEL to WMEL will incur lots of EVM gas usage, on the Ethereum side. We expect this gas usage to be pretty high, so in practice it’ll only be worth it to directly convert large amounts at once. Smaller amounts will be converted at exchanges, and we might offer a conversion website too.

Robocop | Satoshi Club

its clear for me , so lets continue to last question from part 1 ?

nullchinchilla

Sure!

Robocop | Satoshi Club

Q6 From Telegram User @Cheriemike

One of your feature”Synkletos Themelio’s Collusion Resistant Consensus Mechanism” caught my attention.To truly achieve incentive-compatible security you can not rely on the typical approach of considering ideal honest behavior neither will the game-theoretical analysis of multi-party coordination be solve.So how will the use of Synkletos consensus algorithm play an important role in simplifying incentives analysis?Do you think that the use of Synkletos proof of stake is efficient when compared to Proof of Work(PoW) and Proof of Authority (PoA)?Can you briefly tell us of the Synkletos security and stability?You also said that by using Synkletos mechanism you are aiming for “despot stimulation”can you tell us what that means? Thanks

nullchinchilla

Synkletos’ main motivation is my frustration with the way most blockchains’ consensus games, like Bitcoin’s Nakamoto consensus, or Eth2’s Casper, are designed. Usually, they assume non-coordination for security — if all the miners conspire, they can double spend and gain lots of profit from destroying network security.

But in practice, the miners *do* coordinate! There are all sorts of miner meetups, miner chat groups, etc, and it’s naive to believe that there are too many miners to coordinate. So Bitcoin and Ethereum’s security really depends on the goodwill of the miners, *not* the protocol incentives. This breaks endogenous trust.

Instead, we want a system where it’s okay if all the validators conspire, because they wouldn’t be able to find a better way of profiting than simply following the protocol correctly. And the easiest way of doing this is to incentivize collusion — no matter whether the validators conspire or not, they end up conspiring anyway.

We just need to then design validation rules so that even such a conspiring group that behaves as one “despot” can’t ruin the network. Our whitepaper has more details: https://docs.themelio.org/whitepapers/synkletos/

Jonah 🏅🎹 | Satoshi Club

This is an eye opener to some things we don’t normally know

Jonah 🏅🎹 | Satoshi Club

And I’m impressed that you did a very thorough research on this to come up with this solution

Robocop | Satoshi Club

yes, agree with you

Robocop | Satoshi Club

Thanks for your answers,

it has been an amazing time in this first part of the AMA

Jonah 🏅🎹 | Satoshi Club

So it was more like “miners are the law” not “code is law”

nullchinchilla

Yep haha

Jonah 🏅🎹 | Satoshi Club

Thank you Eric for this first part

nullchinchilla

Thank you guys too for giving me this opportunity

Jonah 🏅🎹 | Satoshi Club

We will now like to proceed to the second part of our AMA

Robocop | Satoshi Club

Are you ready for the biggest storm of question from community in Satoshi Club ? @nullchinchill

nullchinchilla

Haha of course!

Jonah 🏅🎹 | Satoshi Club

The chat will be opened for 120 secs after which you will select 10 questions of your choice and answer them

nullchinchilla

Got it

Jonah 🏅🎹 | Satoshi Club

Let’s do It

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Modrumz120

Hi there .Can you tell us what inspired you to use Themelio as your name?

nullchinchilla

The word “Themelio” is Modern Greek for “foundation”. It refers to Themelio’s vision of a permanent, layer-0 blockchain that acts as a foundation for a secure, decentralized Internet.

Q2 from Telegram user @cenkkargin0666

I noticed you said “Themelio is designed to be immutable” on your website, so why offer an immutable design? Will the Themelio network not be updated, how will you adapt to technological developments?

nullchinchilla

The key idea here is that for a foundational protocol, if the abstraction level is correct it would not need to change. That’s Themelio’s goal — we aren’t just decreeing that Themelio won’t change.

For example, IPv4 never changed since 1983, even though technology and Internet apps evolved tremendously. See more at this blogpost: https://nullchinchilla.me/posts/against-blockchain-governance.html

Q3 from Telegram user @messilolz

Do you have your team anonymous including you? How big is your team and where can we find more details about it? Also are you a global project or not?

nullchinchilla

My team is not anonymous, though we don’t have a team page up on our website yet (it will be up very soon). We’re a team of engineers and researchers living the United States.

Q4 from Telegram user @nooralom2222

Hello sir
Do token holders have the right to participate in the management of this project? What kind of project can they vote on..?

nullchinchilla

Token holders, by design, do not have governance rights in the project. This is because Themelio’s actually designed to be governance free once stable, so there’s nothing to manage or vote on at all!

Before stabilization in 2023, betanet governance will be informally decided through a process led by us but with community participation, similar to Ethereum. This will mostly consist of small tweaks, bugfixes, and minor changes to the protocol, and we don’t plan on any big earth-shattering upgrades.

Q5 from Telegram user @Asela1112

According to your Roadmap, It is mentioned that you have decided to develop a token bridge contracts between Themelio & Ethereum chains. Is this like a initial cross chain interoperability step? Can you give a further description about the bridge contracts with Ethereum chain?

nullchinchilla

These bridge contracts will consist of trustless relay contracts that act as SPV clients, allowing any Themelio asset to be wrapped in a corresponding ERC-20 asset on Ethereum without any trusted parties.

However, it will not be a general cross-chain interoperability solution. It doesn’t actually make a lot of sense to have such a solution, because Ethereum and Themelio have radically different data models — Ethereum has accounts and smart contracts, while Themelio has coins and smart covenants.

Q6 from Telegram user @Phunsuk9999

In Your Website , You have mentioned about Only One Partnership which is POLYCHAIN CAPITAL , Have You done Other Parrnership also , Or You are Planning to Do Some colloborations in Future ?

nullchinchilla

Polychain Capital is our only outside investor, and we carefully selected them due to their very prestigious reputation and focus on investing in high-potential Web3 projects. They contributed our entire $1.5M seed funding.

We are not currently looking for more private VC partnerships, but we are considering other partnerships, like token sale partnerships or code auditing partnerships. We intend to do the first round of our token sale soon, and that will be a great early investment opportunity for everyone.

Q7 from Telegram user @Jamesxmen

Hello Themelio Team
Themelio project present a stable coin called $MEL which is truly decentralized currency. As we know any kind of Stable coin have been pegged to physical currency liķe USD, EUR etc.. Which currency does the $MEL stable coin back by? Can you tell us the proportion of $MEL & pegged currency? However, there are lot of stable coins in crypto firms presently like USDT, BUSD etc..So In what way will the $MEL survive over these stable coins? Do you have plans for that already?
Thank you!!!

nullchinchilla

Unlike all other stablecoins, MEL is not pegged to any offline fiat currency. That’s exactly how it’ll differentiate itself from and compete against other stablecoins: to trust USDT, BUSD, etc you must trust USD and the Fed, but to use MEL you don’t need to trust anybody. It’ll be fully decentralized and neutral like Bitcoin, but without crazy ups and downs.

Q8 from Telegram user @Karoceh

Ethereum initially had low gas fees, but as transactions increased the gas fees became high. How can be ensured that gas costs will remain stable on Themelio even in the future transaction increased?

nullchinchilla

Our solution to high gas fees are twofold:

First of all, Themelio’s extended UTXO model, combined with Streamlet BFT consensus, is inherently much higher-performance. This is because the UTXO model allows fully parallel transaction processing, while BFT consensus allows for bigger blocks without risking block orphaning.

Thus, Themelio’s TPS is going to be much higher than Ethereum at the same level of decentralization. We measured around 1000 TPS, even with several hundred nodes.

Furthermore, Themelio’s on-chain programming model, which uses purely functional covenant scripts rather than smart contracts, encourages very early adoption of layer2 solutions, rather than complex layer1 logic. For example, we expect that by the time the network stabilizes in 2023, most payments will be done over zkrollups or payment channels rather than on layer 1. This greatly reduces demand for on-chain space, reducing gas fees.

Q9 from Telegram user @razraz_hardbass

Do you have machanism that ensure avoid hard-forks or it dependence of Themelio devs decision? More specifically: Ethereum team had to resort to hardfork due to attack to DAO direction and Your paper said that you prevent to hard-fork except to fix security vulnerabilities; how do these two situations differ from each other because DAO (already, ok) made hardfork for a attack reason and Themelio (hope will never be attack) ready make hard-fork upon detection vulns?

nullchinchilla

The interesting thing about a widely embedded, low-level protocol like Themelio or its inspiration IPv4 is that they are hard to upgrade, even if you want to upgrade them. We’ve been trying to switch to IPv6 for decades, and still we’re all using IPv4 right now!

So in Themelio’s case, if a high-profile application failure like the DAO hack happens, there’s just going to be too big of an ecosystem that assumes that Themelio won’t change — imagine Themelio clients burned into read-only memory in embedded devices, etc — to do any kind of hard fork. It’ll be even harder than upgrading all IPv4 devices to IPv6, on the same day.

I also happen to think that Ethereum Classic, rather than Ethereum, made the right decision for the DAO fork. Neutral platforms should not bend their own rules because people wrote buggy apps on them. But the point is that Themelio’s design will force it not to change, even if a loud segment of the community wants a hard fork. We don’t need to trust anybody to make the right decision here.

Q10 from Telegram user @Arnavx5

Can you tell me a single reason why should I use Themelio Chain over Binance Smart Chai?

nullchinchilla

The single biggest reason is that Themelio is the epitome of decentralization, simplicity, and trustlessness, while BSC is founded on centralization, complex features, and trust in Binance! They represent nearly entirely opposite philosophies, and I certainly hope the former succeeds rather than the latter!

Part 3 — Quiz Results

As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.

For more information and future AMAs, join our Social Media channels:

English Telegram group: https://t.me/Satoshi_club/
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Website: https://esatoshi.club/

Our partners:
Telegram –https://t.me/themeliolabs
Medium –https://medium.com/themelio
WebSite — https://themelio.org/

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