FuelVM: A Proposed Solution to Ethereum's Scalability Challenge

@fuel_network has made significant strides since its V1. Initially a side chain, it has now evolved into an AltVM, poised to address the limitations of the Ethereum's EVM as the Execution Layer.

 🔎 📝 🧵

Ethereum's monolithic architecture consists of several interrelated components essential for network operations.

Among these layers, the Execution Layer (EL) is the core, handling transaction processing, smart contract execution, and state management.

While the EL is crucial to Ethereum's functionality, it also significantly bottlenecks overall performance due to factors like single-threaded, wasteful execution, unoptimized state management leading to rapid state growth, gas metering overhead, etc.

This leads to issues like network congestion, which impacts transaction speed and throughput, and results in high gas fees.

Although Ethereum is working to address these problems, its core design is not easily changeable, hindering its widespread adoption.

Layer-2 solutions (L2s) or Rollups address some problems but still encounter issues due to inheriting the original EVM design.

"... in fact, rollups have state size problems of exactly the same type as the Ethereum chain itself." - Vitalik Buterin

FuelVM introduces a purpose-built EL for sustainable state and high performance, aiming to help Ethereum scale to thousands of apps or app chains.

It addresses key challenges with its UTXO model, stateless predicates, and state minimization techniques, discussed below.

Attached is the comprehensive list of design considerations for the FuelVM.

FuelVM's parallelized transaction execution boosts throughput and cuts latency by splitting tasks into sub-tasks for simultaneous processing. It leverages the UTXO model for concurrent handling of non-conflicting transactions.

FuelVM's asset-oriented design enhances its parallelized execution. Built-in opcodes enable applications to create and manage native assets directly within the VM. This design significantly boosts execution performance by allowing native asset manipulation at a lower level.

FuelVM's Predicates are lightweight, stateless contracts that boost transaction processing and execution performance while supporting native Account Abstraction (AA). They enable developers to create conditional transactions with complex execution criteria within the VM.

FuelVM's Scripts are temporary logic embedded within transactions to execute specific functions or operations without permanently altering the global state.

All these features contribute to state reduction.

In the UTXO model, each transaction consumes previous UTXOs and creates new ones, resulting in localized state management. This confines state changes to the specific UTXOs involved, rather than impacting the global state.

Predicates take inputs and return a boolean value to determine transaction success. Unlike traditional smart contracts, predicates neither read from nor write to global storage. This absence of storage operations prevents them from contributing to state growth.

Scripts are ephemeral and confined to the transaction context, so they do not contribute to long-term state growth.

Lastly, FuelVM also introduces native state rehydration, efficiently managing state changes. Instead of constantly updating the global state, a FuelVM application compartmentalizes state changes into smaller, manageable segments stored as Non-Fungible Tokens (NFTs). 

By rehydrating only the state data needed for a specific transaction, FuelVM reduces the data load on nodes and speeds up state access.

In May 2024, FuelVM achieved asset transfer benchmarks of 12000 TPS per core, with potential for even higher results through further optimizations.

Fuel Network has undergone nearly half a dozen Testnet iterations, with the Mainnet expected to launch in the coming months.

That's a brief overview of FuelVM for you!

For in-depth reading, check out these materials by @fuel_network:
- https://fuel.mirror.xyz/uQxyb1o_Gu4oBSyT1ULuqRu7ffmIXuZtx9ux8ndFMXs
- https://fuel.mirror.xyz/GcCJzK05EZc3Uh1fbOuT-jxqN0nJjQn0ttSJVv9IfU0
- https://fuel.mirror.xyz/TNv7ICftL9Dy-KViULnrRZkMlGPUI6vSFicvjiaX6Ac

https://fuel.network/

FuelVM: A Proposed Solution to Ethereum's Scalability Challenge

Celestia: PayForBlobs Transactions

Dive into this 🧵 to learn about it!

@CelestiaOrg is a network that offers a scalable and decentralized solution for blockchain data availability. By separating consensus and data availability from execution, it enables more efficient and scalable blockchain architectures.

At the core of Celestia are "Blobs", which are essentially chunks of data. Celestia allows users to publish arbitrary data as blobs on the Celestia blockchain via a "PayForBlobs" (PFB) transaction.

A PFB transaction consists of two parts:
1. Blobs containing the data to be published on the blockchain.
2. An executable transaction that includes a commitment to the blob data.

Every blob posted on the Celestia blockchain belongs to a "Namespace". These namespaces allow users to focus on a subset of blobs by querying for blobs within a specific namespace. When posting a blob, assigning it to a namespace is mandatory.

A user has an option to submit blobs through a PFB transaction in
several ways, including:
• Consensus Node CLI
• Light Node CLI
• JSON-RPC API

Consensus Nodes maintain the blockchain's consensus layer. Celestia App Daemon, or "celestia-appd" binary, is used to operate Consensus Nodes.

PFB transactions submitted through a Consensus Node are directly added
to the mempool and then included in a block.

Light Nodes enable the user to perform Data Availability Sampling on the Celestia Data Availability network. Celestia Node, or "celestia" binary, is used to run Light Nodes.

PFB transactions submitted through a Light Node are routed to the
Consensus Node via JSON-RPC API.

To submit PFB transactions through the JSON-RPC API, the user needs access to a Light Node instance.

They can then submit one or multiple blobs using the 'blob.Submit JSON-RPC method.

Here's an interactive hands-on demo to generate a custom SVG, post
it to Celestia's Data Availability layer, retrieve it, and validate it. https://www.based64.xyz/

Explore the blobs and PFB transactions on @celenium_io:
- View all PFB Transactions: https://celenium.io/txs?status=success&message_type=MsgPayForBlobs
- Browse all Namespaces: https://celenium.io/namespaces
- See all PFB Transactions in a selected Namespace: https://celenium.io/namespace/00000000000000000000000000000000000000000065636c69707365?tab=Blobs

Lastly, it's important to note that the maximum blob size for a transaction is just under 2 MiB. Smaller blobs get included in blocks faster. Larger blobs leave no room for other transactions, needing higher gas prices for priority.

For more information, check out these official documents:
- https://github.com/celestiaorg/celestia-app/blob/main/x/blob/README.md
- https://docs.celestia.org/learn/paying-for-blobspace
- https://docs.celestia.org/developers/submit-data

https://docs.celestia.org/

Celestia: PayForBlobs Transactions

ERC-4337 isn't dead! The UX is being upgraded with new developments like EIP-7702, which makes it easier to integrate Externally Owned Account (EOAs) and enhances the overall experience for Ethereum users.

Dive into the 🧵 to learn more!

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At its core, EIP-7702 seeks to elevate the UX of traditional wallets by unlocking features typically exclusive to smart contracts. It allows an Externally Owned Account (EOA) to temporarily function as a smart contract for a transaction.

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EIP-7702 introduces a new transaction type with a `contract_code` field, allowing EOAs to temporarily adopt smart contract functionality for specific transactions. This eliminates the need for new opcodes and ensures seamless compatibility with ERC-4337.

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The implementation of EIP-7702 will open doors for features like tx batching (combining multiple tx into one), gas sponsorship (allowing one user to cover gas costs for another), and account privilege de-escalation (setting specific permissions for different types of tx).

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Learn more about EIP-7702 at: https://eips.ethereum.org/EIPS/eip-7702

Check out the discussion on EIP-7702 and its potential impact at: https://ethereum-magicians.org/t/eip-7702-set-eoa-account-code-for-one-transaction/19923

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EIP-7702: Enhancing ERC-4337 and Transforming Ethereum Wallet UX

Introducing @ShanghaiTracker powered by QuickAlerts from @QuickNode!

Ethereum Beacon wallet notification stream directly in your Twitter feed — #ShanghaiFork and beyond...

More about QuickAlerts 🔖
https://www.quicknode.com/quickalerts

Excited to see how it works? Here's a video walkthrough 📹
https://www.youtube.com/watch?v=-CRSXF1YZmM

Shanghai Tracker - Ethereum Beacon Wallet Notification Stream

Why bother wasting energy when you can get your work done with one simple expression?

With QuickAlerts, you can create CUSTOM BLOACKCHAIN NOTIFICATIONS directly from your @QuickNode dashboard.

Let's explore the possibilities by creating a few expressions! 🏊‍♂️

🧵

2. Get notified when the block size exceeds a specific value.

3. Get notified when a specific miner mines a block.

5. Get notified when a transaction exceeds a specific value.

6. Get notified for transactions of a specific wallet.

8. Get notified for ENS domain registrations.

It's this simple! 🚀

If you need help creating an expression, feel free to comment below. 👇🏻

You can also check out this tutorial video, where I walk you through the process of creating an alert and getting it delivered to your email inbox. 📨
https://www.youtube.com/watch?v=-CRSXF1YZmM

Blockchain Notifications with QuickAlerts

🎉 Introducing QuickAlerts by @QuickNode!

The ultimate solution for CUSTOM BLOCKCHAIN NOTIFICATIONS in real-time! 

Say goodbye to missed events with these WEBHOOKS ON STEROIDS! 🪝💉

🧵 1/7 

Here are some examples of what you can track:
🔔 Transactions in a specific wallet.
🔔 NFT mints on the network.
🔔 Event triggers on a smart contract.
🔔 DEX swaps of a smart contract.
🔔 New supply additions to a token.
&amp; more...

Create your alert now! 👇🏻

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Each alert is tailored to your needs with two customizable pieces:
1. An ☑️ Evaluation criteria ☑️, defining the condition that triggers the alert.
2. A 📣 Notification criteria 📣, configuring where the notification is sent.

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Want to keep an eye on your wallet activity? Let us set up an alert...

Wasn't that easy? 😄

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QuickAlerts is currently available in Public Beta for
✅ Ethereum
✅ Polygon
✅ Binance Smart Chain
✅ Avalanche
✅ Fantom
✅ Celo

You can access it through your QuickNode dashboard: https://dashboard.quicknode.com/quick-alerts.

PS: You require a paid plan (Build/Scale) to access it.

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What are you waiting for? Hop along! 🚀

Please feel free to report issues, share feedback, or request features: https://roadmap.quicknode.com/c/14-quickalerts-webhooks-and-on-chain-events. We are all ears!

You can also book a live walkthrough session with @Jengascoin here: https://calendly.com/gayleqn/30min?month=2023-01.

6/7

Amazing! Isn't it? Well, 2023 has just begun! 😎

If you liked this thread, follow me @a26nine for more of these, and RT the tweet below to share it with your network.

7/7

https://twitter.com/a26nine/status/1616258409585840131

Introducing QuickAlerts by QuickNode

Unlock the power of automation, transparency, and efficiency with smart contracts!

In this 🧵, we'll look at blockchain-based smart contracts, their use cases and impact across various industries.

Let's dive in! 👇🏻

1/11

Smart contracts are digital agreements that are self-executing and are stored on a network. They are designed to automatically enforce the terms of a contract and can be used to automate a wide range of processes, from simple transactions to complex business logic.

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The advent of blockchain technology has made it possible to implement smart contracts in a decentralized and trustless manner, reducing the need for intermediaries.

Blockchain-based smart contracts can be stored and executed on a blockchain network like Ethereum or Solana.

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Every blockchain network is designed distinctly and uses its own logic to write and execute smart contracts.

These contracts are accessible to anyone on the network and are immutable (based on the blockchain). This means that they cannot be altered once deployed.

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Smart contracts executed on a decentralized network are less vulnerable to hacking and data breaches compared to centralized systems.

Additionally, the use of smart contracts can automate processes, which reduces the potential for human error and increases efficiency.

5/11

Potential use cases for smart contracts include:

👉🏻 Supply chain management - Track the movement of goods and manage inventory.

👉🏻 Real estate - Create digital property titles and automate the transfer of ownership.

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👉🏻 Banking and finance - Issue and trade financial instruments and create digital assets.

👉🏻 Insurance - Automate the process of claims and payouts for insurance policies, increasing speed and reducing potential for fraud.

7/11

👉🏻 Healthcare - Track patient data, medical records and clinical trials, whilst maintaining privacy.

👉🏻 Government services - Improve transparency and efficiency in government services, such as voting systems, tax collection, and public record-keeping.

& much more...

8/11

Companies such as Walmart, IBM, Ubitquity, JPMorgan, HSBC, Propy, Aig, and AXA are already leveraging smart contracts to automate and streamline their processes.

9/11

To sum up, blockchain-based smart contracts have the potential to revolutionize various industries by improving efficiency and increasing transparency.

While there are challenges to be addressed, the community is pretty optimistic about it.

Let's see what's to come!

10/11

What are Smart Contracts?

📣 Ethereum KZG Summoning Ceremony is LIVE: https://ceremony.ethereum.org/.

Help improve Ethereum data scalability by participating in the generation of data where only one honest participant is needed for a secure final output. Join the process now!

What? Why? How?

🧵 1/7

Ethereum is scaling with the help of Layer-2s (L2s) like Optimism and Arbitrum, which help increase the block space while still maintaining security.

These L2s allow more data to be sent to L1 (Ethereum), but at the cost of high fees due to the increased data transfer.

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Danksharding is a data layer design that guarantees data availability to L2s without any compromises.

It introduces a new transaction type that accepts "blobs" of data to persist in the Beacon node for a short period of time.

The proposal, EIP-4844: https://www.eip4844.com/

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Since the data does not need to be stored by the network forever, the use of on-chain storage becomes cheaper. So, L2s can use this storage to post transaction data or proofs back to L1 with benefits:
✅ Lower transaction fees
✅ Greater scalability
✅ More accessibility

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The KZG Ceremony is a coordinated public ritual that provides the cryptographic foundation for Proto-Danksharding.

It will construct a secret value, ensuring no single person knows it and that it remains unknown for years to maintain the security of the Ethereum network.

5/7

It is a multi-step process:
1. Provide input.
2. Authenticate.
3. Request permission.

The Sequencer (server coordinating contributions) will mix your randomness with the earlier data, verify your contribution, and then move to the next contributor.

6/7 

Congratulations! You are now an official part of the Ethereum KZG ceremony and can verify your contribution here: https://ceremony.ethereum.org/#/record.

🎉

If you liked this thread, follow me @a26nine for more of these, and RT the tweet below to share it with your network. https://twitter.com/a26nine/status/1614136083079651329