xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11The only way
Technology isn't always directly translate to what we desire it to become. For example, we wish social media to become a place to keep in touch of others but it created another whole new level of distrust and misinformation that spread like a Pandemic. Be careful of your wishes! Like AI we think they can bring up a new level of the game in the creative industry and possibly to replace writers like you and me, but can they? It seems they are very powerful to execute what we want them to, ...
xuanling11Crypto Paycheck
Photo by Mario Gogh on UnsplashEmployees will receive their paycheck in the period as a reward for their work. However, the employer wants to pay less to employees so that they can have maximum profits. The tension between working and anti-working has increased ever since. TL;DR Nobody wants to work unless they can pay fairly. Fiat payment may not be sustainable to satisfy what workers can contribute if the employer continues paying less and gaining more from profits. Employees will want thei...
xuanling11Stablecoin Crisis
Stablecoin is in the crisis mode. The most reputable stablecoin USDC is depegged. It is all triggered by the traditional bank collapse - Silicon Valley Bank or SVB collapse. Why traditional bank collapse impacts crypto stablecoin? Let's sort this out and reveal how stablecoin operates. First, why SVB collapse? The short answer is overleveraged. SVB is one of the 20 largest commercial banking in the United States. Some even estimate the bank owned half of startup assets. Bank operated in ...
xuanling11The only way
Technology isn't always directly translate to what we desire it to become. For example, we wish social media to become a place to keep in touch of others but it created another whole new level of distrust and misinformation that spread like a Pandemic. Be careful of your wishes! Like AI we think they can bring up a new level of the game in the creative industry and possibly to replace writers like you and me, but can they? It seems they are very powerful to execute what we want them to, ...
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Plonky2 is Polygon’s scalability solution on ZKPs. While Zero-Knowledge Proofs will be a standard after the Bitcoin standard, Polygon wants to become ZKPs era Ethereum.
TL;DR
ZKPs is one of the most secure solutions on cryptocurrency’s technology. Plonky2 can achieve the security goal while scaling up to help Polygon expand more users.
Here is a 1 min summary of the article if you want to skip the reading.
Recently Hacking Incident
Polygon just lost $1.6M due to a bug that hacks exploited and they deployed the patch immediately. Such critical updates can prevent further losses. However, it is also critical to invent a new way in blockchain to prevent hacking incidents.
What Is Plonky2
Plonky2 is one of the solutions to prevent hacking. It is a recursive SNARK. SNARK is a Zero-Knowledge Succinct Non-Interactive Argument of Knowledge that processes certain information without revealing that information. I wrote an article to explain the details here and here.
How Plonky2 Secure The Network
Recursion is a key to providing additional security to the network. In contrast to Proof of Work, recursion is working parallel and one for each transaction while a single proof can verify all proofs.
How Plonky2 Increases Efficiency
The hardwire technology helps to scale up arithmetic on modern CPUs. With custom gates and with many more wires, designers can write circuits optimized for efficient recursion.
Proof Sizes
By eliminating the tradeoff, Polyky2 can improve its optimization through limited proof sizes. To achieve such proof sizes, a single proof that can be verified in a small circuit is a way to approach it.
Compatibility
Plonky2 will mainly run on Ethereum as Polygon is a layer 2 solution for Ethereum. The goal is to help Ethereum to improve its security while scaling up with speed and to reduce the gas fee.
In Conclusion
It seems Polygon has found a way to break the trilemma Ethereum has faced. We will see how such technology can drive the future.
Plonky2 is Polygon’s scalability solution on ZKPs. While Zero-Knowledge Proofs will be a standard after the Bitcoin standard, Polygon wants to become ZKPs era Ethereum.
TL;DR
ZKPs is one of the most secure solutions on cryptocurrency’s technology. Plonky2 can achieve the security goal while scaling up to help Polygon expand more users.
Here is a 1 min summary of the article if you want to skip the reading.
Recently Hacking Incident
Polygon just lost $1.6M due to a bug that hacks exploited and they deployed the patch immediately. Such critical updates can prevent further losses. However, it is also critical to invent a new way in blockchain to prevent hacking incidents.
What Is Plonky2
Plonky2 is one of the solutions to prevent hacking. It is a recursive SNARK. SNARK is a Zero-Knowledge Succinct Non-Interactive Argument of Knowledge that processes certain information without revealing that information. I wrote an article to explain the details here and here.
How Plonky2 Secure The Network
Recursion is a key to providing additional security to the network. In contrast to Proof of Work, recursion is working parallel and one for each transaction while a single proof can verify all proofs.
How Plonky2 Increases Efficiency
The hardwire technology helps to scale up arithmetic on modern CPUs. With custom gates and with many more wires, designers can write circuits optimized for efficient recursion.
Proof Sizes
By eliminating the tradeoff, Polyky2 can improve its optimization through limited proof sizes. To achieve such proof sizes, a single proof that can be verified in a small circuit is a way to approach it.
Compatibility
Plonky2 will mainly run on Ethereum as Polygon is a layer 2 solution for Ethereum. The goal is to help Ethereum to improve its security while scaling up with speed and to reduce the gas fee.
In Conclusion
It seems Polygon has found a way to break the trilemma Ethereum has faced. We will see how such technology can drive the future.
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