In this article, I’ll walk you through the status of the barriers, the progress, and how to think about a more connected world will operate supported by blockchain technologies.
We inject web3 for transaction processing into the website (Dapp) which is inherently unsafe environment with very limited chances for audit. That is why we use now wallets for Tx verification, running in more secure environment than Dapps.
Dapp Architecture based on web3 injection doesn’t support wallets properly. Lets try re-invent it.
For the last hundred years, individuals have worked for firms, and, by historical standards, large ones.
That many of us live in suburbs and drive our cars into the city to go to work at a large office building is so normal that it seems like it has always been this way. Of course, it hasn’t. In 1870, almost 50 percent of the U.S. population was employed in agriculture. As of 2008, less than 2 percent of the population is directly employed in agriculture, but many people worked for these relatively new things called “corporations.”
Many internet pioneers in the 90’s believed that the internet would start to break up corporations by letting people communicate and organize over a vast, open network. This reality has sort-of played out: the “gig economy” and rise in freelancing are persistent, if not explosive, trends. With the re-emergence of blockchain technology, talk of “the death of the firm” has returned. Is there reason to think this time will be different?
As you make headway in the quest to reduce gas costs wherever possible, you inevitably discover that on-chain storage is frequently the most significant expense. There are many well-established ways to reduce these costs, such as verifying Merkle proofs against a root hash, storing IPFS hashes instead of placing the data directly on-chain, and packing multiple values into individual 32-byte words (perhaps by leveraging efficient addresses). Rather than go over each of these methods in detail, we’re going to investigate a new, bizarre technique.
The typical IoT networks I’ve seen collect data using cheap and low-power devices, and transmit it to a central service without more effort spent on security than needed (and sometimes much less). On the other hand, blockchains tend to be an expensive way to store data, require a fair amount of local storage and processing power to fully interact with them, and generally involve the careful use of public-private key encryption.
I can see some edge cases where it would be useful, for example securely setting the state of some large network of state machines – sort of like a more complex version of this system that controls a single LED via Ethereum smart contract.
What I believe isn’t important though, perhaps I just lack imagination – so lets build it anyway.
At Band Protocol, we are building a set of tools to enable effective information curation in decentralized communities. One of the challenges we faced while developing the first version of Band Protocol on Ethereum is how to store and evaluate arbitrary mathematical expressions on-chain. In this article, we will go over Band Protocol’s take on solving this problem using on-chain expression trees. The end goal is to have a Solidity library that can store and evaluate arbitrary expressions with single variable on the blockchain.
TL;DR: StarkPay, a payment scalability engine based on STARK technology, addresses many of the drawbacks of Lightning, the Layer-2 payment solution