Mel Project: Is Web3 Truly Decentralised? - Eric Tung
2024-07-26
Web3’s decentralisation is currently limited to smart contracts as they can be verified on-chain. However, until scalability and UX become on par with that of Web2, the only realistic way for crypto to reach mass adoption is threw off-chain dApps. This creates the premise for a security bottleneck in the form of centralised APIs used for on-chain querying. Mel Project aims to expand on-chain security and decentralisation (consensus) to off-chain apps, basically achieving off-chain composability through trustless light clients. Earendil, the backbone of their ecosystem, designed to resist ISP-level censorship, is a decentralized anonymous communication and payment network that enables autonomous applications and true P2P protocols.
Topics covered in this episode:
- Eric’s background and founding Mel Project
- Why Ethereum came short
- Is Infura a security bottleneck?
- Liberating markets (and the Internet)
- Light clients and how Mel Project tackles them
- Use cases
- Smart contracts on Mel Project
- Scaling the ‘world computer’
- Mel Project’s consensus: Streamlet
- Why Mel Project chose an UTXO model
- Earendil & ISP-level censorship resistance
- Roadmap
- The Geph VPN
- Mel Project’s low volatility (stable) coin
- $SYM: PoS token
- Misc.
Episode links:
- Eric Tung on Twitter
- Mel Project on Twitter
- Geph VPN on Twitter
- Moxie Marlinspike's 'My first impressions on web3' article
- Streamlet BFT consensus model
Sponsors:
- Gnosis: Gnosis builds decentralized infrastructure for the Ethereum ecosystem, since 2015. This year marks the launch of Gnosis Pay— the world's first Decentralized Payment Network. Get started today at - gnosis.io
- Chorus1: Chorus1 is one of the largest node operators worldwide, supporting more than 100,000 delegators, across 45 networks. The recently launched OPUS allows staking up to 8,000 ETH in a single transaction. Enjoy the highest yields and institutional grade security at - chorus.one
This episode is hosted by Brian Fabian Crain.
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