What is the Crypto Chasm?
Hello everyone, my name is outprog, the founder of everVision. I am happy to be a part of Arweave Day. I first discovered Arweave in July 2020 and have been building on Arweave ever since.
Allow me to introduce myself. I had five years of experience working in the banking sector as a developer. I have a strong understanding of the banking industry's operations.
In 2017, I dove deep into studying Bitcoin and attempted to create a Bitcoin demo. Banks need to go through dozens of systems to achieve consensus on their ledgers. However, by using blockchain the problems with ledger stability were resolved in just 7 days. Yes, I spent 7 days developing the demo. It was truly amazing!
Crypto Pain Points
In 2018, I joined imToken, the largest blockchain wallet at the time.
I have come to understand blockchain limitations thanks to imToken—the incredibly high barrier to entry for users!
imToken has always focused on user education. Even mnemonic phrase can confuse users. We have encountered many users who have lost their mnemonic phrase.
The Ethereum gas fees are confusing users too. It took me three months of working at the company to understand concepts such as transaction packaging, transaction acceleration, and transaction cancellation. If it took me 3 months to understand these concepts, imagine normal users.
In order to address the issue of user barriers, a smart contract wallet called Argent was created on Ethereum. It removed mnemonic phrases and transaction packaging but failed to reduce transaction costs. The high transaction fees remained the biggest issue for users.
In July 2020, I went to a Meetup organised by SparkPool. During the event, they introduced Arweave and gave a live example of SmartWeave. SmartWeave inspired me and immediately brought to mind the concept of a Turing machine. I realised that Arweave was not just a blockchain for permanent storage, it was like the Turing machine's tape. I came to conclusion: Digital consensus is storage consensus.
Following July, I continued to study Arweave and Ethereum 2.0. Arweave’s beginning is Ethereum's final destination. What does that sentence mean?
Ethereum 2.0 has been dedicated to computational sharding and storage sharding. Arweave is naturally sharded, with each application having its own independent shard. Arweave is a big dataset, where everPay has its own dataset, Warp has its own dataset. Arweave's consensus data can provide countless subsets of consensus data, similar to Ethereum's sharding. If ETH achieves sharding, its model will become similar to Arweave's SCP.
We can build any application on Arweave. I expanded upon SCP based on the original SmartWeave, following two key points:
Remove language limits. Since we have a Turing machine's tape, we should be able to write smart contracts in any language without virtual machine.
Draw inspiration from Ethereum L2 rollup concepts. We can roll up tens of thousands of transactions onto Arweave in batches.
With the best genetic makeup, we can develop a better blockchain payment protocol:
Instant transactions using Rollups.
Almost zero transaction fees. Packaging 1 GB of data on Arweave costs only $5, and the transaction cost for everPay is as low as 0.0000x USD, basically free for users.
Smart accounts with no language limits or VM, means developers can perform any cryptographic verification. We can support Arweave addresses, Ethereum addresses, or even email addresses.
Now let me dive into our new product, EverID. EverID is a smart contract account that allows users to hold digital assets without the need for mnemonic phrases. Users can use their email or nickname to possess digital assets.
EverID is actually very simple. We will bind the user's nickname with the public key inside their mobile phone's chip. This registered information will be uploaded to Arweave via everPay. Once the identity information is permanently stored on Arweave, anyone can verify the user's account. If a user needs to modify their public key information, they can send an update instruction, which will also be permanently stored on Arweave, anyone can know that a user changed their public key.
In the future, we will implement more advanced features, such as owner permissions, sub-account permissions, and more.
What does EverID do?
So, what are these permissions used for?
The owner can set daily spending limits for each sub-account. For example, you can set a daily spending limit for your child.
Sub-accounts can become merchants and take payments from users on a monthly or daily basis.
Flexible smart accounts will cater to various payment scenarios.
In October 2020, I founded everFinance with the goal of providing DeFi for everyone, everywhere. Last year, we rebranded as everVision, but our original intention remains unchanged: to onboard 1 Billion users.
Whether it's the recent MOMOKA from Lens or the BRC20, they all act as proof for Arweave and SCP’s possibilities. Arweave not only solves performance issues, but also solves user interaction problems. Blockchain developers simply need an infinite Turing tape, enabling them to do whatever they want. Thank you for having me today!