Hello, Satoshi clubbers Another AMA took place in Satoshi Club and we would like to introduce to you the AMA session with our friends from Themelio and our guest was . The AMA took place on the 11th of January
The AMA session was divided into 3 parts with a total crypto reward pool of $500
In this AMA Recap, we will try to summarise the most interesting points for you.
Part 1 — introduction and questions from the Telegram&WebSite
Jonah 🏅🎹
| Satoshi Club
Hello Satoshiclubbers welcome to Another AMA session
Jonah 🏅🎹
| Satoshi Club
Our Guest today is from Themelio
Robocop | Satoshi Club
We are pleased to announce AMA with Themelio and today our guests is @nullchinchilla
nullchinchilla
Hi everybody! Excited to participate in this AMA
Robocop | Satoshi Club
Welcome @nullchinchilla to Satoshi Club!
Jonah 🏅🎹
| Satoshi Club
We are Glad to have you here @nullchinchilla
Jonah 🏅🎹
| Satoshi Club
How are you doing today?
nullchinchilla
I’m doing great
Robocop | Satoshi Club
Well, let’s start our AMA!
Jonah 🏅🎹
| Satoshi Club
Let’s start with an introduction, can you introduce yourself
to us how you got into crypto and how Themelio started?
nullchinchilla
Sure! I’m Eric (Yuhao Dong), otherwise known on the internet as nullchinchilla. I am the founder and CEO of Themelio Labs, the company behind Themelio. My blog: https://nullchinchilla.me
I got into crypto from my background as a cypherpunk and
security researcher. Growing up between China and Canada, I was always
disturbed by how centralization and insecurity on the Internet facilitates
oppressive social control — see China’s Great Firewall, for example. Since I
was also into computers, it’s natural that since I young age I’ve been very
interested in security & privacy tools like Tor and Bitcoin.
In college, and later during my PhD studies at the University of Waterloo, I focused on researching and designing privacy-protecting technologies. During this period I also released Geph (https://geph.io), a VPN with unique cryptography-powered privacy protection and censorship circumvention. It is now a profitable business with more than 10K regular users, mostly in heavily censored countries like China and Iran.
What got me into blockchains was the problem of the root of
trust: any secure system ultimately relies on trusting somebody. But the
present-day internet’s security depends entirely on trusting centralized
institutions, like CAs, DNS servers, etc. This is terrible, since when these
institutions go rogue like in China, security becomes impossible.
I found the solution in using blockchains as decentralized,
autonomous roots of trust and security. But after building two naming systems
on Bitcoin, I concluded that existing blockchains are not up for the task. So I
made Themelio, a revolutionary public blockchain based on my PhD thesis.
Jonah 🏅🎹
| Satoshi Club
You have an incredible background and passion for this
Jonah 🏅🎹
| Satoshi Club
Can you now tell us a little about Themelio, what is it all
about?
Robocop | Satoshi Club
wow that is really great background in cryptocurrency, btw
can you explain a little about what is Themelio?
nullchinchilla
The central idea behind Themelio is simple and bold:
existing blockchains miss out on most of the potential of blockchains by
targeting the wrong layer of the application stack. Both Ethereum-type
“application platforms” and Bitcoin-type “ blockchain apps” are far too close
to the application layer, causing tight coupling with the unstable and fickle
trends of app development.
This leads to frequent community spats and protocol upgrades
that shake the very “code is law” foundations of blockchain security.
Themelio instead aims to be a low-level, IPv4-like
foundation for a decentralized Internet. It’s intended to last decades without
changes to its core protocol once the 1.0 version stabilizes. This of course
requires very careful design and engineering, as well as a minimal protocol
that “does one thing and does it well”, but the reward is completely
sidestepping the notoriously tricky problem of “blockchain governance”.
Jonah 🏅🎹
| Satoshi Club
I see that what your project focusses on solving are
technical issues of existing blockchains
Jonah 🏅🎹
| Satoshi Club
Not all projects have the ability to do so
Jonah 🏅🎹
| Satoshi Club
Thank you for the introduction
Robocop | Satoshi Club
Thank you for the great introduction, now we have 6 question from community in part 1,
are you ready ?
nullchinchilla
Haha yeah. I wouldn’t say they are technical issues, but
more like deeper, design philosophy issues
nullchinchilla
Sure!
Jonah 🏅🎹
| Satoshi Club
Oh yeah.. and I see
you have the knowledge to solve them
Robocop | Satoshi Club
Q1 telegram user @Highpee
Themelio is developing its own unique uniquely flexible and usable UTXO-based data model known as MelVM. Can you explain more about this virtual machine and how it operate similarly or better than the popular Ethereum Virtual Machine (EVM)? Will developers need to learn additional programming language in order to be able to build application stacks that are MelVM compatible and can it be used to facilitate cross-chains dApp deployment similarly to what is obtainable on EVM compatible protocols? Also, can you explain how MelVM empowers complex dApp and how it grants better security guarantee?
nullchinchilla
MelVM is intentionally very different from EVM:
– It is based on purely functional data structures
– It is non-Turing-complete, and gas usage can be determined
statically
This is because covenants in Themelio’s extended UTXO model
are very different from smart contracts in Ethereum. Themelio covenants only
constrain how coins are spent, and they do not have mutable storage, dynamic
gas costs, etc. The entire data model is different — for example, we don’t have
“accounts”, and transactions look much more similar to Bitcoin
transactions.
It would be hard to port most EVM dapps to Themelio. But
that is intentional, because we believe that most EVM dapps do not belong on
layer 1.
MelVM is instead designed to focus on implementing logic
that does belong on layer 1: ordering and constraining graphs of critical
events, like money transfers or name registrations. For these applications, the
extended UTXO model actually has much better security and performance. Whole
classes of bugs from bad storage management are gone because there’s no mutable
storage (e.g. in Themelio creating a custom token doesn’t require implementing
your own account math). And parallel processing of transactions greatly
increases TPS without hurting decentralization.
Jonah 🏅🎹
| Satoshi Club
You Talked about the extended UTXO model having much better
security, have you carried out an Audit of your project to determine if there
are vulnerabilities?
nullchinchilla
Not yet, but we plan on doing so during the betanet period,
before our protocol stabilizes. In any case, our protocol is much simpler than
modern layer-1 protocols like Ethereum or Solana, and we think that it’s much
less likely to have hidden bugs.
Robocop | Satoshi Club
Thank you for the detail answer, its really clear for me,
btw when will the betanet period? can you share the roadmap from Themelio?
nullchinchilla
Our roadmap is here: https://themelio.org/roadmap.html
We are in the middle of a website revamp though, so some
info might be out of date.
We are currently in the betanet period!
Jonah 🏅🎹
| Satoshi Club
Thank you for your answers
Jonah 🏅🎹
| Satoshi Club
Ready for the next question?
nullchinchilla
Yep!
Robocop | Satoshi Club
Q2 telegram user @Rotoxy
Your token $MEL is said to be the first truly decentralized, fiat-independent stablecoin. Can you explain how MEL stability is attained when it is not pegged to a fiat? How does it bridge the dichotomy between trustless minting and low volatility of conventional cryptocurrencies and how does it tackle the systemic risks of oracle-based fiat peg stablecoins? Lastly, since you have only mentioned stablecoins, does it mean that the only currency you will have is this stablecoin? Are there no plans for a secondary token that will have a feature of a regular crypto asset and which can be suitable for trading, governance or other utilities?
nullchinchilla
MEL’s stability comes from the fact that it’s pegged to an
index called a “DOSC”. It’s defined as the cost of running a
sequential computation for 24 hours, using the fastest processor available. For
example, a DOSC in the year 2000 is the cost of occupying the fastest single
CPU core available in 2000 for 24 hours, while a DOSC in the year 2021 is the
cost of doing the same with a 2021 processor.
The DOSC has two cool properties:
– It has a stable purchasing power! In most of history, using up a CPU core for 1 day costs around $0.30, including electricity and CPU depreciation costs. We did an analysis here: https://github.com/themeliolabs/dosc-analysis
– We can trustlessly measure this on-chain, without any
oracles!
A more detailed explanation is available on our docs: https://docs.themelio.org/whitepapers/melmint-v2/
Finally, we actually do have a secondary token that is
mostly fixed-supply. It’s our dedicated Proof-of-Stake token, SYM. SYM, unlike
Mel, will not have a stable price. Validators stake SYM to participate in
consensus and earn gas fees from people using Themelio. And if Themelio
succeeds, SYM will go to the moon
We’ll be selling SYM during our token sale, currently
scheduled for Q1 2022.
We’re working on a document summarizing the tokenomics of
MEL vs SYM.
Jonah 🏅🎹
| Satoshi Club
Are the staking details and the percentage of fees stakers
will get as rewards available?
Robocop | Satoshi Club
I see, so can you share the tokenomics from $MEL and $SYM ?
nullchinchilla
We are still working on a user-friendly tokenomics webpage.
But in short:
– All fees go to SYM stakers. We use a system similar to EIP-1559 to set stable fees, but unlike EIP-1559, all fees go to stakers, including the “base fee” which is split between stakers. This is due to cryptoeconomic modeling that shows that this system optimally aligns incentives between users and stakers. More info: https://docs.themelio.org/basic-concepts/03-consensus/
– Staking has no minimum stake, but also no built-in
delegation. You will be able to join staking pools like in Eth2, but we
intentionally don’t support EOS-style delegation. This is for decentralization
and incentive alignment.
– SYM also is used as collateral to stabilize the MEL peg.
This is similar to MKR stabilizing Dai. So MEL becoming popular also makes SYM
go up.
Jonah 🏅🎹
| Satoshi Club
Thank you for your Detailed Answers
Jonah 🏅🎹
| Satoshi Club
Ready for the next question now?
nullchinchilla
Yes!
Robocop | Satoshi Club
Thank you for the clear answer let continue to next question
Robocop | Satoshi Club
Q3 telegram user @Giniwhite
I read Themelio is a public blockchain that enables open, secure, and resilient decentralized apps. An example is Mel, an independent, stable-value cryptocurrency that anyone can freely use. Inspired by previous blockchains like Bitcoin and Ethereum, Themelio nonetheless takes a very different design approach: radical immutability inspired by the architecture of the Internet. Since Ethereum and Bitcoin are very succesfully projects how do you plan to use this inpirations to make Themelio Competitive? how do you plan to attrack more developers?
nullchinchilla
Themelio will be competitive not by imitating Ethereum and
Bitcoin, but through its refocus of the blockchain on its core purpose:
endogenous trust. Endogenous trust means security based on incentives and
cryptography, not the arbitrary decisions of developers or ill-defined user
communities. It’s the old “code is law” principle that blockchains
these days has almost forgotten.
Ethereum and Bitcoin can’t ensure endogenous trust, because they’re tightly coupled to applications. Applications keep changing and need to evolve — this then forces the blockchain to change with them. And we are forced to trust whoever decides the changes! I have a blogpost where I explain why Themelio is against the whole idea of blockchain governance (https://nullchinchilla.me/posts/against-blockchain-governance.html).
Themelio therefore is decoupled from applications and is
designed for building intermediate, layer-2 protocols, rather than directly
interfacing with dapps. This approach will also make application development
much more flexible. For example, if you want to write a Telegram-like chat app
with decentralized trust, instead of writing a bunch of expensive smart
contracts and selling tokens, you can just combine a Themelio-based PKI with a
traditional end-to-end encrypted protocol like OTR or Signal.
Themelio thus encourages writing apps that use the
blockchain for security-critical functionality, but are mostly off-chain. We
also hope that this will attract more “traditional” security-minded
developers turned off by the existing web3 world full of hype, memes, and
terrible usability.
Jonah 🏅🎹
| Satoshi Club
In other words Themelio is trying to ensure that true
decentralization is maintained
nullchinchilla
Exactly!
Robocop | Satoshi Club
Themelio really unique
Jonah 🏅🎹
| Satoshi Club
This is indeed a Unique and well thought out concept
Jonah 🏅🎹
| Satoshi Club
Kudos to you Eric!
Jonah 🏅🎹
| Satoshi Club
Thank you for your answers
Jonah 🏅🎹
| Satoshi Club
Ready for the next question?
nullchinchilla
Yep
Robocop | Satoshi Club
btw this idea come alone from yourself or do you have team
behind this?
nullchinchilla
Well the ideas mostly come from my PhD thesis, but I do have
an excellent team of engineers helping me implement them!
Jonah 🏅🎹
| Satoshi Club
Oh great How many are you in the team at the moment?
nullchinchilla
We’re a pretty early-stage startup. Including me, there’s
just 5 people, haha
Robocop | Satoshi Club
oh wow what a great team Themelio have
nullchinchilla
We’ll have a team page on our website soon
Robocop | Satoshi Club
Thank you for the answer, lets continue to 4th
Jonah 🏅🎹
| Satoshi Club
That’s still a decent number for an early-stage startup.. we
hope to see you grow beyond this soon
Robocop | Satoshi Club
Q4 from Telegram User @Rozielyna
I read on your website that Themelio is still under heavy development, recently entering the betanet phase of our roadmap. Which means that although the tooling is far from complete, you do have a feature-complete persistent mainnet and testnet running. And in participating one can participate by running a thin client or full node. When will the testnet and mainnet start running? What are the features of each of the Mainnet and Testnet? Are there Incentives or benefits attached to participating testnet? What are the distinct differences between the thin client and full node when participating?
nullchinchilla
Right now, we already have a mainnet and testnet running!
But they are beta-quality, and the protocol isn’t fully stabilized yet. You can
think of Themelio now like Bitcoin in 2009 — there’s a mainnet and testnet, but
neither is stable.
The mainnet has persistent history, and once we do our token
sale and “really” launch the network, that’s the one that’ll launch.
The testnet is occasionally wiped, and history there is not
persistent. You can also randomly give yourself as much money as you want on the testnet, so assets
there are worthless, haha
We are planning on a series of incentivized testnet
contests, like airdropping MEL to whoever can spam the most testnet
transactions in a day, etc. Since we already have a mainnet, we’re gonna reward
people with real, mainnet MEL, even before our token sale!
Right now you can run both full nodes and clients. Full
nodes replicate the entire blockchain history, while clients just query little
pieces of information.
Jonah 🏅🎹
| Satoshi Club
Can you share links and details on how users can participate
in the ongoing betanet?
nullchinchilla
Yup! Start here: https://docs.themelio.org/try-themelio/core-cmd-tools/
We have tutorials on sending transactions on the testnet, as
well as running full nodes. They’re still being improved upon though, and we
welcome any feedback from the community!
Jonah 🏅🎹
| Satoshi Club
Thank you for sharing..
Robocop | Satoshi Club
So there will be airdrop for $MEL, don’t miss this
opportunity Satoshi Clubber ,join
Themelio telegram so you can know all new update
nullchinchilla
Yep! We’re also giving away free MEL for people who complete our survey: https://form.typeform.com/to/To6hcO5N
Jonah 🏅🎹
| Satoshi Club
Great opportunity here guys
Robocop | Satoshi Club
Thank you for sharing this
Jonah 🏅🎹
| Satoshi Club
Filling this straight away
Robocop | Satoshi Club
do you want to add anything else or we can go to next
question?
nullchinchilla
I can go to the next question
Robocop | Satoshi Club
Q5 from Telegram User @UncleStrange1
I understand that in Melmint, nominal DOSCs (nomDOSCs) are minted by creating a DoscMint transaction with a proof of sequential work over its inputs. This nominal DOSC is then continually converted through Melswap into Mel, and used to pay transaction fees. And also, any excess is sent back to the backup wallet. Can you elaborate more on how to create DoscMint transaction? How can users access the Melswap feature for converting DOSC to Mel? Will there be added fees for the conversion of DOSC to Mel usidng the Melswap feature?What will the excess Mel sent to the backup wallet be used for?
nullchinchilla
I think this question is about the operation of the
melminter command-line tool. In that tool, we continually mint Mels, and any
excess Mels are sent to a given other wallet.
This is so that the melminter only keeps enough mels to pay
its own gas fees, rather than hoarding them. All of the “profit” is
sent to the backup wallet — you!
There is a small transaction fee for the transaction that
converts DOSC to Mel, but DOSC tokens by themselves are useless, so it’s pretty
much mandatory to convert to Mel. So you’re not really giving up any value
through the conversion.
In the future, we will be improving the melminter tool to
have customized strategies for dealing with the minted DOSC, as well as
thresholds for sending to the backup wallet, etc.
Jonah 🏅🎹
| Satoshi Club
Is there a fixed price at the moment for what the conversion
fee will be?
nullchinchilla
Nope, it’s just a gas cost like any other transaction, it’s
not fixed. Normally it should be extremely small (less than 1 cent or so)
Jonah 🏅🎹
| Satoshi Club
Oh I get it..
Robocop | Satoshi Club
so speak of wallet, do you have own wallet or we can use
“other” wallet?
nullchinchilla
You need to use our own wallet to transaction on our
blockchain, because Themelio’s not Ethereum-compatible. We are very close to
releasing a feature-complete GUI wallet for desktop!
However, when we do our token sale, wrapped ERC-20 versions
of MEL and SYM will become available. You’d be able to use metamask, etc, to
transact in WMEL and WSYM on Ethereum, but to use them on Themelio you’d still
need our wallet.
Jonah 🏅🎹
| Satoshi Club
You have everything carefully planned out
Robocop | Satoshi Club
ok thank you for the detail answer , btw is there any fee
for change from $MEL into WMEL?
nullchinchilla
We are planning on a completely trustless bridge, so that we
don’t need to trust custodians like we do with WBTC/BTC.
Unfortunately, this also means that wrapping MEL to WMEL
will incur lots of EVM gas usage, on the Ethereum side. We expect this gas
usage to be pretty high, so in practice it’ll only be worth it to directly
convert large amounts at once. Smaller amounts will be converted at exchanges,
and we might offer a conversion website too.
Robocop | Satoshi Club
its clear for me , so lets continue to last
question from part 1 ?
nullchinchilla
Sure!
Robocop | Satoshi Club
Q6 From Telegram User @Cheriemike
One of your feature”Synkletos Themelio’s Collusion Resistant Consensus Mechanism” caught my attention.To truly achieve incentive-compatible security you can not rely on the typical approach of considering ideal honest behavior neither will the game-theoretical analysis of multi-party coordination be solve.So how will the use of Synkletos consensus algorithm play an important role in simplifying incentives analysis?Do you think that the use of Synkletos proof of stake is efficient when compared to Proof of Work(PoW) and Proof of Authority (PoA)?Can you briefly tell us of the Synkletos security and stability?You also said that by using Synkletos mechanism you are aiming for “despot stimulation”can you tell us what that means? Thanks
nullchinchilla
Synkletos’ main motivation is my frustration with the way
most blockchains’ consensus games, like Bitcoin’s Nakamoto consensus, or Eth2’s
Casper, are designed. Usually, they assume non-coordination for security — if
all the miners conspire, they can double spend and gain lots of profit from
destroying network security.
But in practice, the miners *do* coordinate! There are all
sorts of miner meetups, miner chat groups, etc, and it’s naive to believe that
there are too many miners to coordinate. So Bitcoin and Ethereum’s security
really depends on the goodwill of the miners, *not* the protocol incentives.
This breaks endogenous trust.
Instead, we want a system where it’s okay if all the
validators conspire, because they wouldn’t be able to find a better way of
profiting than simply following the protocol correctly. And the easiest way of
doing this is to incentivize collusion — no matter whether the validators
conspire or not, they end up conspiring anyway.
We just need to then design validation rules so that even such a conspiring group that behaves as one “despot” can’t ruin the network. Our whitepaper has more details: https://docs.themelio.org/whitepapers/synkletos/
Jonah 🏅🎹
| Satoshi Club
This is an eye opener to some things we don’t normally know
Jonah 🏅🎹
| Satoshi Club
And I’m impressed that you did a very thorough research on
this to come up with this solution
Robocop | Satoshi Club
yes, agree with you
Robocop | Satoshi Club
Thanks for your answers,
it has been an amazing time in this first part of the AMA
Jonah 🏅🎹
| Satoshi Club
So it was more like “miners are the law” not
“code is law”
nullchinchilla
Yep haha
Jonah 🏅🎹
| Satoshi Club
Thank you Eric for this first part
nullchinchilla
Thank you guys too for giving me this opportunity
Jonah 🏅🎹
| Satoshi Club
We will now like to proceed to the second part of our AMA
Robocop | Satoshi Club
Are you ready for the biggest storm of question from
community in Satoshi Club ? @nullchinchill
nullchinchilla
Haha of course!
Jonah 🏅🎹
| Satoshi Club
The chat will be opened for 120 secs after which you will
select 10 questions of your choice and answer them
nullchinchilla
Got it
Jonah 🏅🎹
| Satoshi Club
Let’s do It
Part 2 — live questions from the Telegram community
Q1 from Telegram user @Modrumz120
Hi there .Can you tell us what inspired you to use Themelio as your name?
nullchinchilla
The word “Themelio” is Modern Greek for “foundation”. It refers to Themelio’s vision of a permanent, layer-0 blockchain that acts as a foundation for a secure, decentralized Internet.
Q2 from Telegram user @cenkkargin0666
I noticed you said “Themelio is designed to be immutable” on your website, so why offer an immutable design? Will the Themelio network not be updated, how will you adapt to technological developments?
nullchinchilla
The key idea here is that for a foundational protocol, if the abstraction level is correct it would not need to change. That’s Themelio’s goal — we aren’t just decreeing that Themelio won’t change.
For example, IPv4 never changed since 1983, even though technology and Internet apps evolved tremendously. See more at this blogpost: https://nullchinchilla.me/posts/against-blockchain-governance.html
Q3 from Telegram user @messilolz
Do you have your team anonymous including you? How big is your team and where can we find more details about it? Also are you a global project or not?
nullchinchilla
My team is not anonymous, though we don’t have a team page up on our website yet (it will be up very soon). We’re a team of engineers and researchers living the United States.
Q4 from Telegram user @nooralom2222
Hello sir
Do token holders have the right to participate in the management of this project? What kind of project can they vote on..?
nullchinchilla
Token holders, by design, do not have governance rights in the project. This is because Themelio’s actually designed to be governance free once stable, so there’s nothing to manage or vote on at all!
Before stabilization in 2023, betanet governance will be informally decided through a process led by us but with community participation, similar to Ethereum. This will mostly consist of small tweaks, bugfixes, and minor changes to the protocol, and we don’t plan on any big earth-shattering upgrades.
Q5 from Telegram user @Asela1112
According to your Roadmap, It is mentioned that you have decided to develop a token bridge contracts between Themelio & Ethereum chains. Is this like a initial cross chain interoperability step? Can you give a further description about the bridge contracts with Ethereum chain?
nullchinchilla
These bridge contracts will consist of trustless relay contracts that act as SPV clients, allowing any Themelio asset to be wrapped in a corresponding ERC-20 asset on Ethereum without any trusted parties.
However, it will not be a general cross-chain interoperability solution. It doesn’t actually make a lot of sense to have such a solution, because Ethereum and Themelio have radically different data models — Ethereum has accounts and smart contracts, while Themelio has coins and smart covenants.
Q6 from Telegram user @Phunsuk9999
In Your Website , You have mentioned about Only One Partnership which is POLYCHAIN CAPITAL , Have You done Other Parrnership also , Or You are Planning to Do Some colloborations in Future ?
nullchinchilla
Polychain Capital is our only outside investor, and we carefully selected them due to their very prestigious reputation and focus on investing in high-potential Web3 projects. They contributed our entire $1.5M seed funding.
We are not currently looking for more private VC partnerships, but we are considering other partnerships, like token sale partnerships or code auditing partnerships. We intend to do the first round of our token sale soon, and that will be a great early investment opportunity for everyone.
Q7 from Telegram user @Jamesxmen
Hello Themelio Team
Themelio project present a stable coin called $MEL which is truly decentralized currency. As we know any kind of Stable coin have been pegged to physical currency liķe USD, EUR etc.. Which currency does the $MEL stable coin back by? Can you tell us the proportion of $MEL & pegged currency? However, there are lot of stable coins in crypto firms presently like USDT, BUSD etc..So In what way will the $MEL survive over these stable coins? Do you have plans for that already?
Thank you!!!
nullchinchilla
Unlike all other stablecoins, MEL is not pegged to any offline fiat currency. That’s exactly how it’ll differentiate itself from and compete against other stablecoins: to trust USDT, BUSD, etc you must trust USD and the Fed, but to use MEL you don’t need to trust anybody. It’ll be fully decentralized and neutral like Bitcoin, but without crazy ups and downs.
Q8 from Telegram user @Karoceh
Ethereum initially had low gas fees, but as transactions increased the gas fees became high. How can be ensured that gas costs will remain stable on Themelio even in the future transaction increased?
nullchinchilla
Our solution to high gas fees are twofold:
First of all, Themelio’s extended UTXO model, combined with Streamlet BFT consensus, is inherently much higher-performance. This is because the UTXO model allows fully parallel transaction processing, while BFT consensus allows for bigger blocks without risking block orphaning.
Thus, Themelio’s TPS is going to be much higher than Ethereum at the same level of decentralization. We measured around 1000 TPS, even with several hundred nodes.
Furthermore, Themelio’s on-chain programming model, which uses purely functional covenant scripts rather than smart contracts, encourages very early adoption of layer2 solutions, rather than complex layer1 logic. For example, we expect that by the time the network stabilizes in 2023, most payments will be done over zkrollups or payment channels rather than on layer 1. This greatly reduces demand for on-chain space, reducing gas fees.
Q9 from Telegram user @razraz_hardbass
Do you have machanism that ensure avoid hard-forks or it dependence of Themelio devs decision? More specifically: Ethereum team had to resort to hardfork due to attack to DAO direction and Your paper said that you prevent to hard-fork except to fix security vulnerabilities; how do these two situations differ from each other because DAO (already, ok) made hardfork for a attack reason and Themelio (hope will never be attack) ready make hard-fork upon detection vulns?
nullchinchilla
The interesting thing about a widely embedded, low-level protocol like Themelio or its inspiration IPv4 is that they are hard to upgrade, even if you want to upgrade them. We’ve been trying to switch to IPv6 for decades, and still we’re all using IPv4 right now!
So in Themelio’s case, if a high-profile application failure like the DAO hack happens, there’s just going to be too big of an ecosystem that assumes that Themelio won’t change — imagine Themelio clients burned into read-only memory in embedded devices, etc — to do any kind of hard fork. It’ll be even harder than upgrading all IPv4 devices to IPv6, on the same day.
I also happen to think that Ethereum Classic, rather than Ethereum, made the right decision for the DAO fork. Neutral platforms should not bend their own rules because people wrote buggy apps on them. But the point is that Themelio’s design will force it not to change, even if a loud segment of the community wants a hard fork. We don’t need to trust anybody to make the right decision here.
Q10 from Telegram user @Arnavx5
Can you tell me a single reason why should I use Themelio Chain over Binance Smart Chai?
nullchinchilla
The single biggest reason is that Themelio is the epitome of decentralization, simplicity, and trustlessness, while BSC is founded on centralization, complex features, and trust in Binance! They represent nearly entirely opposite philosophies, and I certainly hope the former succeeds rather than the latter!
Part 3 – Quiz Results
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about the crypto project. A link to a Quiz form was sent into the chat.
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