Akita (@akita) • Hey
Trying to write about Maia, Hermes, Talos and Ulysses on Substack, Notion, Twitter and Myspace
Publications
- Revisiting Core Principles: @MetisDAO's edge as the essential Layer 2 scaling solution
In the ever-evolving landscape of the blockchain space, it is imperative that we do not lose sight of the foundational problems that initially spurred the creation of this groundbreaking technology. At the heart of this movement lies a fundamental concern: the issue of centralisation in world economic systems. The drive to address this centralisation arises from the realisation that when crucial systems governing our lives become concentrated in the hands of a select few, the potential for corruption and abuse of power becomes all too real. This concern has echoed throughout history, highlighting the pressing need for decentralised alternatives.
In a space seemingly losing it's way, it's essential that we re-familiarise ourselves with the problems that 'crypto' technology initially sought to solve and to question our underlying motivation for building this new technology. Without a clear understanding of the problem at hand, the very existence of this space loses its meaning. The crux of the issue lies in the centralisation of economic systems, a concept that has led to vast corruption and unthinkable inequality throughout human history, right up to the present day. In a world where vital systems are controlled by a privileged few, the potential for abuse of power becomes a haunting reality. This is a problem that cryptocurrency and blockchain technology, at its core, aims to address.
The concerns surrounding centralisation have been eloquently articulated by Satoshi Nakamoto in the foundational whitepaper that gave birth to Bitcoin. Satoshi highlighted how commerce on the internet had grown dependent on trusted financial intermediaries. The existing trust-based financial models give rise to issues best described by Satoshi himself:
“Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model.
Completely non-reversible transactions are not really possible, since financial institutions cannot avoid mediating disputes. The cost of mediation increases transaction costs, limiting the minimum practical transaction size and cutting off the possibility for small casual transactions, and there is a broader cost in the loss of ability to make non-reversible payments for non-reversible services. With the possibility of reversal, the need for trust spreads. Merchants must be wary of their customers, hassling them for more information than they would otherwise need.
A certain percentage of fraud is accepted as unavoidable. These costs and payment uncertainties can be avoided in person by using physical currency, but no mechanism exists to make payments over a communications channel without a trusted party.”
The present centralised systems lack the efficiency and transparency that decentralised systems have the potential to inherently provide. The groundbreaking innovation known as 'Bitcoin' laid the foundations of a new era.
The emergence of @ethereum brought with it a commitment to decentralisation and the promise of revolutionising economic systems, standing on the shoulders of Satoshi and maintain direct alignment with Bitcoin's core principles. Vitalik Buterin and his collaborators created a smart-contract platform that not only harnessed the potential of blockchain, enabling the total revolution of economic systems, but also remained true to the essential ethos of decentralisation.
However, as the cryptocurrency space has evolved, it seems that a significant portion (if not the vast majority) of blockchain projects have lost sight of these core principles. Many protocols have veered away from decentralisation, while others fail to align with the initial goals that fuelled the creation of this space. We're in danger of this space becoming merely a new hub of centralised systems designed to create profit for a few.
Ethereum adhered to its core principle of decentralisation from its inception. @VitalikButerin's original Ethereum white paper, written in 2014, stands as a testament to the platform's unwavering commitment to this principle. While the technology of Ethereum has undergone a substantial evolution since its launch in 2015, its foundational ethos remains remarkably intact.
The notorious "blockchain trilemma" has posed a significant challenge: the quest to achieve decentralisation, security, and scalability simultaneously. Ethereum's soaring popularity has led to significant transaction fee spikes, highlighting the need for Layer 2 solutions that could alleviate this congestion while maintaining decentralisation and security.
Layer 2 solutions emerged as a beacon of hope, promising increased transaction throughput without compromising the core principles of decentralisation and security. Among these, Metis occupies a distinctive position. Metis recognises a pivotal flaw in several Ethereum scaling solutions: the absence of complete decentralisation. To address this, Metis is on the path to becoming the first fully decentralized Layer 2 solution, integrating decentralised sequencers and decentralised governance into its framework.
The significance of complete decentralisation cannot be overstated. It is the implicit linchpin that underpins the very essence of solving the problems of our current economic systems. As Metis continues to build towards this vision, its products and roadmap reflects the unwavering commitment to the principles that gave birth to the cryptocurrency movement.
Metis's unique Hybrid Rollup approach combines the scalability of Optimistic Rollup with the security provided by Zero-Knowledge cryptographic proofs. This fusion yields unparalleled speed, security, and capital efficiency, forming the perfect foundation for a decentralised world ecosystem and an economic revolution. Ethereum's role as a global settlement layer, combined with Metis as the global transactional layer, heralds a new era in global finance, redefining economic paradigms on a worldwide scale.
In an industry that increasingly seems to be straying from its founding principles, Metis emerges as a steadfast proponent of decentralisation. Its role as the essential Layer 2 solution not only addresses the problems that ignited the cryptocurrency movement but also charts a path towards a decentralized economic revolution. As the cryptocurrency landscape evolves, Metis stands as a beacon, reminding us of the core problems we set out to solve and demonstrating that the power of innovation can pave the way for transformative change.
We need to constantly remind ourselves that this space's origins were rooted in addressing the problem of centralisation that plagues economic systems. The ingenious innovations of Bitcoin and Ethereum have provided the foundational infrastructure to solve this problem and despite the space at large seeming to have deviated from its core principle, Metis has sought to rekindle the spirit of decentralisation. Its commitment to complete decentralisation, along with its supremely innovative Hybrid Rollup, positions it as a torchbearer for an economic revolution that champions transparency, security, and efficiency. As Ethereum serves as the global settlement layer, Metis as the global transactional layer ushers in an era of decentralized finance, underscoring the enduring significance of solving the problems that catalyzed the birth of cryptocurrency.
- I just minted Bridge to Base, celebrating the start of @BuildOnBase bringing billions of people onchain.
It’s Onchain Summer.
https://onchainsummer.xyz/
- I just voted "Negative Vote: Nay" on "[MIP-20] The Hermes Maiagration" https://snapshot.org/#/maiadao.eth/proposal/0x8741727aa58464df7d4975878b70f8cde4bdc368d024d242bd24d5a0e16e8b1b #Snapshot
- I just voted "Yay" on "[HIP-5] Hermes Olympics: Ecosystem Retroactive Grant Program" https://snapshot.org/#/hermesprotocol.eth/proposal/0xf0ca6b92ba76143ade7a67c2b8626e8d5ff2a9abb90149e96f1aaa5b2106a6ac #Snapshot
- **Title:** **Introducing zkMIPS, an advanced Zero-Knowledge Protocol (ZKP) system for the MIPS architecture.**
It's a game-changer in ensuring trust in computation results from untrusted parties.
zkMIPS is not just for blockchain. Its broad applicability extends to IoT, wearables, and more. It provides a robust solution for verifying computation results in a wide range of practical applications.
In an interactive proof system, zkMIPS creates a cryptographic proof that validates the execution of computations. It balances proof size, prover time, and verifier time, ensuring it meets application requirements.
zkMIPS is designed for the stable and well-established MIPS architecture. The adoption of MIPS brings benefits such as a small instruction set and the simplified design of efficient ZKP circuits.
In the blockchain realm, Optimism recognizes the importance of MIPS. The collaboration between Optimism and zkMIPS accelerates the development of zkMIPS as a ZKP rollup solution for Ethereum.
zkMIPS is also a natural choice for IoT applications. The popularity of MIPS in IoT devices allows for the seamless incorporation of verifiable computing capabilities.
This document serves as an introduction to zkMIPS technology, covering various aspects of its implementation. From blockchain solutions like Optimism to IoT, VR, wearable devices, and more, zkMIPS is paving the way.
Read the ZKM whitepaper here: `https://uploads-ssl.webflow.com/649f0dfbf8603574bb225beb/64adb58e4c9453524e4d4c67_zkMIPS_whitepaper_v1_1.pdf`
- I have connected with @koris.lens and discovered how to navigate the creator economy in a decentralized world.
Thank you.
- Do you see any familiar faces?
We're not shy. We're the team behind Koris ⚡
🔜 We're coming to Lens! Collect this post if you'd like an exclusive invite to our beta group. By joining our beta group, you can get streamed $METIS for content creation for different brands!
**Directions:**
⚡ Follow us and collect this post (only 100 can collect this post)
⚡ Keep an eye out for next steps to be announced here!
- **LIP-4: Profile Guardian**
We're creating a proposal to add a safety layer into Lens Protocol profiles to help Lens users to protect against phishing scams.
NFT owners including Lens profiles have been recently targeted with phishing attempts. While it's disheartening to see people lose their NFTs or profiles, we want to be proactive and innovate on the safety standards for NFTs.
We are introducing Profile Guardian which disables certain critical actions such as approvals and transfers for Lens profiles. Profile Guardian is enabled by default and can be opted-out if profile owners want to move it to a new address.
Disabling it will activate a 7-day cooldown period. During the 7-day cooldown period, services such as Lens API can track and provide the data to clients, who can notify users that their profiles are in an unsafe state, and recommend actions to secure the profile.
We hope Profile Guardian inspires others to improve end-user security when interacting with NFTs, especially as more users onboard into the web3 space.
Full Proposal: https://github.com/lens-protocol/LIPs/pull/18
- Burger selfie 🍔
- Haia and Mermes
[Hermes Protocol](http://Hermes.maiadao.io)
- The Llamas community treasury has reached a major milestone at $2M of ETH and Curve ecosystem assets!
Follow the llama treasury here: https://debank.com/profile/0x73eb240a06f0e0747c698a219462059be6aaccc8
Our llama flywheel is just getting started, here's to a curvtastic future everyone!
#millama #CRV #DeFi
- **👀 1 last day to go! 👀**
*💫⭐ Please mirror, like this post, follow us, and leave your wallet below for a surprise. 💫⭐*
*(Only for the first 50 wallets)*
- I love data, not data but why did your brain say it in two different ways?
Isn't it fascinating how our minds work? Same could be said about the way a person views and interacts with the world.
Peerspectives, person place or thing. It all really depends. Depends on our experiences, our cultures, our beliefs - they all color our interpretation of information or "data" that we encounter.
A scientist might see patterns and correlations, a business person might see opportunities and risks, an artist might see inspiration and emotion.
So next time you're looking at a set of data and wondering what is the most meaningful way to view it, remember that it is not just about the numbers or trends but its also about the unique lens through which you see the world.
I love data, and data too.
- HOW TO PREPARE FOR EIGENLAYER TESTNET ⚡️
This could be one of the next big trends.
Eigenlayer: A protocol on Ethereum to "re-stake" your ETH.
How does it work and is there a potential big airdrop?
🧵👇
1/7
What is EigenLayer?
EigenLayer enables ETH stakers to restake their ETH or LSD (stETH, rETH) to secure other apps on the network, earning additional rewards.
Users opt-in Eigen's smart contracts and stake to earn interest on top of the existing ETH POS interest.
2/7
How does EigenLayer work?
You can refer to my thread from January to learn more about the technical aspects, if you wanted to:
https://twitter.com/OlimpioCrypto/status/1610013658125328384
3/7
Status of EigenLayer
The initial phase of the three-stage launch plan for EigenLayer's protocol, the Stage 1 Testnet, was unveiled by the company on the 6th of April, 2023.
This testnet is not incentivized. But you can try it now! 👀
4/7
STEPS TO START: (this is in Goerli Testnet)
1. Get Goerli ETH on faucetlink.to/goerli or faucet.paradigm.xyz
2. Switch your wallet RPC to the Goerli Test Network
3. Send some Goerli Test ETH to this address 0x1643E812aE58766192Cf7D2Cf9567dF2C37e9B7F to get stETH
5/7
STEPS CONTINUED:
4. Visit goerli.eigenlayer.xyz and connect your wallet
5. Click the “Lido Staked Ether (stETH)” option
6. Enter the amount you want to deposit and stake the stETH you just received
6/7
7. Approve and confirm the transaction
8. See your balance on the dashboard.
7/7
POSSIBLE AIRDROP?
• Not likely, for now.
• They have not confirmed any airdrop.
• Testnet is not incentivized.
However, it usually is a good idea to be an early adopter in the crypto space. It might pay off! 🪂
Moreover, this is a testnet, so no capital is needed.
⚡️
- I just voted "Yes for extension" on "[ MP-19 ] blocmates extension for new product coverage" https://snapshot.org/#/maiadao.eth/proposal/0x502fe43d22b43f7f5a6671e4d9d7ebca72c7a5e5bbdd796cf1b0f1308b93aed3 #snapshotlabs
- I just voted "Yay" on "[HIP-4] - V2 Ecosystem Partnership Program Proposal" https://snapshot.org/#/hermesprotocol.eth/proposal/0xe3be4c8a536f7e80b9fa632b72f9de2c18a7c4fc52a23ea577d6f93f274336d4 #snapshotlabs
- Check out this proposal on aave governance 👻👻 - Aave Metis V3 #Aave
https://app.aave.com/governance/proposal/?proposalId=212
- I just voted "Yay" on "[MIP-17] Migrate Liquidity to Uni Maia" https://snapshot.org/#/maiadao.eth/proposal/0x32bc3916dd34e4c0145fea78e9a2a2f12e91956c84ac73432a41aeae108d4945 #snapshotlabs
- I will post on lens
I will make lens
- The Llamas are finally on Lens! We are so stoked to be here. To the future of the Curve Ecosystem!
- I just voted on "Metis CEG Program: CVP Proposal: Maia DAO" https://snapshot.org/#/metislayer2.eth/proposal/0xd0b78697b50b0bc1342de8a929e47f31bc16a80c1c75e068b06951b9bb60c299 #snapshotlabs
- I just voted "Yay" on "[MIP-14] Approve deployment of 200k USDT to be lent out in Yama Finance's PSM module." https://snapshot.org/#/maiadao.eth/proposal/0x5b6ca33eebd11e73e8eca0188fb38cb4e0acf9032775b54a638c575ba4d8e79c #snapshotlabs
- Metis begin!
- Just did something, probably nothing tho
- Haia and Mermes.
That is all.
[Hermes Pendulum](https://maiaeco.notion.site/fb94677e74ad412980b17e9f1d6965b3)
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