Madhav GoyalHalo: A privacy layer for stablecoins
AbstractHalo is a privacy layer for stablecoins unlocking the next private neobanks and applications that were blocked by the lack of anonymity and confidentiality of networks. Halo Network introduces a new extension a a privacy-preserving EVM chain purpose-built for stablecoin use cases. Halo combines the familiarity and composability of the EVM with the confidentiality of a UTXO-based privacy layer, allowing users to transact and build privately without sacrificing interoperability or liqui...
Madhav Goyal🧊Solana::Leader schedule
I have been diving into Solana and its Validator code realizing the incredible design behind the selection of Validators and block producers, so here is a small rundownWhat are Blocks?What are POW and POS?Solana Leader ScheduleSpecial Considerations to produce the Tastiest BlockOpen QuestionsSome ResourcesBlocks wat?Blocks containing transactions and state transition data lined on top of one another with cryptography securing their computational integrity is the foundation of blockchain aka c...
Madhav GoyalMusings on Price Discovery
Musings on Price discoveryWith a fading bull run comes the pressure to do a token generation event at high valuations because otherwise if you are a VC backed project with 8 figs in funding, you are cooked without a binance listing since you definitely know your tech is only valued at the number of CEX listings and shady market makers you can get for the launch. Jokes and criticism aside, I have been diving into the price discovery for a mix of work and my own interests in the past few months...
Just a tinkerer in this wonderful world
Madhav GoyalHalo: A privacy layer for stablecoins
AbstractHalo is a privacy layer for stablecoins unlocking the next private neobanks and applications that were blocked by the lack of anonymity and confidentiality of networks. Halo Network introduces a new extension a a privacy-preserving EVM chain purpose-built for stablecoin use cases. Halo combines the familiarity and composability of the EVM with the confidentiality of a UTXO-based privacy layer, allowing users to transact and build privately without sacrificing interoperability or liqui...
Madhav Goyal🧊Solana::Leader schedule
I have been diving into Solana and its Validator code realizing the incredible design behind the selection of Validators and block producers, so here is a small rundownWhat are Blocks?What are POW and POS?Solana Leader ScheduleSpecial Considerations to produce the Tastiest BlockOpen QuestionsSome ResourcesBlocks wat?Blocks containing transactions and state transition data lined on top of one another with cryptography securing their computational integrity is the foundation of blockchain aka c...
Madhav GoyalMusings on Price Discovery
Musings on Price discoveryWith a fading bull run comes the pressure to do a token generation event at high valuations because otherwise if you are a VC backed project with 8 figs in funding, you are cooked without a binance listing since you definitely know your tech is only valued at the number of CEX listings and shady market makers you can get for the launch. Jokes and criticism aside, I have been diving into the price discovery for a mix of work and my own interests in the past few months...
Just a tinkerer in this wonderful world
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There has been a lot of debate about whether Layer 2 or any scaling solutions on Solana won't be of much value. Let’s dive right in.more specifically after a tweet by Mert, It was Sunday midnight, and had nothing else to do so thought why not
https://twitter.com/0xMert_/status/1673014633630691331
The biggest question when thinking of Layer 2 is whether the base layer is congested or unable to execute all the transactions needed with thousands of transactions stuck in the mempool waiting for their turn.
If we were set out to answer the upper question, no Solana mainnet is functioning pretty well and still hasn't hit its top TPS ever, I know I know what you thinking but doesn't Solana have vote txns and stuff like that
well even after a deduplication Solana as of now should be able to handle upwards of 100k transactions per second but in the real world, it usually hovers around 1k so clearly there is not that high demand for the Solana blockspace right now.Even if the rollups were implemented having solana as their da or execution layer It wouldn't even get close to the data throughput speed of the mainnet even if the rollups themselves are using the Solana virtual machine(fork of Berkeley packet filter).
Credits: Logan Jastremsk
That is a good idea to have the fast execution of solana on another chain but here again, we run with da problems, if your dapp is consuming that much compute it would need to dump the data produced somewhere, and right no data availability solution comes close not even thinking about Ethereum.
Sadly adding zk to everything doesn't fix it, Zero knowledge proofs the heart of zk rollups are super compute expensively and take time to be produced that why most of the zk rollups on Ethereum wait hours to batch transactions and post the proof of computation on mainnet.Even if we had parallelized zkp production it would take a long time before it gets to the speed of Solana but one of the pros of that is it would enable a lot faster syncing of Solana nodes that take days as of now.At one point gas fee was higher on zksync and Polygon Hermez because it takes the same amount of compute to make a zk proof and divided amongst the users, if there are few users they would have to contribute to the production of proof
https://twitter.com/DefiIgnas/status/1641426707172425730?lang=en
But there is one feature that makes rollups attractive, they provide another level of developer flexibility that is not possible with a single-state machine. Right now every dapp has different requirements and they are made to submit improvement proposals that take ages if accepted and implemented ever but with rollups, devs can just ensure the data availability and conformations of the transactions on some other chain.
The dapp developers might want to have a different fee structure or hope to capture the mev by running their own sequencers for their dapp unlocking another source of revenue in a bear market which would not be possible with mainnet.
PS: Wrote this post at midnight so sorry for any mistakes or typos, if you wanna help feel free to reach out
There has been a lot of debate about whether Layer 2 or any scaling solutions on Solana won't be of much value. Let’s dive right in.more specifically after a tweet by Mert, It was Sunday midnight, and had nothing else to do so thought why not
https://twitter.com/0xMert_/status/1673014633630691331
The biggest question when thinking of Layer 2 is whether the base layer is congested or unable to execute all the transactions needed with thousands of transactions stuck in the mempool waiting for their turn.
If we were set out to answer the upper question, no Solana mainnet is functioning pretty well and still hasn't hit its top TPS ever, I know I know what you thinking but doesn't Solana have vote txns and stuff like that
well even after a deduplication Solana as of now should be able to handle upwards of 100k transactions per second but in the real world, it usually hovers around 1k so clearly there is not that high demand for the Solana blockspace right now.Even if the rollups were implemented having solana as their da or execution layer It wouldn't even get close to the data throughput speed of the mainnet even if the rollups themselves are using the Solana virtual machine(fork of Berkeley packet filter).
Credits: Logan Jastremsk
That is a good idea to have the fast execution of solana on another chain but here again, we run with da problems, if your dapp is consuming that much compute it would need to dump the data produced somewhere, and right no data availability solution comes close not even thinking about Ethereum.
Sadly adding zk to everything doesn't fix it, Zero knowledge proofs the heart of zk rollups are super compute expensively and take time to be produced that why most of the zk rollups on Ethereum wait hours to batch transactions and post the proof of computation on mainnet.Even if we had parallelized zkp production it would take a long time before it gets to the speed of Solana but one of the pros of that is it would enable a lot faster syncing of Solana nodes that take days as of now.At one point gas fee was higher on zksync and Polygon Hermez because it takes the same amount of compute to make a zk proof and divided amongst the users, if there are few users they would have to contribute to the production of proof
https://twitter.com/DefiIgnas/status/1641426707172425730?lang=en
But there is one feature that makes rollups attractive, they provide another level of developer flexibility that is not possible with a single-state machine. Right now every dapp has different requirements and they are made to submit improvement proposals that take ages if accepted and implemented ever but with rollups, devs can just ensure the data availability and conformations of the transactions on some other chain.
The dapp developers might want to have a different fee structure or hope to capture the mev by running their own sequencers for their dapp unlocking another source of revenue in a bear market which would not be possible with mainnet.
PS: Wrote this post at midnight so sorry for any mistakes or typos, if you wanna help feel free to reach out
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