MEMO has teamed up a Twitter Space panel discussion themed How Infrastructure Accelerates the Development of the Web3 Ecosystem on May 18th. MetaBlox’s CMO Bo, Spark Yu, CEO of MetaBank, Founder of MetaCat CK and MEMO researcher’s researcher Rocky expressed their views on decentralized infrastructure.
The following is a wonderful recap of this panel discussion:
Q: How can infrastructure such as blockchain, decentralized storage, and peer-to-peer networks improve the functionality of Web3 applications?
First of all, functionality is a term that focuses more on requirements from the perspective of the problem itself. It is actually far away from infrastructure Intuitively, but if we look at it from the perspective of the Web3 system, it is actually largely in shaping some products or functions of the upper layer, that is to say, Web3 is actually an infrastructure-driven field, at least for now.
If we go back to 20 years ago, the Internet is actually like this. The underlying foundations largely determine what the upper layers can do.
In general, the underlying technology, whether it is macro-like blockchain or decentralized storage, every step of its development will promote the development of the upper-level ecology greatly, and the most intuitive manifestation of the development of the upper-level ecology is functionality.
Generally, when we talk about Web3, there are several core words that you may be familiar with. The first one is decentralization. Web3 applications can use the characteristics of decentralization to eliminate the single point of failure rate of the central organization. The decentralized nature can also help external applications achieve better performance. For example, decentralized storage is more evenly distributed geographically, and the response speed will be faster when it compares to centralized storage.
Then there is de-trust. The essence of de-trust in the blockchain is that all transaction information can be confirmed effectively and recorded objectively. Historical transaction records can be traced and cannot be tampered with. Symmetric cryptographic algorithms, private and public keys, and hash algorithms implement all of these.
This also means that applications can function as usual without requiring any single entity, and maintain a high degree of transparency and impartiality. Therefore, decentralization and trustlessness are complementary to each other.
First of all, the decentralized feature of the blockchain is to remove the unsafe factors of centralized servers and human intervention in things, and the execution rules of various transactions are completed by the blockchain contract code automatically.
Therefore, applications based on blockchain technology avoid single points of failure and also prevent unintentional errors or intentional attacks during human operations.
The transaction logic related to storage, calculation and benefit distribution is implemented by the contract on the blockchain, and does not require manual intervention to collect fees.
Then, there is no central node based on the network structure implemented by blockchain technology. Each node can provide services and enjoy services provided by other nodes. While eliminating service bottlenecks and performance bottlenecks, it also improves service efficiency.
The decentralization of blockchain technology also brings advantages in the scalability and security of the network system. And applications gain corresponding product advantages through these technologies.
Q: What role does scalability play in developing the Web3 ecological infrastructure? And how was it achieved?
Scalability belongs to a connecting role, and whether it has the conditions to meet future unknown needs. If you do not have the ability to deal with unknown needs, then there will be unsolvable problems when you encounter certain scenarios.
For example, the account model of Ethereum is different from Bitcoin’s UTXO. It is very similar to the account model we are familiar with now because it has a Turing-complete smart contract. Based on this contract, quite a lot of things can be realized, such as DeFi, issue NFT, etc., and this is scalability.
I think scalability plays a role of icing on the cake in the infrastructure of Web3. In addition to the smart contracts just mentioned, scalability can also be achieved by splitting the system into multiple levels through a layered architecture to achieve horizontal expansion.
Then the system can be split into multiple nodes through the distributed system to realize the vertical expansion of the system. This method can also achieve the availability and fault tolerance of the system.
Finally, decentralized storage such as MEMO can be used to disperse and store data on multiple nodes, thereby achieving horizontal expansion of data.
The ecological development of Web3 relies on decentralized storage for data is increasing constantly, which puts forward an inevitable demand for the scalability of the infrastructure. For example, the scalability of MEMO is realized through decentralized storage technology.
The stored data is split and distributed on multiple storage nodes without centralized server. The storage nodes can enter the storage system at any time and place to use the data storage function. Nodes supervise each other equally and independently.
When the storage space is insufficient, new nodes will be added continuously. This is the biggest reliance on decentralized storage. It is through these nodes that MEMO realizes data scalability.
Scalability and security are both essential features of web3. If we separate each layer of the blockchain and build different solutions at each layer such as consensus, execution, and settlement, we can break through the limitations of the impossible triangle and realize the switching of the entire modular public chain.
The focus of the modular public chain is L0. Build an L0 public chain at the bottom, and then the above projects will have an L1 public chain. The project party realizes its own construction needs and privacy needs on the L1 public chain, and ensures the integrity of the data on the basis of mutual independence. All of this is based on the scalability of the L0 public chain.
Q：What are the challenges that infrastructure providers must overcome to ensure the interoperability of decentralized platforms and networks?
There are mainly two aspects. One is the interoperability of assets. We have made some attempts to address this challenge, such as our product heat map, which is going in this direction. In the Metaverse, price data and traffic data Overlaying on a graph allows users to clearly see the different values of different regions and provides a better transaction data reference for everyone.
The second is the interoperability of content. This is a problem encountered in the metaverse field at present. There is a lack of a basic protocol like HTML or HTTP that is recognized and adopted by the industry, which leads to the inability to produce better communication among the various contents.
However, there is no better solution to the problem. In the long run, it will obviously hinder the prosperity of the entire ecology. Therefore, we hope that the industry will pay attention to and solve this problem in the future.
The network security of the decentralized platform is a basic element of interoperability for security vulnerabilities may affect multiple platforms and network infrastructure. Service providers need to ensure the security of their own systems, and take measures to prevent cross-platform network attacks. The scope of interoperability can only be expanded when security is ensured.
Network security includes four points: privacy protection, identity verification, data security, and how to prevent network attacks. How to prevent information leakage and abuse in cross-platform operations, how to perform identity verification, and how to ensure that data will not be damaged or lost are the key points that we should focus on before achieving interoperability.
The basis of interoperability is the interaction and integration of data. The first thing to ensure is data availability. Whether it is unstructured data or long-term stored backup data, it may be destroyed due to data interaction in the future. For retrieval, how to ensure long-term validity and fast reading of data is a problem we have been studying.
MEMO achieves this purpose through data challenge proof, that is, to use the multi-role mechanism to challenge the validity of data. This is our key technology in the infrastructure of decentralized storage. Correspondingly, how to ensure the availability of other infrastructure is also a topic that our entire industry needs to study.
For improving interoperability, the promotion of self-purification is also very important. Multiple different projects use different public chains and have different requirements from a product perspective. Therefore, it is very troublesome to achieve interoperability.
The self-purification I am talking about is realized through the L0 public chain. For any web3 application, as long as it is connected to the L0 standard, it is possible to interact with all applications connected to the L0 standard. Then the entire blockchain ecosystem will be fused together.
Self-purification is the easiest and safest way to ensure interoperability. The current main problem is that the entire industry does not yet have a huge standard to provide support. MetaBank’s research will continue to provide convenient service as many projects and applications as possible.
The above is the general recap of this panel. For the full content, please click:
https://twitter.com/i/spaces/1kvJpmOmMQkxE?s=20 to view the replay of Twitter Spaces.