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Development Ethos
Decentralized blockchains like Ethereum impose extreme computational and storage limitations. While centralized computation solutions allow the execution of advanced statistical models on gigabytes of data, decentralized systems force users to pay for every byte stored and basic arithmetic operation performed on-chain.
Decentralized systems will scale infinitely over time, eventually allowing users to perform large scale machine learning operations on decentralized architectures. However, it's imperative to start building, experimenting with and iterating on the financial primitives that will define the foundations of permissionless ecosystems. Otherwise, it is likely that they will merely mimic those of the centralized world. Beanstalk is an attempt at implementing a permissionless fiat currency designed to become the basis of the rent-free economy that decentralized primitives are ushering in.
“Perfection is achieved, not when there is nothing more to add, but when there is nothing left to take away.” – Antoine de Saint-Exupéry
No one wants to be limited, but resource scarcity forces innovation. For example, because Ethereum does not lend itself to trading on order books, Automated Market Makers (AMMs) like Uniswap and Bancor created liquidity pools based on a predefined pricing curve to create an efficient exchange format (instead of a high frequency order book).
Open source protocols are a public good. More than 250 protocols have forked Uniswap V2 to try to improve on its model. Some may call it competitive, but it is also collaborative. Each implementation is more advanced than its previous iteration and is made possible through increasingly efficient allocation of EVM resources.
Question everything, be critical, and collaborate.
Last modified 4mo ago