>ETH printing optimistic rollups at 500tps per quorum and massively reduced gas costs >Optimistic rollups currently under audit by trailofbits, will go live afterwards >Most importantly Arbitrum also has ETH-print-less sidechains called AnyTrust with rollups which scale non-linearly and require designated node quorums >AnyTrust scheduled to go live "early 2021" >Link runs all of it
If you hold ETH sell it around the new year We own the whole fucking stack
Based. How difficult would it be to roll this out on something like uniswap? And will it have much of a difference or are their contracts already pretty simple?
Christian Ramirez
And oh yeah look how L1 and L2 interact:
"Since Arbitrum contracts and transactions are byte-for-byte compatible with Ethereum, supporting the Reddit contracts is as simple as launching them on an Arbitrum chain.
Minting. Arbitrum Rollup supports hybrid L1/L2 tokens which can be minted in L2 and then withdrawn onto the L1. An L1 contract at address A can make a special call to the EthBridge which deploys a "buddy contract" to the same address A on an Arbitrum chain. Since it's deployed at the same address, users can know that the L2 contract is the authorized "buddy" of the L1 contract on the Arbitrum chain.
For minting, the L1 contract is a standard ERC-20 contract which mints and burns tokens when requested by the L2 contract. It is paired with an ERC-20 contract in L2 which mints tokens based on whatever programmer provided minting facility is desired and burns tokens when they are withdrawn from the rollup chain. Given this base infrastructure, Arbitrum can support any smart contract based method for minting tokens in L2, and indeed we directly support Reddit's signature/claim based minting in L2."
Ring any bells? How did they know?
Jayden Hernandez
It's almost like it's native compatible and will be part of the proposed solution or something:
"The benchmarks described in this document were all measured using the latest internal build of our software. When we release the new software upgrade publicly we will launch a Reddit Universe Arbitrum Rollup chain as a public demo, which will contain the Reddit contracts as well as a Uniswap instance and a Connext Hub, demonstrating how Community Points can be integrated into third party apps. We will also allow members of the public to dynamically launch ecosystem contracts. We at Offchain Labs will cover the validating costs for the Reddit Universe public demo."
Jace Thomas
Oh nice, that's pretty huge. Biz seems to be behind the ball on anything Arbitrum related, so anons might start talking about it a couple months from now.
Jeremiah Hall
smart anons. can you get uniswap using this? like is that possible?
Cooper Evans
If any of the big brains were still around there would be a bunch of replies with anons putting together how fucking huge this is. Specifically:
Reddit's application involves locking/burning on L1 and reissuance on L2. This appears to be the entire model for Arbitrum/link's scaling schema because transferring 0.16 link a million times doesn't make sense at current gas prices.
So what does that mean?
It means NOT ONLY will every chain partner be locking L1 ETH based Link to reissue on their chain but every commercial application will do the same. And on top of this it needs validators to ensure the L1 link has been locked and issue the L2 Link. Which is a cross chain communication task that chainlink does and gets paid for.
And there will only ever be 1bn link.
Every node that wants jobs needs to lock link Every non-eth execution chain needs to lock link Every L2 solution needs locked L1 link AND needs to pay the chainlink network to validate that it's L2 link is equivalent to L1 ETH link
And there will only ever be 1bn link.
Oh yeah, and every node request, every API call and every other world changing function of chainlink will be paid only in link.
Thomas Smith
>Ring any bells? How did they know? no please elaborate user
Gabriel Cook
Checked Arbitrum as part of link is built to be directly analogous and seamless to level 1 eth solidity So yes, once optimistic rollups hit I would suspect every major gas consumer on eth will port as fast as they can
And remember that's only the first stage (cutting gas costs by 3x to 25x). Once AnyTrust launches there is zero obligation to pay eth anything.
And that's after users have a few months under their belts of getting addicted to low cost solidity executions through Arbitrum rollup.
And after people get used to trusting Chainlink nodes at the same level as they trust Eth mainnet.
The next 12 months are going to make the last 3 years look like nothing.
Elijah Adams
damn. its sad to see threads like these with retards like myself mainly and little replies. i read this a week ago and it was amazing read. i hope reddit picks arbritum because it seems like the easiest solution to implement with much more control over development and smart contracts. incredibly bullish.
Nathaniel Ross
I don’t understand how Arbitrum intends to make money. They don’t have a token and plan to use Chainlink nodes to validate transactions correct? Can anyone explain this? Sorry if I’m being stupid.
Dominic Evans
>Once AnyTrust launches there is zero obligation to pay eth anything. im gonna read this, i wasnt aware of this. i wish i could go tit for tat with you. the will is there but the knowledge does not exist. im just excited for the future. is arbritum flying under the radar in crypto? seems very niche. i hope this reddit thing will make people pay attention.
Dominic Parker
This was a joke relating to early research into chainlink, specifically that the team has from the very beginning had cross chain communication as a core feature of the network. Nobody understood and some BTC maximalist level idiots used it as evidence the team had no idea what they were doing.
To be honest, almost nobody STILL understands what this means from a big picture level. Link having this function, at scale and at low cost now commoditizes all of their competitors offerings while monopolizing their own. This is why the team is so unfairly ahead: only people with access to big swinging dick business/finance minds would think of that kind of division of spoils years in advance.
Let me explain:
What smart contract initial blockchain prints? Or smart contract executions? In a cross chain enabled ecosystem EVERY execution chain is now in a race to the bottom for posting and executing your contract.
But guess what isn't in any race? The people who own the single-source data inputs that the entire ecosystem is dependent on. And the people who own the API and payment outputs that the entirety of legacy business/finance legally HAS to use, whether they like it or not.
Remind me, what network owns those inputs and outputs?
Austin Hernandez
Imagine you're a person running a series of contracts on eth mainnet now. You can:
- Pay huge gas costs to use L1 - Use the EXACT same contracts via arbitrum with the same security guarantees and pay way less in link per execution (and of course if you don't want to buy link, the contracts can be paid in literally any decentralized asset that can pass through a dex or communicate cross chain via chainlink)
Colton Wood
>What smart contract initial blockchain prints? Or smart contract executions? >In a cross chain enabled ecosystem EVERY execution chain is now in a race to the bottom for posting and executing your contract. >But guess what isn't in any race? >The people who own the single-source data inputs that the entire ecosystem is dependent on. And the people who own the API and payment outputs that the entirety of legacy business/finance legally HAS to use, whether they like it or not. >Remind me, what network owns those inputs and outputs? so your saying - every platform (eth) in a multi-platform environment is competing for the cheapest costs to posting and executing contracts. chainlink, the data network, has no such race to the bottom, especially since they will most likely be the main network in usage. so chainlink network will hold its value (and increase it with more usage) whereas something like eth will leak its value due to competition. did i get that correctly?
Connor Kelly
Man did they all really make their money and dip? They;ve gotta still be in it, that or just too comfy to care.
James Young
Exactly
Connor Torres
Yes I understand that part but how does OffchainLabs make money? I know they had venture capital to start with but how are they paid for their services. Do you license the software or what? Thanks for explaining.
Jose Wood
To truly give zero fucks you're looking in the 50mm range The big OG wallets were 800k-200k Even the big old anons aren't there yet I'd guess they still lurk
Justin Powell
Im too stupid to understand the technical stuff but to me it sounds like 10k stinkies might actually be enough to make it, dopamine is increasing again at last.
Isaac Hall
>Use the EXACT same contracts via arbitrum What's the advantage of doing this via Arbitrum, rather than something like Athereum on Avax? athereum.avax.network/
Adrian Walker
Based thread, user. I was excited about the Arbitrum news when first announced but you've added a lot of good detail here. I think it's just news fatigue with linkies. It's hard to maintain a hunger for breadcrumbs for years, especially after it already feels like everything is a lock.
Tyler Evans
The most logical explanation would be that they received a large chunk of link in exchange for natively integrating their technology into the chainlink network It also wouldn't surprise me if Sergey took some of the large amount of free cash they have and made an upfront payment with link payments as milestones
Again, pure speculation But I can say that when you work with people as reputable and high up as Ed Felten you can do those kinds of deals with little risk of getting screwed
Evan Anderson
>only useful post on biz
Blake Evans
They already have an l2 solution they're working on unipig --- you can try a demo of it right now abritrum is not the only game in town and works a lot like other rollup solutions do next year will be huge for eth
Ed has mentioned that there will be other validators other than link.
Charles Roberts
How strong are your hands? Remember what chainlink owns: - The highest quality data providers - All of the legacy ERP etc frontends - All of the legacy (msft, goog, oracle) tech vendors - All of the legacy outputs (banks, asset ownership systems etc.)
They own the entire deal flow from start to finish, the middle (execution part) matters the least as it's now commoditized but still the default pathway will be at chainlink's discretion because all of the customer volume comes through the above.
Of course because Sergey is an egalitarian there will be the option to use any other scaling/execution solution but the default will be arbitrum, and how many CTO's are going to put their jobs on the line to deviate from the standard?
Why would it go anywhere else?
Jose Clark
We include a comparison to several other categories as well as specific projects when appropriate. and explain why we believe that Arbitrum is best suited for Reddit's purposes. We focus our attention on other Ethereum projects.
Payment only Rollups. Compared to Arbitrum Rollup, ZK-Rollups and other Rollups that only support token transfers have several disadvantages:
As outlined throughout the proposal, we believe that the entire draw of Ethereum is in its rich smart contracts support which is simply not achievable with today's zero-knowledge proof technology. Indeed, scaling with a ZK-Rollup will add friction to the deployment of smart contracts that interact with Community Points as users will have to withdraw their coins from the ZK-Rollup and transfer them to a smart contract system (like Arbitrum). The community will be best served if Reddit builds on a platform that has built-in, frictionless smart-contract support.
All other Rollup protocols of which we are aware employ a centralized operator. While it's true that users retain custody of their coins, the centralized operator can often profit from censoring, reordering, or delaying transactions. A common misconception is that since they're non-custodial protocols, a centralized sequencer does not pose a risk but this is incorrect as the sequencer can wreak havoc or shake down users for side payments without directly stealing funds.
Sidechain type protocols can eliminate some of these issues, but they are not trustless. Instead, they require trust in some quorum of a committee, often requiring two-third of the committee to be honest, compared to rollup protocols like Arbitrum that require only a single honest party. In addition, not all sidechain type protocols have committees that are diverse, or even non-centralized, in practice.
Plasma-style protocols have a centralized operator and do not support general smart contracts.
Cooper Baker
Sounds about right Or eth finally gets locked in the cuckshed by L2 Read the post. They don't even have clear plans for how to monetize the arbitrum native validators. They're looking at other infrastructure providers who are going to validate for free?
