Those layer-2 solutions are more or less the same, with the same issues.
03 Apr 2023, 18:34
Those layer-2 solutions are more or less the same, with the same issues.
They are missing one of the core issues for WHY you want layer 2 scaling solutions in the first place.
When using a sequencer that gets to decide which transactions go into a "bundle" that is put into L1, these systems essentially replicate the whole PoS miner/validator system inside an existing L1 chain.
But this is just suboptimal. The main thing L1 provides is ordering of events.
Adding another system that can re-order and censor transactions on top makes the whole system more susceptible to censorship and centralization than it was in the first place.
Now you can be censored at the L2 sequencer OR be censored at the L1 validator level. For centralization and government control, this is a disaster waiting to happen.
In Coinweb it is the opposite. There is no component in the Coinweb system that censors transactions at the protocol level. We rejected having a sequencer, and instead let every transaction opt into also being a Coinweb transaction. This means we do not add additional centralization and censorship systems on top of the existing L1.
Not only that, but by reading from multiple L1 blockchains, even censorship at the L1 validator level (beware, this is continuously happening on Ethereum) does not affect Coinweb as ALL L1 blockchains must be censored.
But not only that, current systems also continue to not fix the issue with MEV attacks and exploitation of users. This leads to yet more centralization as private, centralized, mempools are now routinely used to extract resources from people wanting to use the open, decentralized, mempools.
People are sold that they are sending transactions into decentralized systems only to be exploited by shadow-markets in private transaction pools.
Coinweb does not completely fix the MEV issue, but Coinweb executes transactions for a given block in parallel, meaning whoever decides the order of a block cannot execute a sandwich attack or reorder transactions for profit.
Coinweb does this through a parallel virtual machine, the transaction execution system that sits below the WebAssembly VM.
Coinweb is not a re-branding of some existing layer-2 system, it uses solutions based on first principles, with as little incidental complexity as possible in order to ultimately ensure decentralization and security for our users.
Can a sound protocol be designed without hardcoded signature checking? Yes it can, so we moved it outside the core protocol.
Can a sound protocol be designed without a sequencer? Yes it can, so we removed it from the protocol.
Can a sequential VM be implemented on top of a parallel one, or a parallel one on top of a sequential one? A parallel is more fundamental so we generalized from a sequential one.
In each of these cases, implementing from first principles or the most general building blocks gives real benefits such as reduced centralization, stronger security, more censorship resistance, quantum resistance, and execution scalability.