Thoughts on Ethereum|Q&A

1. Curious about what you disagree with God V?

A similar question I remember having been asked in the article before.

I do have reservations about some of the EIPs and Ethereum upgrades, or still don't quite understand them to this day.

For example, the following three:

- I still don't understand Ethereum's transition from POW to POS, but I haven't thought of a strong counter-argument either.

I'm not saying this because I think POW is perfect. POW is definitely not perfect, such as the centralisation of mining machine production, energy consumption, etc.

But when it comes to POS, I'm always worried that it's a bit centralised. I've read a lot of articles about the pros and cons of POS, and I've discussed and questioned it with some friends. In the face of my doubts, my friends have answered them, and I can't find a good rebuttal.

So I think that at least until now, I still don't have a thorough understanding of this issue, so I can only say that I can continue to move forward while learning.

But there's one thing I'm more sure of: POS is better than DPOS. DPOS will be reduced to centralisation, while POS can continue to fight centralisation.

- I have reservations about the change in deflation caused by the burning of Ethereum.

In real life, human beings have suffered from the catastrophe caused by hyperinflation, so we hate the excessive issuance of money and yearn for the issuance of money to be restricted. Historically, the popular mechanism for constraining the issuance of money was the gold standard. The practice of anchoring gold brought hundreds of years of stability and prosperity to the Industrial Revolution in Britain and the development of modern capitalism.

But the gold standard was eventually abandoned. The main reason for its abandonment is that the "finiteness" of gold actually greatly restricts the free development of the economy.

Moreover, a growing body of research and history proves that proper inflation is not only harmless to human society, but also quite beneficial.

Therefore, my ideal monetary system should definitely not be a currency issuance with a constant aggregate amount, but a currency issuance system controlled by algorithms, which cannot be changed by humans at will, but moderately inflationary.

Ethereum is not Bitcoin, it cannot aim for "constant issuance" or even "deflation", but should aim to give birth to an on-chain economy. Under this target, a more appropriate issuance regime is, in my opinion, moderately inflationary.

The forced injection of the deflationary mechanism is somewhat obvious human intervention.

- I regret Ethereum's plan to abandon sharding in the short term

I think "mainchain sharding + layer 2 scaling" is the most ideal scaling route for Ethereum, but for some reason, this route has been changed to only "layer 2 scaling".

It's a shame.

2. What are the ideas for Ethereum in terms of applications? You can't keep singing empty city plans, right? If there are no valuable applications to spawn, the value will be lower and lower

I agree that the Ethereum ecosystem can't always sing "empty city plans", and blockchain technology is destined to give birth to applications that are valuable to human society, improve efficiency, and reduce costs in the future.

Although there are not many of these apps at the moment or they still seem to be of little relevance to our lives, I believe that there will be in the future.

However, so far in this round of market, I have not found an original on-chain application in Ethereum or the entire smart contract blockchain ecosystem.

The hilarious meme coins in this cycle are also not technological innovations, but the spread of emotions. The AI proxy track is not an on-chain innovation, but the application of crypto assets in AI.

The original on-chain ecology (such as DeFi, NFT, and chain games) has not been very innovative in this cycle.

What are the ideas for this innovation in the future?

I believe that there will be some on-chain originality in the field related to artificial intelligence. But are those originals the AI agents we see today? It may or may not be.

In addition to artificial intelligence, is it possible to have other originals? I'm sure there will be, maybe even just around the corner or it's already happening, but we don't know.

So we still have to be patient.