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Vitalik: Ethereum, Part 1
46:07
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2022/4/8
Naval
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Introduction
Haseeb’s background
Vitalik’s background
A blockchain you can build any app on top of?
Eth trades efficiency for transparency
Like plain text, Eth is simple and efficient
Only high-value transactions can afford the blockchain
Trading performance for security
‘Impregnable castles made of math’
Ethereum’s limitations are latency and privacy
Can Eth provide a high level of decentralization and a high level of scaling at the same time?
Sharding leads to more centralization
How much decentralization is the right amount?
What happens when subsidies to join nodes disappear?
Stateless clients make it possible to verify the chain with very little on your hard drive
Staking culture is difficult to cultivate
New blockchain players tend to go for minimum viable decentralization
People don’t value privacy until somebody goes to jail over it
Eth is ‘simple at the base’
Social recovery wallets make it easier to be your own bank
Block space is getting expensive
There’s not a lot of innovation on Bitcoin, by design
Blockchain’s ‘free-rider effect’
Innovation is slowest at Layer 1
Layer 2 moves faster because it’s permissionless
What if we froze Layer 1 today?
Data for computation trade-off
Benchmarking blockchains apples-to-apples
Enshrining decentralization
Tensions between scaling and preserving value
There will be multiple stores of value
Shownotes
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