Edcon & San Francisco ML Meetup
A couple of weeks ago, we were at Edcon to understand the direction that the ethereum-dev community is moving towards. In Ethereum, there are two main challenges as of now, scaling and the move to Proof of Stake.
Approaches to solving “Scaling” in Ethereum:
- On-Chain
- Off-Chain
On-Chain
The current line of thought here is to use sharding, sharding is an old concept in databases. In order to make queries on large datasets scalable, one could shard it based on a certain parameter for eg. all data between the years 1990–2000 remain in one table and 2000–2010 goes to another table. However, with respect to blockchain sharding involves splitting up the network into partitions that independently process transactions within that shard, this gives magnitudes of scalability in comparison to the current single blockchain models. Please goto this blog post to understand more on the technical challenges and status.
Off-Chain
Some of the off-chain solutions are Plasma, Raiden Network and Liquidity Network (state channel) and Truebit. Plasma can be thought of as a hierarchical set of child-chains that merges its history back to the root Ethereum chain. Raiden is like the Lightning Network for Bitcoin, but focussed on payments. Raiden Network is a 2 party protocol, in that this second layer of the protocol involves communication between 2 parties. First, there is a registration on Chain between 2 parties with a collateral set on-chain. Afterwards, off-chain transactions of smaller values can take place, and these can be represented as a set of states. Liquidity Network solves the problem of economic scaling of the collateral which is required for registration. They do this by creating a set of hubs that allow you to do off-chain bulk col-lateralisation so that there can be N parties’ routing of a transaction and not only via a pre-existing on chain collateralised route.
Truebit is yet another solution that we are keeping an eye on. Truebit uses crypto economic incentives to verify computations. Livepeer was one of the applications that use Truebit.
State of Casper
At the end of the conference, Vitalik announced the call for Casper Validators of the network and announced the staking model for them. There are two projects that are ongoing, one is Casper the Friendly Finality Gadget (“FFG”) and the other is Casper Correct-by-Construction (“CBC”). FFG is considered a transitionary POS model and comes into play when Ethereum moves from POW to POS. A simple comparison can be found at this link.
Other Interesting Projects
Other interesting things to note were nucypher and the model for creating private data sharing between participants in a public consensus network, using proxy re-encryption to delegate decryption rights in a way that cannot be achieved by traditional symmetric or public-key encryption schemes. This seems like a solution that we can bolt on and super power over existing solution where we use the Shamir’s Secret Sharing Scheme for our own data storage and management, and is something that we want to explore further.
Furthermore, we feel like that the traceto.io Network has widespread symbiosis with many projects at the conference and as such, we are looking to explore possible partnerships with these projects.
In the same trip, we were also able to present our solution to the San Francisco ML community. Special thanks to Tony Tran @blockchain_tony from @thebeetoken for helping set this up and Digital Garage @dg717sf for the venue.
We have received constructive feedback from the community with regard to our traceto.io Network and will strive to continue development to create our decentralised KYC solution.
About traceto.io
traceto.io is a decentralised Know Your Customer (KYC) network that provides an inclusive KYC solution to cryptocurrency and blockchain product companies by fusing Smart Contract and Artificial Intelligence technologies. Leveraging on over 5 decades of experience in Compliance and RegTech, traceto.io’s vision is to bridge the gap between the real and virtual world KYC processes.
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