Compiled & organized by: Deep Tide TechFlow
Emin Gün Sirer is the founder of Avalanche, also known as "Professor Gun" by many.
In this podcast, Emin elaborated on Avalanche's multi-chain architecture, consensus algorithm, and virtual machine design, emphasizing its flexibility and scalability. He predicted that there will be millions of blockchains or subnets in the future, each with specific purposes and rules.
As Star Arena gains popularity and Avalanche seeks traffic and attention, what advantages does its technical mechanism have over L2? Has it successfully attracted more users and applications? Where is the future of Avalanche headed? Let's listen to the insights and thoughts of the founder.
Host: Logan Jastremski
Speaker: Emin Gün Sirer, Founder of Avalanche Protocol
Program: Logan Jastremski Podcast
Original Title: "Avalanche Founder Emin Gün Sirer on Asia Market & The End State of Millions of Blockchains"
Episode: Link
Broadcast Date: October 7th
Outlook and Belief in Future Blockchain Technology
Emin believes that blockchain technology will no longer be a single, centralized entity or platform. In order to support different applications and business needs, blockchain technology must be flexible and adaptable to different scenarios and requirements. Emin believes that there will be millions of blockchains or subnets in the future. To achieve this vision, Emin and his team designed the Avalanche consensus protocol.
The Avalanche consensus protocol is an innovative consensus mechanism, different from existing PoW (Proof of Work) and PoS (Proof of Stake) mechanisms. Avalanche provides a more efficient and scalable solution, capable of handling a large number of transactions, supporting high throughput and low latency, and meeting the needs of millions of blockchains or subnets in the future.
The Avalanche protocol emphasizes security, ensuring that the blockchain network can resist various attacks and maintain the integrity and security of data.
Asian Blockchain Market: Craving Tokenization, More Active and Open
Clear Regulatory Environment: Emin's experiences in Singapore and Hong Kong have shown him the strength and activity of the Asian market. He noticed that, unlike the United States, Asian countries have a clearer and more friendly regulatory environment for blockchain and cryptocurrency. In Asia, governments and regulatory agencies provide clear guidance and support for blockchain innovation and development, which helps drive the growth and prosperity of the blockchain ecosystem in the region.
Huge Demand for Tokenization: Emin observed a huge demand for tokenization in the Asian market. Large companies and enterprises are actively exploring the possibilities of blockchain technology and tokenization to drive innovation and increase efficiency. The activity in the Asian market reflects the region's open attitude and positive acceptance of new technologies and innovation.
Emin cited the collaboration between Avalanche and SK Planet in Korea as an example to illustrate the positive response of the Asian market to blockchain applications. SK Planet is a large company in Korea with a large user base. Through Avalanche, SK Planet's loyalty points were tokenized, allowing users to manage and use their points more conveniently and securely. This collaboration project attracted approximately 35 million users in Korea.
The success of this project reflects the trust and acceptance of blockchain technology by Asian consumers and enterprises. Compared to the US market, the Asian market is more active and open in terms of blockchain and tokenization.
Evolution of Blockchain Technology: From Fantasy to Maturity
Emin pointed out that past blockchain technology was filled with technical jargon and promises for the future, often hollow promises lacking practical execution and implementation. Emin believes that this phenomenon is due to the immaturity of the technology and overhype in the market.
Over time, the market and users have become tired of these hollow promises and future fantasies, seeking blockchain technology and solutions with practical applications and value. Emin believes that blockchain technology is moving towards maturity. Future blockchains will focus more on the practicality, reliability, and security of the technology, rather than hollow promises and future fantasies.
Emin predicts that there will not be too many new blockchains in the future. The market will be more focused on blockchain technologies and platforms that have proven their value and reliability. The market and users will become more rational and sober, focusing more on the practical applications and value of blockchain technology, rather than being attracted by unrealistic promises and fantasies. The value of the technology will be reflected in the actual benefits and value it brings to users and enterprises.
Emin emphasized that different blockchain communities have a significant difference in the speed of technical development and delivery. Some communities are able to deliver innovative and practical technology quickly, while others perform poorly in this regard. He believes that a clear, focused, and innovative community is more likely to deliver valuable technology quickly.
Emin emphasized that technological innovation is a key factor driving the development of blockchain technology. Only through continuous innovation can blockchain technology meet the growing market demands and challenges.
Emin particularly emphasized how Avalanche achieved innovation by solving the most difficult problem of the consensus protocol. He believes that the consensus protocol is the core of blockchain technology, and solving this problem is crucial for driving the development of blockchain technology. He stated that Avalanche has a new perspective and approach to solving problems in distributed systems, allowing Avalanche to develop more efficient and reliable blockchain technology.
Issues with Layer 2 Solutions
Emin believes that when communities and developers face difficulties and do not know how to improve or optimize their Layer 1 blockchain, they often turn to Layer 2 solutions. He sees Layer 2 as a stopgap measure, not a long-term or fundamental solution.
Emin pointed out that Layer 2 solutions will face the same problems and challenges as Layer 1. Although Layer 2 may provide a temporary solution, it does not truly solve the fundamental problems or challenges. The market needs time to recognize the limitations and issues of Layer 2. He noted that engineers and developers often realize this earlier, as they directly face and deal with these technical issues and challenges.
Emin cited examples, such as Polygon, where blockchains experience "reverting" every day, leading to situations like chain reorganization or other events causing the blockchain state to roll back. Due to this "reverting," Polygon fails to achieve the fundamental value of a blockchain—finality. Emin believes that if a blockchain cannot maintain progress and keeps reverting, people cannot trust and use it. This is because the value of a blockchain largely depends on its immutability and reliability.
Deep Tide Note: Finality is a core feature of blockchain technology, meaning once a transaction is confirmed, it cannot be changed or reversed.
All About Avalanche Consensus Algorithm
Emin explained the background of the consensus problem in the field of distributed systems. In distributed systems, consensus is crucial as it ensures that all nodes in the system can reach an agreement on a certain state or value. Emin pointed out that in the past 60 years, there have been only three major consensus methods: Proof of Work (PoW), Classical Byzantine Fault Tolerance (BFT), and the new method introduced by Avalanche.
Emin explained the limitations of the classical Byzantine Fault Tolerance protocol, especially in cases requiring a large amount of communication and signature verification. This protocol often requires a significant amount of message passing and computational resources, which is unsustainable in large-scale and high-performance systems. Due to these limitations, it faces serious challenges in efficiency and scalability, limiting its application in larger and more complex distributed systems.
Emin emphasized that Avalanche addresses these issues by introducing a new consensus method aimed at overcoming the limitations of the classical BFT protocol and providing higher efficiency and scalability. The Avalanche consensus algorithm reduces communication and computational overhead, enabling efficient and reliable consensus in large-scale distributed systems.
Emin stressed that Avalanche optimizes the consensus algorithm by reducing communication overhead. In many traditional consensus algorithms, significant communication overhead is a major bottleneck, limiting the performance and scalability of the system. Avalanche's design reduces the communication requirements between nodes, making the system more efficient and scalable. In addition to reducing communication overhead, Avalanche also optimizes the consensus algorithm by implementing probabilistic finality, allowing for faster transaction confirmation times and improved user experience.
Emin believes that Avalanche can handle more validators because its consensus algorithm does not rely on all-to-all communication, reducing the communication overhead of the system and allowing more validators to participate. This design enables Avalanche to support larger-scale networks while maintaining high performance and low latency.
In Avalanche, nodes do not need to communicate with every other node in the network, significantly reducing the complexity and overhead of communication. This design improves the efficiency and scalability of the system, allowing Avalanche to operate in larger and more complex environments.
Emin emphasized his hope to see everyone capable of running a node participate in Avalanche. He believes that the strength of these systems depends on their complete decentralization and the participation of representatives from around the world in their consensus protocol.
Avalanche's consensus algorithm is not based on all-to-all communication, but rather achieved through repeated sub-sampled voting. In this process, each node randomly selects a few other nodes and queries them, and these queried nodes continue to query other nodes, thus achieving coverage across the entire network.
Due to each node communicating with only a few other nodes, Avalanche can process transactions at an extremely fast speed. Emin mentioned that transactions on Avalanche can be completed in approximately 700 milliseconds, much faster than other systems.
Emin believes that Solana also operates based on an all-to-all communication mechanism, which has limitations in scale, while Avalanche completely eliminates this limitation.
Deep Tide Note: “All-to-All” communication is a mode where each node needs to communicate with all other nodes.
Emin distinguished between information dissemination and consensus. He believes that information dissemination involves presenting the content of a block to everyone, while consensus involves reaching an agreement on this block. Avalanche's consensus algorithm can achieve fast consensus while ensuring fair and rapid dissemination of information. Avalanche's information dissemination protocol is the fastest in the world.
Emin expressed surprise at the rapid growth of the Avalanche community and its widespread acceptance globally. The active participation of the developer community, diverse applications and projects, and the global impact of Avalanche have exceeded his expectations. These surprises reflect the strong potential of Avalanche and its significant position in the blockchain field.
Common Misconceptions About Avalanche
At the end of the podcast, Emin summarized several common misconceptions about Avalanche:
Competition with other blockchains: Avalanche's main competitors are Wall Street and other traditional financial systems, not blockchains like Ethereum.
Ecosystem goals: Avalanche aims to tokenize real-world assets, thereby changing and optimizing the operation of traditional finance.
Misunderstanding of multi-chain architecture: Avalanche is a multi-chain system, where each chain can have its own rules, operate independently, and not be affected by the load of other chains.
Relationship with Ethereum: Emin denied the view that Avalanche competes with Ethereum. He believes that Avalanche's architecture can accommodate other systems, including Ethereum. He foresees that many existing Layer 1 chains will transition into Avalanche's subnets in the future.
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