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Web3 Industry Report

Defi Learning

Merkle tree - Merkle proofs are used to prove that a Tx is “on the block chain”

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Signature

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Scaling

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Payment channel - most of the Txs does not touch blockchain

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Rollup

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ZK Rollup

...

zkEVM - coordinator can produce a SNARK proof for the execution of a short Solidity Program

easy to migrate a DAPP from L1 Ethereum to L2 zkRollup

reduced Tx fees and increased Tx rate compared to L1

Optimistic Rollup

same principle as zkRollup, but no SNARK proof

give a few days for validator to complain:

if a posted Tx is invalid

→ anyone can submit a fraud proof and win a reward & rollup server get slashed

Benefit: simple full EVM compatibility, less work for server

Data Availability: zkSync vs zkPorter

problem to solve: how to get data if the old coordinator is dead

zkSync - store all Tx data on the L1 blockchain (Ethereum)

L1 chain accepts Tx batch only if it includes summary of all Tx

other coordinators can reconstruct L2 state from L1 blockchain

Con: higher Ethereum Tx fess, good for high value assets

zkPorter - store Tx data on a new blockchain

maintained by a set of staked coordinator

cheap off-chain storage, but lower guarantee than zkSync

Interoperability

federated bridge

a group of validators to coordinate the transaction

trustless bridge?

can be built using SNARK Proof

hard to hide secret key so hard to built such a protocol between ETH & BTC

Analysis framework for startup idea:

Problem, Key differentiator, Customer, Moat, Business model

Web 3 landscape

Layer 1

Special purpose

Generally programmable platform

Problems: Scaling, Privacy, Programmability, Interoperability

Layer 2

One of popular L2 architecture is a ”rollup”

One solution to scaling is to move some logic from the Layer 1 chain to a “Layer 2”

L2s depend on (and ideally inherit) the security of the L1

L2s can be specific applications or general-purpose platforms

Problems:

Efficiency: further reducing transaction costs

Programmability: making ZK rollups as easily programmable as L1s

Infrastructure:

Problems:

User Experience: making web3 as painless as web2

Decentralization: avoid single point of failure

Monetization: capturing value from tools (open-source)

Decentralized Finance

Problems:

User Experience: making non-custodial finance easier than custodial

Efficiency: reducing transaction costs

Security: avoiding exploits and bugs as DeFi applications get more complex

Regulatory clarity: determining how DeFi should be regulated

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