Mev-boost updates, L2Beat activity section and more - The Daily Gwei Refuel #478 - Ethereum Updates

Transcript

hello everyone and welcome to another episode of The Daily gray refuel we already kept the latest news in ethereum ecosystem I'm your host Anthony 31st of October 2022 alright everyone let's get into it so I introduced you guys I think last week or maybe the week before to this new relay out that came online this new non-censoring Mev boost relayer uh under the Twitter account build.0x69.eath and you can track the relay here and get all the information about it at relay all with three O's uh dot dot WTF now since launching uh I believe it was last week it hasn't been very long actually maybe four or five days but since launching they've almost acquired 4 000 validators using their relay now that is almost one percent of all uh validators on the network so

there is 456 000 validators so one percent would be 4560 ish so yeah I mean it grew pretty quickly to almost one percent of all validators now obviously all validators aren't um aren't using Mev boost that number is uh I think just about half so yeah it's already uh like if you count of the Mev boost enabled relayers uh it's already a pretty healthy chunk there which is really nice to see because from my understanding at the end of the day the the the the number one thing here is just encouraging relay competition obviously they're going to be some that sends us some that don't censor but the more competition there is the better it is from a return perspective uh because there's better competition between the the relays and people can choose which

one they want to go with based on the profitability of each one and then uh logically the ones that aren't censoring should be more profitable but it depends on the sorts of transactions they're censoring right like for example the usage of tornado cache has basically plummeted because of the sanctions that was that were put on them but let's just say for example um sanctions were put on I I know I use the uni swap example a lot but let's just say that for example right um there's a lot of profit to be had from unisop related Mev transactions so you would imagine that in that world if say flashbots and the other censoring relays were to censor unisa up related transactions everyone well not everyone but like most people would be logically incentivized by by pure profit incentives to switch to a non-censoring

relayer to capture that Mev right so as I've mentioned last week it's all really a profit-based incentive at the end of the day now the creator of this uh this new non-censoring relay put out a tweet over the weekend saying if you're well if you're a well-known company or doubt in the space interested in operating a neutral permissionless relay without any filtering please DM code is open source and we can provide setup instructions pay for infrastructure costs build blocks with no fees for this relay so this is really cool it's basically build.0x69 offering their services uh I believe it's not just one person it's a team but basically offering their services to anyone who wants to run a permissionless slash non-censoring relayer this is obviously as I was saying one of the things that's needed

to combat censorship a more diverse Builder Market more diverse relayer Market which it seems that we're getting now I don't believe this Builder is actually on this relay I should say actually on the mevwatch.info website but if I bring up that website I'll bring it up over here you can see which ones are being tracked it's all the ones that we're used to right the flashbots eating Network block native and three of blocks routes ones one of them is regulated one of them is Max profit the other one of them is ethical uh and manifold as well so the only ones that are non-censoring right now on mvv watch that Mev watch tracks are the blockchain max profit and blocks right ethical um with manifold uh uh being one of the non-censoring ones as well and the blocks route Max profit's actually been

growing which is really cool to see so it's accounting for over six percent now of of just Mev boosted blocks here uh and flashbots is around 80 I think flashbots has kind of I mean it goes between 80 and 85 as I mentioned last week but uh it's good to see a nonsense ring one growing but as I mentioned the new Ray layer is not uh being tracked yet if it was I believe it should be around the same as blocks route ethical at about 2.65 market share uh so yeah it's it's not nothing obviously flashbots is dominating with 80 percent uh but you know the second in uh in second place now is blocked throughout Max profit at six point two percent which is non-censoring so very cool to see this markets are evolving over time

here but yeah if you're interested in running a relay on definitely get in touch with the builder 0x69 I'll link this tweet in the YouTube description below uh but speaking of Mev boost as well there is a comment that I found in the daily General discussion on eth finance from Austin's here talking all about uh what it would take to run an Mev boost relay now uh the progress is underway uh researching this and coming up with a set of data instead of information for people to to reference and this person has been working with uh this kudita uh hopefully I said that okay you data I don't know how to say that hopefully I said it right on setting up a neutral relay which they are calling as this to be run and funded as a public good so This research is

going to lead to a a basically public good uh Mev boost relay so another real area is coming down the pipeline now there is a bit more information in uh in the in the comment here which I'll link in the YouTube description below but as you can see the relayer market is far from mature guys it's actually very very immature as it exists today no in no healthy Market should one uh one a participant such as flashbots in this instance have over 80 market share that is not a healthy Market especially when it comes to Mev boost relays we would ideally like to see a split similar to what we see maybe within uh the client diversity right where one client maybe has 35 or 40 percent uh and but then we have more diversity there so real air diversity is obviously very important but it's different to client diversity

in that I mean obviously there's there's a lot of differences but in terms of the social differences as I explained last week I think people that are using relayers are much more much more motivated by profit incentives than uh being altruistic so from that perspective we just need more relays coming online that compete with each other to offer that uh the you know those those profits to validators to point their validate sorry to stay as I should say to point their validators towards various uh ones here so yeah you can check out the rest of this comment I'll link it in the YouTube description below now speaking of returns and rewards pintail has a new article out yesterday looking at validator returns post merge comparing with uh their previous modeling and considering the

growing role of third-party block Builders now you can go give this blog post a read I'll link it in the YouTube description below but I wanted to draw your attention to one chart in particular which was this one here the performance of block Builders uh over time uh this is going back to the 15th of September so this is about five or six weeks worth of data here and this shows the median daily block value you are for each Builder now this also includes the new Builder which is build.0x69 that I spoke about just before that Builder has become the most profitable one here which is pretty cool to see right this is the newest relayer uh and it's non-censoring and it has become the most profitable flashbot is actually the third most profitable Eden network is the second most profitable here but Eden network is also censoring

but in terms of like non-censoring ones uh blocks route Max profit is coming in I believe around fourth uh and competing with uh the orange line here which is other build up but basically the non-censoring relay is number one uh and you can see how that's evolved over time they weren't always number one uh but that's very cool to see because you know that encourages people to use that relayer instead of something like flashbots or or an Eden Network now I know I went through this last week with just a refresher here I do truly believe that most validators if not all of them do not care about uh you know about censorship in either way like they don't care about um if they if they're using Mev boost relays all they care about is profit

because at the end of the day if you're Outsourcing your block building duties and taking on that little bit of extra risk right you're basically doing that and you're Outsourcing it to an MAV boost relay you're doing that for profit purposes that's it you're not doing it for any other purpose because you can build blocks on your own as a validator there's no I mean uh it's not like you have to upgrade your Hardware in order to be able to build blocks that has been what you have been doing um since Genesis of the beacon chain or since you started staking and then obviously in a post-merge world it became a little bit more uh I guess like intensive to do it because you had to run a full node right and a full ethereum uh one node so to speak or an execution layer nerd I should say uh but

you know if you're Outsourcing it to an MAV boost relay literally the only reason you would do that is for profit because otherwise there's no point that you just do just build blocks on your own right so if it's just a pure profit thing here then we censorship doesn't even come into it as I mentioned last week it's a cause and effect the cause of the sensor ship uh sorry the um the effect of the censorship is caused by uh the The Profit motives here so when you think of it like that we can see that if a more profitable Builder comes along then people will switch to them and that Builder will get some really nice growth very quickly which they actually have now there is also another thing here which is isn't just profit it's also brand awareness because flashbots has incredible brand awareness and

incredible Network effects But as time goes on that will be chipped away at it's not going to remain at 80 percent I think it's only there today because of that Legacy brand awareness and network effect and because this is relatively recent that other people have been able to build their own relays honestly it's only been I think a couple of months I believe uh since people have been able to build their own relays so give it some time to see how this Market evolves and this is on top of all the other work that's happening to you know beat back this censorship right to make it basically impossible to to to to engage in censorship on the network um and as well as things like PBS so we'll see how this develops over time I'll obviously keep tracking this and keep you guys updated here but I'm

really hoping the mevwatch.info will uh support this new relay and be quick to support any other future relays because that'll make this look better because right now 63 of all blocks are are censoring right or uh quote unquote of fat compliance but that's not including every relay that's only including seven of them which that it seems that you know looking at pintails um chart here uh there is actually what is it I think there's nine of them right now uh so we need to you know we need to get those two on there obviously the Builder 0x69 isn't there and then I think the other Builder section here isn't uh is in here oh well no it's actually including self-built so so it's it's just missing the builder at 0x69 right now which I'm sure it will include uh in in time but

anyway you can go give a pintails blog post a read for yourself I'll link it in the YouTube description below all right last thing on Mev boost is just a blog post out here uh called Mev boost using eigenlayer now eigenlayer has become a very popular uh project within the ethereum ecosystem lately it's basically using uh this concept of restaking your eth to power whatever Services they want to offer such as data availability chain uh but you can go check out this blog post just for uh some context around you know preserving block proposal agency with Mev boost using eigen layer so definitely go check this out I'll link it in the YouTube description below all right shifting to some other core updates so Julio from the Aragon team

has put out a tweet thread today saying well today actually yesterday saying and now thanks to ipfs I was able to bring down the retrieval of vertical trees from 17.5 hours down to roughly four to six hours depending on bandwidth by using snapshots uploaded to ipfs providing first sync time up to Aragon standards and there's a thread here which you can read it's a very short thread I'll link in neutral description but this goes back to what I covered I think last week or the week before that giulio was talking about which was this vertical trees which are part which is part of the Verge um upgrade that's coming to ethereum basically changing from I believe I don't believe it's binary trees I believe it's hex Patricia trees I think two vertical trees to increase uh scalability of the network um and increase sustainability of the

network from uh from from my understanding but you can give this little thread a read I'll link it in the YouTube description below but I think that's almost it on the core Dev update this is I guess like um uh not exactly a core Dev update but definitely in in the same area so ethereum.org's Q4 roadmap is now out so you can join thousands of contributors in making the best ethereum resource even better so you can check out this roadmap on GitHub I'll link it in the YouTube description below for you but it seems like there's a lot on here so if you're looking for ways to contribute to the ethereum ecosystem uh this is definitely one of those ways to to contribute and make a big impact so definitely go check out the ethereum.org roadmap I'll link it in the YouTube description below uh and just finally

here I wanted to highlight that ethereum on arm is making some great progress on running ethereum mainnet on a rock 5B which is a small little uh Raspberry Pi alternative here I believe so go ethereum and Nimbus is syncing in 24 hours uh Geth and and prism in 25 hours as well Geth and and Lighthouse 30 hours but you know nevermind and Nimbus 11 hours so as you guys know Nimbus is and consensus layer client that has been optimized for uh low Hardware uh uh sorry I should say low powered Hardware right like the the so it doesn't require some beefy PC to run or some normal PC to run it can run on something like this so very cool to see this I mean those sync times are pretty out of this world

anyway for a device such as this I mean 25 hours that's nothing like within a day you can get this spun up on uh this board and you could basically start validating on the network how cool is that I mean this is why we are trying to keep ethereum decentralized trying to keep harder requirements uh sane instead of like requiring data centers to run the ethereum network is because we want people to be able to run nodes on devices like this and run validators as well so very very cool to see this all right on to some other updates so l2beat has released another big update to their website which is their activity section which is all about transactions now there's a thread here which you can read but I want to go over what this is so basically the activity section on the l2b website tracks the activity of

ethereum versus all the l2s out there in terms of TPS and transaction count and they also give you the seven day change as well now uh Chris here Chris from the l2beat team I gave a deep dive here on what this actually represents which I'll link in the YouTube description below but I do want to talk about these metrics a little bit here so first thing you have to consider when looking at this is that TPS across uh ethereum and various l2s is not created equal uh for a number of different reasons now I've discussed this before but basically the gas costs are not a one-to-one mapping there are different ways of metering gas on these different networks for example arbitrim1 handles gas differently to ethereum mainnet

um and you can actually uh and it's kind of hard to translate that to ethereum Main and in terms of TPS and transactions and Counting and Chris here from the l2b team says here that you know of course transactions per second is not a perfect metric uh but it's still meaningful and you know he believes that a scaling factor is one of the most exciting metrics to watch in the L2 space it explains how many more transactions are performed in L1 together with l2s compared to just L1 so basically this new scaling Factor metric says that there is 2.2 times more transactions being performed uh if you take ethereum and the l2s which I think is very very cool because as I said before you can't just look at ethereum ethereum layer 1 activity anymore you have to look at all the layer twos on

ethereum as well because that is obviously how ethereum is scaling but as I said these TPS numbers they're going to get better over time and transaction numbers in general they're not one-to-one maps to ethereum layer one there are very there are pretty major differences between them and I believe l2b is going to be working on making sure that those differences are shown and are apparent to users but very cool to see this update here they now have three sections uh total total value locked risk analysis and activity as well as their Bridges uh uh a section here which tracks TV Outlook Bridges and a risk analysis as well so you can go check out all of that as well as Chris's thread which I'll link in the YouTube description below all right so ZK syncs baby Alpha went live over the weekend so uh they said

yeah we are proud to announce that today we hit our baby Alpha Milestone and have begun the march to Fair onboarding Alpha and full launch Alpha now you can check out the full details of this announcement in this blog post but you can also see the ZK sync public roadmap so this is mainnet Alpha which they're calling baby Alpha uh and this is where we're at today and in the future we are going to be going towards Fair onboarding Alpha full launch Alpha uh improved developer and user experience layer 3 proof of concept uh which is called opportunity which I'm going to talk about in a sec and then decentralization I think this is a good probably uh uh time to to discuss where the l2s currently are in terms of what their mainnet actually is like you can

have something on mainnet right so it's it's obviously not on test net but that doesn't mean that thing is a public mainnet right like in terms of uh in terms of being like ethereum layer one it's public in the sense that anyone can interact with it but it is not like a beta or like a full production release maina it is an alpha Mania and that's what a lot of these things are I mean even something that's been around for a while such as arbitrine one or optimism uh the optimistic ethereum Network they're still technically in beta right uh and even some l1s are still in beta so you have to understand that we're interacting with these things especially the l2s because I believe none of the l2s today except fuel V1 which I mean has no activity on it none of them today

are living up to what they're supposed to be which is a full-blown network with fraud proofs in the case of optimistic Roll-Ups with decentralized provers and secret and sequences uh with no uh basically admin Keys none of that none of the Network's even close to that right now but that's okay there is a road and a path to get there and the reason why it's okay on L2 is because L1 is already decentralized L1 is already in production has been for a long time it has a full-blown governor process with very engaged community members and very very engaged governance actors whereas l2s are not anywhere close to that yet they need time to build to that I think arbitrary and optimism are at the head of the pack right now because they've been live the longest but ZK sync obviously is live with their men at

Alpha now you're gonna have these other ones going live like polygon ZK Solutions you've got scroll Stark net Alpha is live on mainnet as well right so and I mean a bunch of others too I'm like I'm not going to name all of them but over time they'll get better they'll get more decentralized they'll have a community they'll obviously issue their tokens in order to get people to be able to be part of that decentralized governance process but in saying all of that it's still very cool to see that uh zk6 2.0 baby Alpha is is now live on mainnet and as I said you can read this blog post to uh check out what that means for you and I'll link that in the YouTube description but I also mentioned something called opportunity which is ZK syncs layer 3 blockchain that they're working on now I

spoke about layer 3 a while ago stockwest started talking about it and then I think vitalik talked about it and I was like okay well layer 3 seems like it's going to be a thing uh but this uh this thing that Zeke Asic is building which is called opportunity uh they plan to release a proof of concept of it in the first quarter of 2023 so uh as the block reports here the layer 3 is still in the initial development phase is aimed at further improving the scalability of zk6 blockchain infrastructure Matalan Labs first announced that was working on a layer 3 in early October and it originally originally named it Pathfinder so I remember I covered a Pathfinder it has now renamed the project to opportunity so what a layer 3 is is that it is still built on ethereum but it's built on a

specific layer too so obviously this will be built on ZK sync 2.0 uh and be built a layer on top of that and then it will prove down to layer two and then it with the zig async layer 2 then that will prove down to uh sorry post that I guess like a proof down to ethereum layer one um just like how uh I guess stock query is going to build a layer 3 on top of Stark net for example so and there is going to be like layer 4 and layer five as well there it's just like layers of extraction basically and you get more and more scale the higher you go up there are obviously trade-offs uh for these things but that's basically what it is and it's not us just just inventing new layers for the sake of it there's actually distinctions here that

that are made and it's all about improving the user experience because I guess like that's what it should all be about at the end of the day improving the user experience improving the scalability which obviously improves the user experience and lowering fees to basically zero because I believe the end State no matter how we get there is that fees for the end user is going are going to be zero and they'll be abstracted away and then fees just uh will still be there but the end user will see it as zero basically so yeah a bunch of uh awesome updates out of the ZK sync ecosystem I'll link them in the YouTube description for you to read more about all right uh this tweet oh there we go uh so uh actually one more I know this is not ZK sync this is Stark net so

Ernesto here uh who is who was previously uh CTO at Ave now is a contributor are there I'll put together a thread about uh the Ave Stark net phase one project and which he participated uh among several others and it's been finished so I covered This I Believe last week but basically This Thread you can go give a read uh and and see exactly what is phase one of the are there Stark net deployment now this is our best first deployment on a non-evm blockchain I believe non-evm compatible slash equivalent blockchain so that's very very cool um I I wonder if they're using that transpiling tool I believe they are using that transpiling tool that nevermind created where you can go from solidity to Cairo sorry very cool but anyway you can read this thread I'll link it in the YouTube description below all right so an update out of Xerox

splits over the weekend so you can Now launch your own liquid splits so liquid splits use nfts to make ownership in a split transferable each nft holder gets their corresponding share of the split so starting today you can create them in the app try it at split dot new and there's a blog post here for you to check out as well so this is pretty cool it's a pretty cool use of um at the nft I guess standard right so as as they say here liquid splits use an nft contract plus immutable split to automatically up that recipients according to nft Holders this gives recipients the freedom to transfer their shares whoever they choose between their own wallets to friends and family or to anyone using openc so for example imagine you set up a split and it's a 10 person split and

you issue 10 nfts uh and those go to various holders now imagine uh that person doesn't want to be part of the split anymore for whatever reason they sell the nft to someone else well now that person is part of the split and they're getting they're getting any money that's going through through that split practical use cases here potentially things like um royalties for example right potentially things like uh uh a dow so for example there could be a dow that issues nfts to contributors and then once they stop contributing that nft is revoked and given to someone else or maybe it's just deleted and then once it's deleted the the split readjusts itself and it just goes to uh the rest of the the the the holders you know it

obviously re-weights itself so yeah there are definitely practical use cases here uh and splits I mean I'm an investor in splits here but it's one of my favorite uh protocols because it's just so simple and it just provides such an awesome uh value and such it's such an awesome public good for the ethereum ecosystem so really cool to see them launch this new liquid splits uh feature you can go check it out we'll link it in the YouTube description below all right so grid plus has an update out over the weekend so they said in our continuing effort to empower users we present our latest work which allows users to operate a private transaction routing service at home they're adding server at home uh check this video slash readme to get set up with lattice connect V2 and frame so you guys know I'm big on privacy and obviously I'm big

on grid plus lattice it is my favorite Hardware wallet that's for sure uh love uh I I love them and I've talked about them a lot on the refill before but basically with this uh new feed a new tool here it allows you to set up your own private transaction routing server at home which is very very cool so running uh the lattice connect yourself provides uh several advantages here doesn't require running an external broker offers the fastest messaging route possible for a lattice provides the highest amount of privacy available when using a lattice lattice one I should say zero configuration changes required and setup takes no less than five minutes takes less than five minutes so if you are someone who has a lattice one and you want to try this out it is a little bit technical you have to get involved with the command line using

frame but you can definitely go check this out I'll link it in the YouTube description uh below but yeah just generally guys as I said I've said it before and I'll say it again scaling and privacy is still the two most important things on ethereum and in crypto but nothing else really I mean the implications of both of those things uh and they go hand in hand as well uh affect everything else in this ecosystem so I'm going to keep betting the drum on that and keep you guys informed on any tools that make uh staying private and becoming more scalable easier all right so speaking of privacy a vitalik had a great thread out yesterday about regulation that I wanted to talk a little bit about so obviously regulation of D5 has been a big topic of discussion

and I've gone through it a lot uh due to comments from SPF and this bill that was introduced to Congress and things like that but vitalik started off his thread by saying you know should I publicly blab my opinions about crypto regulation more feels unfair to let other people get attacked by CCT or crypto Twitter but never actually poke my own head out now I'm not going to read his whole thread but he does have some uh uh some some some points here that I agree with so the this one the one that I agree with most strongly is this one he says the kyc on D5 front ends idea does not seem very pointful to me it would annoy users but do nothing against the against hackers hackers write custom code to interact with contracts already exchanges are clearly a much more sensible place to do their kyc and

that's happening already now I've mentioned this before a lot of times on the refuel it like if you're gonna do something and put a regulation on something you can't just punish the honest users and then make it so that more sophisticated users can get around it with relative ease right and even if you did a kyc on a D5 front end someone could just spin up a front end that wasn't kyc just like we're seeing with the Mev boost relays there are some that sensor and some that don't there'll be some D5 front ends that kyc such as centralized exchange acting as a D5 front end for example and then there will be some that don't it doesn't actually stop anything because the smart contracts themselves unless you kyc those you're not actually stopping anything right and if you do kyc a smart contract then I mean I I don't think

that's going to get much usage unless it's something super popular that people can't live without I really don't see how that's going to get much usage there and then the second part here where he says you know exchanges are a much more sensible place to do their kyc and that's happening already I totally agree with that even though I will get into this in a sec I don't like kyc generally obviously it happening at the centralized exchange level is the most sensible place for it happen now uh vitalik also continues his thread by saying uh you know here's some regulations on D5 front ends that could be more helpful which include limits on Leverage requiring transparency about what audits um uh FV or other Security checks were done on contract code FV stands for formal verification uh and usage gated

by knowledge based tests instead of plutocratic plutocratic net worth minimum rules now I don't necessarily agree with all of this limits on Leverage I mean if someone actually really wants to go 100x leverage right they're not going to use the front end if the front end's barring them they're just going to go the back end right I don't think that I'd actually do anything by putting a limit on the on the front end second requiring transparency about audits formal verification or other Security checks were done in the contract code that should be standard practice anyway for any app like I didn't even think that should be something that we have to ask for it literally should be standard practice to show hey we ordered the contracts we formally verified them here they are they're open source that should just be expected and we shouldn't even

have to talk about that but unfortunately not on every Project's like that so we do but I totally agree with that point and then the third point this is a big con controversial I kind of like half agree with it where he says usage gated by knowledge-based tests instead of plutocrat plutocratic net worth minimum rules okay I agree with using knowledge base test instead of net worth based tests but at the same time those tests could just have their answers posted online and people could just cheat on them right like there's no way to police that so it kind of is a a bit of a uh like putting a kyc on a D5 front and I don't think it actually helps with anything right so those are my thoughts on that that particular in particular now my thoughts on kyc

generally kyc the way it current is currently structured is really bad for two main reasons it creates a massive centralized Honeypot of data that hackers can get access to right and they have gotten access to it and it becomes really dangerous for specific people if they get access to obviously if you're someone who's just an everyday person you're not going to be that worried right it depends though if you are just an everyday person you're not famous like that and the kyc is linked to your net worth well you start to worry a little bit especially if the the kyc includes your address which which gets leaked as part of a hack you start to worry right um and it becomes much more concerning but it you know if you're if you're someone of notability or or you know you're famous or you get targeted uh

specifically because of that then it becomes an even bigger Rory right so there's that and then the second thing is that it's not just hackers that take advantage of this data it's governments governments have full view into this and the whole reason why kyc exists in the first place is because of governments requiring it to to happen now I want to say that I'm not against kyc I'm against kyc as it's done today I think there was a comment by Frozen fire in the daily wear Discord Channel but when he he basically said that you know if we had a way to do kyc in in a privacy reserving way where people store their data at themselves and then they prove to a service that they are who they say they are and it basically unlocks it basically unlocks a door for for them so

basically their Cowboys is like a key to unlock a door that they retain full custody of that's how it should be done and I've argued this point before as well with something like a sismo badge that could be used for this so I'm fully on board with that but kyoc as it exists today is extremely predatory and there is a perfect example here the Mirage from Queen Center posted where he said how kyc is being weaponized in in Myanmar here uh I'm saying that country's name right I know I know how to pronounce this and I'm still saying it right Myanmar oh my God someone's going to rip me to shreds for saying it like that but anyway in that country the Junta began implementing strict uh kyc rules forcing all users of the digital banking system to more fully identify themselves to their providers this was

paired with a Crackdown on the availability of physical cash now all economic oh economic activity has been forced into a better surveilled system that is marked by the aggressive and seemingly random freezing of bank accounts with little recourse as the government attempts to stem flows of money to resistance Fighters so basically by kyc by having a centralized uh a digital identity and digital uh Financial life you are at the mercy of a government uh and the government you know depending where you are is not very trustworthy right like even the ones you consider to be trustworthy eh I mean you I know this is a bit of a divisive topic here but just to give it another example remember what happened with the Canadian truckers right like where uh the prime minister of um of Canada I think they call it do they call it a prime minister

or a president of of Canada um anyway um he basically uh froze the bank accounts of these protesters uh and and then went even a step further I believe and started targeting the people that were donating to uh these um to these uh uh these truckers right so just there's another just another example about how centralization leads to these really bad outcomes but on top of that having kyc and linking actual identity to it which is I mean every potentialized Financial platform that you use has has a form of kyc it just makes it even easier for a gov government to basically clamp down on any voices that they don't like and it become and it basically turns what we love about Western democracy is into the CCP basically right into China what we

don't like about um you know about China about the CCP about all the controls they have and imagine if we let the government do what they do to to um our financial infrastructure to the internet itself imagine if we had the kyc to send an email right like that would just be insane it would just be absolutely crazy uh so why should we have to kyc to uh you know and give all this data for financial applications I know there are places where it makes sense right uh as I said like to basically uh prove who you say you are so that there's recourse for centralized institutions obviously for banks it's it's it's it's it's very different because they give out uncollateralized loans and stuff like that unsecured loans but you know I mean it's secured by your kyc so to speak

right secured by your personal if the loan goes bad the bank can chase you in the real world but we don't have that in a fully global pseudonymous find our alternative Financial system so it's not no kyc it's like Screw kyc As It exists today because all it does is give more power to both hackers who leaked this data and and you know from this Honeypot and governments as well so that's my general view on kyc and why I don't like how it's currently implemented but I do see a place for kyc implemented implemented using ZK technology specifically uh you know something like a sismo badge which allows you to basically prove who you say you are without revealing that any of that data to a third party which I think is the best of both worlds when it when it

comes down to it but anyway I've gone over time I've ranted a lot here I'm gonna finish up with just wanted to hide this thread from Brian Garber here that I missed a few weeks ago but basically it's a thread called the web3 job Bible so if you're still looking for a job in crypto this is another resource for you to check out I'll link it in the description below for for you to check out but that's going to be it for today so thank everyone for listening and watching be sure to subscribe to the channel if you haven't yet give it a thumbs up so Wisconsin newsletter join Discord Channel and I'll catch you all tomorrow thanks everyone