Reddit x Arbitrum, The Merge EIP proposed and more - The Daily Gwei Refuel #171 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of the daily gray refuel where i recap the latest news in the ethereum ecosystem i'm your host anthony sosano and today's the 23rd of july 2021 all right everyone let's get into it so the next delegate ama is going to be happening tomorrow uh saturday the 24th uh if you haven't uh uh kind of um joined the discord channel yet be sure to do so because it's going to be happening in there in the voice channel uh and the times will be 11 p.m australian eastern standard time 3 p.m central east standard time in europe 9 a.m eastern time and 6 a.m pacific time of course this will be recorded as usual and uploaded to the youtube channel about 24 hours after um the ama is done now if you want to ask questions you can ask them in the ama series channel on

discord or of course you can ask them live on the uh on the ama so yeah i hope to see you all there um these uh just a reminder these happen every two weeks so even if you can't attend tomorrow's one you can definitely uh uh check out the the one in two weeks from now and actually next week there's going to be a surprise ama i'm i'll have more details about that posted in the discord next week um but i have like a guest coming uh to do an ama so that's going to be really exciting but anyway enough on that um now actually just a quick shout out here the 300th edition of the delegate newsletter is going to be published next week and uh in honor of this milestone as i've written here i'll be dropping a fire piece on eip1559 which is co-authored by the same guy who

was recycling cans for money to buy ethe during the bear market now i put out this tweet i don't know if everyone got this reference but i put out this tweet a little while ago that one of my friends was essentially recycling office cans two by eighth during the bear market like truly dedicated um ethereum so we've co-authored that together i think it is one of the best overviews of one five five nine obviously very timely and i'm really excited to get that out in the 300th edition of the newsletter so go subscribe to the newsletter if you haven't yet so you don't miss that um and just you know if anyone who hasn't subscribed to the newsletter yet it's basically a daily newsletter it goes out every weekday around the same time as the refuel goes live and basically covers one event uh or at

least the biggest event in the ethereum or crypto ecosystem over the last 24 hours so i write that every weekday so definitely go check that out if you haven't already so i think the biggest piece of news of the last 24 hours at least the thing that twitter was talking about i don't know if it's news but just the thing that twitter was talking about was the fact that the uh the eighth hashtag now has the ethiopian flag next to it now uh this was this got blown up on twitter i think people were confused by this it is not something that twitter put in place as a troll or anything like that i know jack the the co-founder and ceo of twitter put out a um a tweet with just hashtag eth with ethiopian flag there and he's known as being a bitcoin maximalist so he was

trolling a bit there um but essentially what this is is that the country code for ethiopia is eth and what's on at the moment the olympics so these flags next to these hashtags uh for the olympics they're not they've got nothing to do with crypto i saw solana had one of these um these flags next to it as well so yeah and and the funny thing is is that i saw uh bitcoin maximus making fun of uh of ethereum because you know bitcoin has its own its own emoji next to its hashtag whereas um eth hasn't in in the past and now that eth does it's like the ethiopian flag so i saw a bitcoin maximalist basically making fun of ethereum being like haha ethereum got like the ethiopian flag didn't get their own kind of emoji next to the eighth hashtag but i think this is one of the greatest

examples of the streisand effect that i've ever seen now for those of you who don't know what the streisand effect is it's basically by bringing attention to something that you don't want attention being brought to uh it essentially like compounds and becomes like a marketing vehicle um so you can see like the kind of streisand effect effect here as defined by wikipedia it's actually named after barbra streisand and i just want to break it down because i saw a lot of people getting confused by this but essentially the way wikipedia defines it it says the streisand effect is a social phenomenon that occurs when an attempt to hide remove or sense information has the unintended consequence of further publicizing that information often via the internet he's named after american entertainer barbra streisand whose attempt as oppressed the

california coastal records project's photograph of a revenant residence in malibu california taking to document california coastal erosion innovatively drew attention to it in 2013 2003. now you can see the kind of like image here and everything um but yeah essentially by i guess making fun of of ethereum it's just become like this massive stride zone effect where ethereum has all this free marketing thanks to bitcoin maximus again i mean they do this all the time they're they're they're our best marketing vehicle uh and and i think they play a big part in raising awareness about ethereum even though they don't want to um but yeah so that's kind of like the story around that and i think just generally i like the way the ethereum community responded to this it wasn't like us complaining about it

we weren't kind of like saying oh my god we got this um this silly flag or whatever uh next to eth we we um kind of embrace them and we're like okay yeah like ethiopia and in ethereum like let's embrace this i added the ethiopian flag to my twitter name here but this is ethereum culture this is what we do we don't get triggered over things uh like this we embrace them and and we um kind of like form collectives around them and that's why some people even saying that we should form some doubt to donate to to causes in ethiopia which i think is awesome i haven't seen anything concrete just yet but i think that's really cool that that's kind of popping up so yeah i guess perfect example of the streisand effect backfired on on maxis trying to dunk on 8th again trying to get a cheap

hit in on 8th was disappointing to see jack do it but not unexpected but yeah anyway that's the backstory though i'm going to move on from that to um stateful works announcing that the 1559 nft uh supported nft have sold out now obviously i've been showing this to you guys over the past few days uh and i'm incredibly uh excited that this sold out and they raised 243.05 eth all of which went to the the different contributors researchers developers all the people who made one five five nine possible and you can actually see the breakdown of it now the really cool thing about mira is that they have this thing called splits which essentially means that uh you can split up the payments or at least split up the kind of funds uh that were raised

uh with you know whatever addresses you want to split them into so you can see here this was the sales done this was the price this was the nft sold obviously there was 1559 of them and then you can scroll up and see the splits so you can see each address and and the ownership part of the funds that everyone kind of got here so most of these are unknown addresses or or like they don't have an e s or a twitter account attached to them but you can see here lite clients and tim biker i mean they're both ethereum core developers researchers i mean every everyone at this stage knows who tim is uh but yeah so that means that you can essentially um claim whatever your share is and that's really cool to see that the shares were kind of like done like this i mean you can see here kit

the the one who designed the nft as well um he got two percent of it so it's basically uh of that of that you know 243.05 eighth this is the percentage they would get which is a fair chunk of change i think you know ten percent of of uh of that number is uh 24 uh eighth that's a that's a lot of money right 24 times 2k you have like 52 um sorry 58 000 uh dollars i think if i'm doing my math correctly um no no 48 thousand dollars us dollars um which is just awesome these people i mean i think these people deserve much more than this um but this is still awesome to see this and this is a way for the community to get something out of it too i mean we all got a really cool nft uh and and and the one five five nine

patron nft the one that's for auction is still up for bidding so if you are interested in bidding on this it is a hefty sum of 32 000 right now or 15.598 um but it's still going for another four days and 18 hours now i did mention that these nfts are really cool and and we all got one if we were a supporter uh you know obviously it wasn't cheap but if you got one you can basically uh kind of say that you have one um but you can display it here's carlos displaying it on his digital frame called the mural 2 which i actually bought today after seeing this it wasn't cheap but i brought it because i've been looking for a really cool digital frame to display my nfts on um and you know it's it's coming i think next week or something so you might see

it pop up behind me maybe i'll find a spot for it behind me but i would love to display my 1559 nft along with you know all the other nfts that i have and kind of like a rotating thing um so yeah i'm looking forward to that but yeah i mean just just playing this video here and seeing how it works this is so cool i love this i mean and i know people can just say oh well you didn't need to buy it to do this you can just like copy paste uh control click save whatever but that's not the point the point is that you know that you own it right like you actually own the art you have proof of ownership over it and that's what i think counts and and obviously other people can see this you have providence over it it's all on

chain and things like that so i think it's really really cool and you know what i would feel like it was a bootleg version if i essentially um just copy pasted it or just control click right click saved on it um and then displayed it i would be like well this is a bootleg i don't really own this and i would feel kind of kind of meh about it wouldn't really mean much to me but the fact that i actually own this nft means a lot to me now maybe a lot of you don't um i guess like maybe don't think that's important or maybe don't get it but and that's fine this is very subjective stuff here but i still think it's very very cool but anyway congrats to stateful works for this i i mean i've saved for works i've showed you guys before like the nfts that they

did um and and the big within the beacon book and now the one five five nine one they're already planning something for the merge as well i think i'm just gonna collect every one every nft that these guys do because honestly i i just like i love the fact that it's focused on ethereum and ethereum culture rather than i guess new kind of projects building on top of ethereum um which i all find like new nft projects i should say which are all fine and dandy but i like these ones that are focused like on the ethereum protocol itself and the core of ethereum because i think if i was to say what i spend most of my time on that is what i spend most of my time on is the the core ethereum stuff like the application layer sure but uh in terms of what interests me the most it's

definitely the core of ethereum so the other piece of uh huge news over the last 24 hours i think this was the biggest piece of news over the last 24 hours was that arbitrary announced that they are scaling reddit's community points uh so uh you can see this post here on reddit and a lot of you will remember um the community points that reddit has done and they've kind of they kind of put out this baking scaling bake off challenge back last year i think it was like september last year if i load this page up um it was uh if i got the date here october october 1st 2020 uh they could but they put this post out called the great reddit scaling bake off now this was a competition where people do uh working on scaling solutions could submit their

solutions uh to scale reddit's community point system now reddit has chosen arbitram as the winner here so what they're actually going to be doing is deploying their own instance of arbitram so there's arbitrary one which is the the first instance and that's the one that um the off chain labs team the ones building arbitram are going to be deploying and that's the one where things like uni swap and all the other d5 projects that have announced that they're deploying to there are going to be but this one this community point system is going to be on its own instance of arbitrary now that means that it is effectively separate to albertum one so you can call this like arbitrary reddit for example but it's still using ethereum for security it's still a true layer too it is still inheriting uh the decentralization and security properties of ethereum

but at the same time because it's controlled by red i'm not i'm going to assume that it's not going to be decentralized from from the get-go right like even though they say it's decentralized here um the underlying arbitrary technology is because it's structured in such a way that inherits ethereum security to an extent but uh there'll be gonna be admin keys i'm sure there's probably gonna be some form of like kyc or identification or something at least in the short term but i don't think that takes away from the fact that reddit right reddit is using um ethereum and using ethereum layer twos which i think is really awesome now some people brought up uh uh concerns around composability saying okay well if they're launching their own roll up then they lose composability with uh arbitram1 and like everything else

and like that is the reality of all of this sort of stuff not just got to do with reddit but this is the way the world is going to be you there is no way to have composability across all of these apps with scalability while preserving decentralization and security not even with sharding now i know there are some projects out there that want to scale via layer 1 to keep that composability that we all know and love today while keeping the fees low but they sacrifice decentralization and security to achieve that so we're going to live in a world that is essentially asynchronous communication now what this means is we're going to have bridges between the different layer twos now i've spoken extensively about these bridges connext hot protocol seller network i mean starkware is doing bridging stuff as well

there's so many things happening and that's exactly what's going to happen with this there's going to be a bridge from the arbitrary reddit chain or layer 2 to the arbitrary one chain there's going to be a bridge from them to ethereum obviously there's going to be a bridge from that to optimism to wear to other chains like side chains like um whatever like the polygon pos chain there's going to be bridges everywhere and that's okay because we want to preserve the decentralization and security of the base layer and the only way to do that is to scale via layer uh and sharding enhances layer two i've spoken about this before as well um a lot on the refuel so um yeah that's that's kind of like how the um the the ethereum scaling world is going to be playing out and i don't think that takes away from

the amazing achievement that we have with these new layer twos like optimistic and zk roll ups and i also think that the composability will be possible in an asynchronous way where you'll send a message to another chain and it will take a little bit of time to get there won't be instant but this is exactly how the web works today like web 2 world works today it is not um a lot of things aren't synchronous they're asynchronous so they they have to wait for things to happen i mean yes it feels fast and everything like that but to bridge between different databases and stuff like that a lot of databases don't even talk to each other the fact that a lot of these things are permissionless as well where you don't have to basically say hey you know to this centralized company can i talk to your database within

with an api you can talk to ethereum like anyone can talk to ethereum anyone can talk to these layer twos as long as they've been set up in a permissionless way which if they're not i mean they're not gonna get very far in my eyes um so we have these kind of like open apis uh and these permissionless api standards where everyone's just to bridge in and out of there's just going to be so much scaffolding around that so much infrastructure put in place and that to me is the multi-chain world i don't believe that the multi-chain world is lots of different competing layer ones all trying to i guess like get uh get this kind of like piece of the pie i think the multi-chain world is ethereum at the center layer twos and side chains all around it and i and i actually do

think long term layer twos secured by ethereum is going to be the thing i think sidechain serve their purpose maybe in the short to medium term but long term um i'm very very bullish on layer twos on ethereum basically filling all scalability needs and that is to me the multi-chain uh future but anyway really awesome to see this from here like i mean this is super exciting this happened like a few i think it was like 20 minutes after i went to bed i went back and checked the time that this was announced i'm like oh my god i missed this like but 20 minutes it was like 3 a.m so i was all right with it but i woke up to this news i was like this is absolutely amazing so i'm really excited about this uh you should be too you can go check out this

post for more details about this but you know read it i mean reddit's huge so it's going to be awesome to see how they how they continue with this and it's going to be awesome to be able to play around with this sooner rather than later so uh i put out this tweet today uh where i said the holy trinity of ethereum and then i listed three eips here i have eip1559 eip3074 and eip3675 now one five five nine i'm not going to talk about you all know about one five five nine there is absolutely no reason for me to rehash it again as i said i have a post coming out next week on uh in the newsletter about it that will give you a nice high level overview of it before it goes live um you know within the next few weeks but the other two aip's i do want to go

over a little bit so aip3074 i have spoken about this on the refuel before but three zero seven four is a scalability up uh usability upgrade for ethereum now what this does in simple terms and the way that users are going to get the benefit out of this is it makes it so that developers can code up their smart contracts in a way where instead of having to do two separate transactions like an approved transaction and a swap transaction on something like uni swap you can do this in one transaction where you do the approve and the swap um and you only have to to pay the gas once you only have to sign the transaction once you don't have to do two separate transactions that is a massive massive ux upgrade like i can't tell you i'm sure you guys feel the same

how much it annoys me having to approve um tokens every single time i interact with a new smart contract for every single token now i get why it's there for security reasons but it is incredibly annoying having to do that all the time so that is a massive user upgrade there but i mean this is more for developers and there's a lot more to it than than this of course but i think this is the main kind of thing that uh at least the easiest way i can break this down for people but essentially um you know it does a lot more than that uh uh from from my understanding but i think that is one of the major three major eips coming within the next 12 months and then on top of that we have eip 3675 which you'll be forgiven for not knowing

because it's new eip it was only um put forward uh 22 hours ago as of time of recording but this was put for by mikhail here who uh basically describes this eip well the title of it is upgraded consensus to proof of stake and he describes it as a specification of the consensus mechanism upgrade on ethereum mainnet that introduces proof of stake aka the merge this is the eip for the merge now i've spoken about the to ethernet up before on the refuel but just a quick summary it's when we get rid of the proof of work uh consensus mechanism for ethereum we merge the current eth1 chain into uh into eth2 by using the beacon chain as the new consensus engine for that eth1 chain now you may have

seen this referred to as the consensus layer which is the beacon chain and the execution layer which is going to be the eth1 chain we know and love today that's essentially what this eip is now i don't think i have to go over why this is such a big deal i mean you can all pretty much get why it's such a big deal um but this is i mean i would say this is the most important aip one five five nine is the second most important i think and biggest and then three zero seven four would be the third but this is by far the most important in ethereum's history the culmination of six seven years worth of work research development in addition to that it's a massive security and economic upgrade to ethereum it is exactly why i have been buying so much ethereum over

the years so much eighth over the years um well at least one of the reasons not not the only reason but is one of the reasons because i wanted to stake it and i am staking most of it and on top of that i really like the fact that ethereum is not going to have to deal with the esg narratives that bitcoin is going to have to deal with um you know as time goes on so yeah really really positive uh eip three six seven five you can check this out it'll be linked in the youtube description um and there's a bunch of comments in here you can read through the specification for yourself if you'd like to do that so the index co-op has announced the bankless bed index in cooperation with the bankless dow now what this index is is basically equal weighted exposure to bitcoin if

eith and the dpi the d5 pulse index here so just the disclosure here i am an adviser to set which is heavily involved with index co-op i own index tokens and i'm good friends with the bankless guys i just want to get that out there um but i'm not just you know covering this because of that i think this is actually a really cool kind of product that appeals to a different set of people then maybe you know us hardcore people within the crypto ecosystem i think this is definitely something that can be suggested to you know your normie friends or your or your family and say to them hey you know if you want passive exposure to crypto here's the bed index this gives you exposure to btc ethan dpi um and you know they will they will have heard of d5 or at least rumblings about it and if

they're asking about it and then they might be asking you okay what can i buy to get exposure to d5 um and you know what can i get exposure to eat and btc and this is the i think this is the perfect product here now is this a product that i would buy probably not because i well one i don't want bitcoin exposure two i manage my own investments because i'm so like deep in the ecosystem but this product as i said is not made for people like um uh you you and i it is definitely made for uh uh people who um are looking for like passive and easy exposure from uh from crypto so definitely go check this out if you haven't already i think it's a great product i think it's gonna i think it's already got over a million dollars of aum in it which is really cool to see

um but generally uh you should definitely uh suggest this to people when they come up to you and ask you um how to get exposure to the whole ecosystem i think it's i think it's really cool and a really easy way to get exposure there so i came across this piece that i missed yesterday from andrew baxter and it's titled eighth of the world's most valuable asset so there's a blog post here and it's also available in a pdf version but essentially what this does is it goes over ether as an asset and ethereum as a network from a different lens than what i've seen before it maps it to like the traditional finance system how the neck ethereum improves upon it it's got a bunch of nice graphics here and pictures which you can follow through i mean as i was reading i was like this

is really really good like i really really enjoy this i'm i i um i i'm glad that i came across this again but essentially it pulls together a lot of what you may have seen you know the bankless guys talking about myself talking about a lot of people in the ecosystem talking about and kind of just like contextualizes it which i really like when people do that when people bring all this stuff together and contextualize it and contrast it with different kind of like things whether it be the traditional finance system or like the web 2 world i think that works really well to kind of like give analogies for people and allow people to kind of dive deeper into this this sort of stuff here so yeah i highly recommend giving this a read obviously i'll link it in the youtube description and i just wanted to quickly shout out

to andrew if you're listening thank you for putting this together i mean it's the first um i've seen of you and of your work and i really love it so keep up the good work i'm looking forward to future pieces you do on eighth and whatever else you do really on d5 or whatever if you've got more coming here and i did comment that you were going to make it and of course you're going to make it if you're an interest and you think it is the most the world's most valuable asset as i truly believe it is then you are going to make it for sure all right so last up here we have a tweet from brantley from ens domains who said the number of unique ethereum counts that hold at least one ens name just past a hundred thousand and you can see there's a do another

leagues dashboard here my camera is probably covering it no no we got it all good um you can see the total names created is over three hundred thousand i think you can see like different charts and monthly registrations that spiked last month and i went over why they spiked you know gas fees being cheaper people realizing that enos names were actually nfts things like that but also uh enos just getting more popular generally i think because more and more people are realizing that they want a name and they want a name attached to their ethereum address especially for things like the metaverse and they want to be able to show off their nfts on their you know ens on their ethereum addresses they want people to know who they are so i think that's why we saw a big spike there um but yeah this is really cool you can

check out this donated links dashboard it is linked in brantley's tweet which i'll link in the youtube description but congrats to the ens on this it's been you know a journey i mean ens has been around for quite a while now they've been doing amazing work i love my e s name sassel.ether everyone knows me by that um and you know if you don't have one yet you should definitely go to go get one but i think on that note i'm gonna wrap it up for today so thank you everyone for listening and watching be sure to subscribe to the channel if you haven't yet give that video a thumbs up subscribe to the newsletter join the discord channel and i'll catch you all next week don't forget to uh join the discord channel so that you can participate in the ama tomorrow um but if i don't see you on the ama

i'll see you in next week's refills so yeah thanks everyone