WEBVTT 00:00:00.000 --> 00:00:01.819 let's talk about the future of etherium 00:00:01.819 --> 00:00:06.809 [Music] 00:00:07.099 --> 00:00:09.480 hi there it's Jackson thanks for 00:00:09.480 --> 00:00:11.040 watching and welcome back to another 00:00:11.040 --> 00:00:12.630 episode I've been getting a few requests 00:00:12.630 --> 00:00:13.830 for this so today I'm gonna talk about 00:00:13.830 --> 00:00:16.049 aetherium and its future what does the 00:00:16.049 --> 00:00:18.000 roadmap look like for the next one two 00:00:18.000 --> 00:00:20.310 three or five years but before we dive 00:00:20.310 --> 00:00:21.900 into that if you do like these videos 00:00:21.900 --> 00:00:23.430 make sure you hit that subscribe button 00:00:23.430 --> 00:00:25.170 below and if you want to support their 00:00:25.170 --> 00:00:27.750 creation go along to patreon.com/scishow 00:00:27.750 --> 00:00:29.250 I'm Jackson where you can become a 00:00:29.250 --> 00:00:31.289 patron and get access to all sorts of 00:00:31.289 --> 00:00:33.360 exclusive perks like early access to 00:00:33.360 --> 00:00:34.890 these videos but the topic of the day is 00:00:34.890 --> 00:00:37.680 aetherium so let's dive right in 2017 as 00:00:37.680 --> 00:00:39.690 most people know was a massive year for 00:00:39.690 --> 00:00:40.800 aetherium it was the year that really 00:00:40.800 --> 00:00:42.899 put a theorem on the map not only 00:00:42.899 --> 00:00:44.489 because of its exponentially increasing 00:00:44.489 --> 00:00:46.590 price but also just usage through smart 00:00:46.590 --> 00:00:48.539 contracts being leveraged for the ICO 00:00:48.539 --> 00:00:50.280 but it's really only early days for 00:00:50.280 --> 00:00:52.230 aetherium icos and kind of digital 00:00:52.230 --> 00:00:54.690 assets still remain it's one primary use 00:00:54.690 --> 00:00:56.370 case right now and we haven't seen 00:00:56.370 --> 00:00:58.289 mainstream adoption just yet but thanks 00:00:58.289 --> 00:00:59.699 to the prevalence of thousands and 00:00:59.699 --> 00:01:01.680 thousands of these ICO smart contracts 00:01:01.680 --> 00:01:03.420 and tokens that are operating on top of 00:01:03.420 --> 00:01:05.339 the etherium main net the etherium 00:01:05.339 --> 00:01:07.350 network is now processing over half a 00:01:07.350 --> 00:01:09.510 million transactions per day for 00:01:09.510 --> 00:01:10.710 comparison's sake if you look at 00:01:10.710 --> 00:01:12.270 something like Bitcoin it's currently 00:01:12.270 --> 00:01:13.979 only processing around 50,000 00:01:13.979 --> 00:01:16.049 transactions per day on its network so 00:01:16.049 --> 00:01:17.189 that's pretty crazy if you think about 00:01:17.189 --> 00:01:19.170 it a theorem is powering around 10 times 00:01:19.170 --> 00:01:20.700 the amount of transactions of the 00:01:20.700 --> 00:01:22.890 Bitcoin network it's pretty busy but as 00:01:22.890 --> 00:01:24.630 a theory I'm started to grow it wasn't 00:01:24.630 --> 00:01:26.580 without its growing pains people started 00:01:26.580 --> 00:01:28.350 to see some slowdowns in the network 00:01:28.350 --> 00:01:30.630 congestion and increasing gas costs 00:01:30.630 --> 00:01:32.759 making it cost upwards of $2 just to 00:01:32.759 --> 00:01:34.650 send a token to somebody in parallel to 00:01:34.650 --> 00:01:36.329 this concerns are being raised about its 00:01:36.329 --> 00:01:38.009 use of proof-of-work as a mining 00:01:38.009 --> 00:01:39.720 algorithm and how wasteful that is in 00:01:39.720 --> 00:01:41.700 terms of electricity as we face climate 00:01:41.700 --> 00:01:43.590 change and lastly the security of the 00:01:43.590 --> 00:01:45.149 whole protocol was just thrown into 00:01:45.149 --> 00:01:46.920 question with a multitude of smart 00:01:46.920 --> 00:01:48.899 contract hacks occurring resulting in 00:01:48.899 --> 00:01:50.369 the loss of hundreds of millions of 00:01:50.369 --> 00:01:51.990 dollars so a theorem has a long way to 00:01:51.990 --> 00:01:54.119 go but they do have a roadmap to address 00:01:54.119 --> 00:01:55.590 some of these concerns and that's what 00:01:55.590 --> 00:01:57.000 I'm gonna cover today if there is 00:01:57.000 --> 00:01:58.229 interesting in comparison to something 00:01:58.229 --> 00:02:00.119 like Bitcoin core in that the etherium 00:02:00.119 --> 00:02:02.189 team aren't shy about making huge 00:02:02.189 --> 00:02:04.380 changes to the underlying protocol if it 00:02:04.380 --> 00:02:06.030 means scalability or the addition of 00:02:06.030 --> 00:02:08.008 much-needed features as such in the past 00:02:08.008 --> 00:02:09.780 new releases of a theorem have actually 00:02:09.780 --> 00:02:11.610 been hard folks of the entire network 00:02:11.610 --> 00:02:12.130 there 00:02:12.130 --> 00:02:13.810 two upcoming releases that will follow 00:02:13.810 --> 00:02:15.580 the same kind of pattern the first being 00:02:15.580 --> 00:02:17.500 called Constantinople and the second 00:02:17.500 --> 00:02:18.940 being called serenity and some of the 00:02:18.940 --> 00:02:20.110 features or changes I'll be talking 00:02:20.110 --> 00:02:21.820 today will work their way into those 00:02:21.820 --> 00:02:23.350 releases but we don't have a lot of 00:02:23.350 --> 00:02:25.030 clarity yeah that's still to be seen so 00:02:25.030 --> 00:02:26.080 the first thing that a lot of people are 00:02:26.080 --> 00:02:27.100 talking about when it comes to the 00:02:27.100 --> 00:02:28.810 etherium roadmap is something called 00:02:28.810 --> 00:02:30.970 Casper as I alluded to earlier aetherium 00:02:30.970 --> 00:02:32.950 relies on proof-of-work for consensus 00:02:32.950 --> 00:02:34.750 this is exactly the same as Bitcoin in 00:02:34.750 --> 00:02:36.160 that you have a bunch of people with a 00:02:36.160 --> 00:02:37.840 lot of computing power pointing that 00:02:37.840 --> 00:02:39.940 computing power at the network making it 00:02:39.940 --> 00:02:41.500 costly if they wanted to try and be a 00:02:41.500 --> 00:02:43.210 bad actor but the etherium team 00:02:43.210 --> 00:02:45.370 including vitalic the creator himself is 00:02:45.370 --> 00:02:47.530 very aware of how wasteful proof of work 00:02:47.530 --> 00:02:49.090 is proof of work burns a lot of 00:02:49.090 --> 00:02:50.440 electricity because it's this constant 00:02:50.440 --> 00:02:52.390 arms race to get more electricity and 00:02:52.390 --> 00:02:54.370 more hardware trying to mine the stuff 00:02:54.370 --> 00:02:55.450 and start from the very beginning 00:02:55.450 --> 00:02:57.370 vitalic and the team were very clear 00:02:57.370 --> 00:02:58.930 that at some point in the future a 00:02:58.930 --> 00:03:00.760 theorem would need to migrate to a proof 00:03:00.760 --> 00:03:02.620 of stake based system now I recommend 00:03:02.620 --> 00:03:03.730 you go back and watch my video about 00:03:03.730 --> 00:03:06.010 proof of work versus proof of stake as I 00:03:06.010 --> 00:03:07.870 said in that video proof of stake really 00:03:07.870 --> 00:03:09.700 hasn't been nailed in a way that doesn't 00:03:09.700 --> 00:03:11.620 introduce some severe points of 00:03:11.620 --> 00:03:13.210 centralization and sort of a certain 00:03:13.210 --> 00:03:14.860 degree that's what drove the initial use 00:03:14.860 --> 00:03:16.840 of proof of work in aetherium as the 00:03:16.840 --> 00:03:18.520 proof of stake just wasn't there yet 00:03:18.520 --> 00:03:20.320 Casper is simply the name of aetherium 00:03:20.320 --> 00:03:21.700 --za proach to solving the proof of 00:03:21.700 --> 00:03:23.230 stake problem so there's actually two 00:03:23.230 --> 00:03:25.450 types of Casper implementation that have 00:03:25.450 --> 00:03:27.850 been outlined the first is called FFG or 00:03:27.850 --> 00:03:30.220 friendly finality gadget and the second 00:03:30.220 --> 00:03:32.980 is called cbc or correct by construction 00:03:32.980 --> 00:03:34.810 the first being proposed by vitalic 00:03:34.810 --> 00:03:36.490 himself and the second by a researcher 00:03:36.490 --> 00:03:38.800 called flat Zamfir by telex proposal for 00:03:38.800 --> 00:03:41.170 Casper which is FFG is essentially a 00:03:41.170 --> 00:03:43.120 proof-of-work proof of stake hybrid 00:03:43.120 --> 00:03:45.010 solution so it's not a purely proof of 00:03:45.010 --> 00:03:46.690 stake play and this is kind of the first 00:03:46.690 --> 00:03:48.340 stage of Casper and that it's meant to 00:03:48.340 --> 00:03:50.230 wean people away from proof of work 00:03:50.230 --> 00:03:52.300 mining it's acronym stands for friendly 00:03:52.300 --> 00:03:53.920 finality gadget because while there's 00:03:53.920 --> 00:03:55.900 still proof of work mining going on for 00:03:55.900 --> 00:03:58.540 every block every 50 blocks as a proof 00:03:58.540 --> 00:04:00.700 of stake of voting quorum that basically 00:04:00.700 --> 00:04:02.920 writes in a check point to history so 00:04:02.920 --> 00:04:05.170 FFG still has just regular proof of work 00:04:05.170 --> 00:04:07.780 but every 50 blocks there's a proof of 00:04:07.780 --> 00:04:09.340 stake voting mechanism and when they 00:04:09.340 --> 00:04:10.870 write this check point they're basically 00:04:10.870 --> 00:04:12.850 voting on something which is finality is 00:04:12.850 --> 00:04:14.650 something that is a historical 00:04:14.650 --> 00:04:16.899 representation of history that can't be 00:04:16.899 --> 00:04:18.579 changed this kind of hybrid middle 00:04:18.579 --> 00:04:19.660 ground that we'll have for a little 00:04:19.660 --> 00:04:21.519 while in aetherium is already running on 00:04:21.519 --> 00:04:23.320 a test net and I anticipate that we 00:04:23.320 --> 00:04:24.970 might actually see it coming on the 00:04:24.970 --> 00:04:26.830 Net later in 2018 is part of the 00:04:26.830 --> 00:04:28.450 Constantinople for I believe 00:04:28.450 --> 00:04:29.950 Constantinople is scheduled for 00:04:29.950 --> 00:04:31.810 somewhere around summer in the US or 00:04:31.810 --> 00:04:33.520 maybe a little bit later if FFG just 00:04:33.520 --> 00:04:35.200 isn't ready by then and we don't see it 00:04:35.200 --> 00:04:36.970 in Constantinople it'll likely get 00:04:36.970 --> 00:04:38.920 pushed out to the Serenity fork which we 00:04:38.920 --> 00:04:40.420 don't currently really have a timeline 00:04:40.420 --> 00:04:42.340 on I'd imagine it's very late 2018 if 00:04:42.340 --> 00:04:44.860 not early 2019 but again FFG is just 00:04:44.860 --> 00:04:46.720 that initial phase to try and win people 00:04:46.720 --> 00:04:48.310 and move people away from proof-of-work 00:04:48.310 --> 00:04:51.190 mining as a reliance for consensus ii 00:04:51.190 --> 00:04:52.930 and full approach being researched is c 00:04:52.930 --> 00:04:55.270 bc or correct by construction this is 00:04:55.270 --> 00:04:57.070 still fairly deep in the research stage 00:04:57.070 --> 00:04:58.360 and it's far from really being 00:04:58.360 --> 00:05:00.250 implemented in a workable way it has a 00:05:00.250 --> 00:05:02.050 long way to go because c bc isn't just 00:05:02.050 --> 00:05:03.670 simply layering on proof of stake it 00:05:03.670 --> 00:05:05.080 really kind of rethinks the whole way 00:05:05.080 --> 00:05:07.450 the consensus protocol operates as such 00:05:07.450 --> 00:05:09.130 I don't think we'll see it in 2018 00:05:09.130 --> 00:05:11.710 probably 2019 if that there is a chance 00:05:11.710 --> 00:05:13.720 that if FFG gets rolled out successfully 00:05:13.720 --> 00:05:15.160 they could tweak the parameters of that 00:05:15.160 --> 00:05:17.470 and just keep iterating on the FFG model 00:05:17.470 --> 00:05:19.419 until the CBC approach is really nailed 00:05:19.419 --> 00:05:21.340 because CBC essentially changes the 00:05:21.340 --> 00:05:22.840 whole way consensus works in the 00:05:22.840 --> 00:05:24.580 protocol it's not a change that they 00:05:24.580 --> 00:05:26.169 want to implement lightly and so I don't 00:05:26.169 --> 00:05:27.310 think we're just gonna see it rolled out 00:05:27.310 --> 00:05:28.990 on a whim or quickly Casper's 00:05:28.990 --> 00:05:30.550 implementation of proof of stake is just 00:05:30.550 --> 00:05:32.140 like other proof of state consensus 00:05:32.140 --> 00:05:33.490 protocols in that it does require 00:05:33.490 --> 00:05:35.169 two-thirds of the validators to agree to 00:05:35.169 --> 00:05:36.940 come to consensus to avoid what's being 00:05:36.940 --> 00:05:39.070 dubbed a 33 percent attack though Kasper 00:05:39.070 --> 00:05:41.050 introduces essentially a deposit that 00:05:41.050 --> 00:05:42.790 people that are staking have to put down 00:05:42.790 --> 00:05:44.979 and if they act badly then they lose 00:05:44.979 --> 00:05:46.780 that deposit entirely because of this is 00:05:46.780 --> 00:05:48.580 a pretty strong financial disincentive 00:05:48.580 --> 00:05:50.080 for anybody to become a bad actor 00:05:50.080 --> 00:05:51.520 because of the security deposit being 00:05:51.520 --> 00:05:52.870 required in order to mitigate that 00:05:52.870 --> 00:05:55.330 attack I do anticipate that it'll cost 00:05:55.330 --> 00:05:56.770 quite a lot to be a proof of stake 00:05:56.770 --> 00:05:59.290 validator on an FFG system early on 00:05:59.290 --> 00:06:00.880 we're talking probably hundreds if not a 00:06:00.880 --> 00:06:02.440 thousand aetherium just to become a 00:06:02.440 --> 00:06:04.090 stake I totally understand that because 00:06:04.090 --> 00:06:05.470 the incentives need to be aligned it 00:06:05.470 --> 00:06:07.120 needs to be really expensive to try and 00:06:07.120 --> 00:06:08.470 attack the network but it's gonna be 00:06:08.470 --> 00:06:09.729 really interesting to see how many 00:06:09.729 --> 00:06:11.620 people actually use proof of stake and 00:06:11.620 --> 00:06:13.060 want to become a validator in addition 00:06:13.060 --> 00:06:14.410 to laying down that money proof mistake 00:06:14.410 --> 00:06:15.910 validators always have to be connected 00:06:15.910 --> 00:06:17.560 to the network as well so it'll be 00:06:17.560 --> 00:06:18.970 interesting just to see the adoption of 00:06:18.970 --> 00:06:20.380 that it's really important to note that 00:06:20.380 --> 00:06:22.150 Casper and proof of stake isn't being 00:06:22.150 --> 00:06:24.040 positioned as a scaling initiative it's 00:06:24.040 --> 00:06:25.240 really just a promise they've made since 00:06:25.240 --> 00:06:26.620 the very beginning and something they've 00:06:26.620 --> 00:06:28.270 been saying they wanted to do to get rid 00:06:28.270 --> 00:06:30.010 of wasteful proof-of-work mining there 00:06:30.010 --> 00:06:31.450 are some implications in the way that it 00:06:31.450 --> 00:06:32.800 can make scaling easier in the future 00:06:32.800 --> 00:06:34.539 because you're not relying on miners 00:06:34.539 --> 00:06:36.340 which can often become centralized but I 00:06:36.340 --> 00:06:37.780 feel like this is common misconception 00:06:37.780 --> 00:06:38.360 that Casper 00:06:38.360 --> 00:06:39.979 somehow gonna equal magic aetherium 00:06:39.979 --> 00:06:41.360 scaling and that's simply not the case 00:06:41.360 --> 00:06:43.400 so just wrapping up Casper and proof of 00:06:43.400 --> 00:06:45.169 stake keep an eye out for the hybrid 00:06:45.169 --> 00:06:47.629 implementation in mid to late 2018 and 00:06:47.629 --> 00:06:49.400 the full implementation CBC in my 00:06:49.400 --> 00:06:51.169 opinion will probably come in 2019 if 00:06:51.169 --> 00:06:51.710 not later 00:06:51.710 --> 00:06:53.240 and speaking of scalability let's move 00:06:53.240 --> 00:06:54.620 on and dive into that I've talked about 00:06:54.620 --> 00:06:56.300 this a fair bit on this channel but 00:06:56.300 --> 00:06:58.129 ultimately there is no real simple 00:06:58.129 --> 00:06:59.780 silver bullet solution to scaling 00:06:59.780 --> 00:07:01.159 historically when people have tried to 00:07:01.159 --> 00:07:03.169 scale these decentralized solutions 00:07:03.169 --> 00:07:04.909 they've always introduced some point of 00:07:04.909 --> 00:07:06.919 centralization as a compromise so you 00:07:06.919 --> 00:07:08.449 can look at something like super or 00:07:08.449 --> 00:07:10.610 masternodes or delegated proof of stake 00:07:10.610 --> 00:07:12.199 it's all historically resulted in 00:07:12.199 --> 00:07:13.400 delegating or giving the responsibility 00:07:13.400 --> 00:07:15.529 and voting power back to a smaller group 00:07:15.529 --> 00:07:17.870 of people so it can scale more so that's 00:07:17.870 --> 00:07:19.069 been a big point of contention and a 00:07:19.069 --> 00:07:20.629 hard problem to solve for everybody in 00:07:20.629 --> 00:07:22.219 this space is how do you scale this 00:07:22.219 --> 00:07:23.990 stuff without is making it centralised 00:07:23.990 --> 00:07:25.310 again and some people will say there's a 00:07:25.310 --> 00:07:26.719 threshold where there's acceptable 00:07:26.719 --> 00:07:28.219 centralization like something like 00:07:28.219 --> 00:07:30.020 delegated proof of stake but other than 00:07:30.020 --> 00:07:31.159 I think this is the way that aetherium 00:07:31.159 --> 00:07:33.139 and vitalic think that no we don't want 00:07:33.139 --> 00:07:34.490 to have trusted individuals or entities 00:07:34.490 --> 00:07:36.169 out there we want to maintain a 00:07:36.169 --> 00:07:38.000 decentralized network but try and 00:07:38.000 --> 00:07:39.169 achieve scaling through smart 00:07:39.169 --> 00:07:40.879 technologies and new solutions more 00:07:40.879 --> 00:07:41.900 recently people have moved to a 00:07:41.900 --> 00:07:43.669 narrative where second layer solutions 00:07:43.669 --> 00:07:44.930 are gonna be the thing that helps us 00:07:44.930 --> 00:07:46.699 scale these second layer protocols and 00:07:46.699 --> 00:07:48.440 things like plasma the state channels 00:07:48.440 --> 00:07:49.729 which I'll have to do a video on in the 00:07:49.729 --> 00:07:51.169 future it's been asked for a lot or 00:07:51.169 --> 00:07:52.400 something like the Lightning Network for 00:07:52.400 --> 00:07:53.870 payment channels or Braeden which does 00:07:53.870 --> 00:07:55.339 that on aetherium these are great 00:07:55.339 --> 00:07:56.990 innovative solutions I think there's two 00:07:56.990 --> 00:07:58.879 problems with them first I think the use 00:07:58.879 --> 00:08:00.740 cases are limited because there's a 00:08:00.740 --> 00:08:02.270 certain type of payment relationship 00:08:02.270 --> 00:08:04.009 that has to exist in these second layer 00:08:04.009 --> 00:08:05.900 protocols but outside of this all of 00:08:05.900 --> 00:08:07.669 these second layer protocols still rely 00:08:07.669 --> 00:08:09.740 on the main chain for finality so if you 00:08:09.740 --> 00:08:11.060 want to close out a payment channel and 00:08:11.060 --> 00:08:12.680 move your Bitcoin to someone else in 00:08:12.680 --> 00:08:14.689 Bitcoin you still have to do that on the 00:08:14.689 --> 00:08:16.610 main chain you're reliant on that main 00:08:16.610 --> 00:08:19.009 chain and its scalability and its costs 00:08:19.009 --> 00:08:20.120 the good news with second layer 00:08:20.120 --> 00:08:22.039 solutions like plasma and Radin and all 00:08:22.039 --> 00:08:23.300 of these technologies is that they 00:08:23.300 --> 00:08:24.800 aren't really pegged to the etherium 00:08:24.800 --> 00:08:26.569 roadmap so they can release at their own 00:08:26.569 --> 00:08:28.009 leisure there's a lot of work being done 00:08:28.009 --> 00:08:29.960 on things like plasma I don't think 00:08:29.960 --> 00:08:31.069 we'll see more than an alpha 00:08:31.069 --> 00:08:32.779 implementation of that in 2018 because 00:08:32.779 --> 00:08:34.729 it's such a new cutting-edge technology 00:08:34.729 --> 00:08:35.990 we'll probably see something that's 00:08:35.990 --> 00:08:38.149 actually working on main net sometime in 00:08:38.149 --> 00:08:40.159 2019 just be clear I'm sure that people 00:08:40.159 --> 00:08:41.779 experiment with stuff on main net in 00:08:41.779 --> 00:08:43.399 2018 but I don't think it'll be 00:08:43.399 --> 00:08:45.260 production-ready or easily accessible to 00:08:45.260 --> 00:08:47.420 non developer users but again that 00:08:47.420 --> 00:08:48.529 doesn't get at the root of the problem 00:08:48.529 --> 00:08:50.470 how do we solve scaling on the mange 00:08:50.470 --> 00:08:52.450 and something called sharding is vital 00:08:52.450 --> 00:08:54.310 excurrent proposal for how we do that 00:08:54.310 --> 00:08:55.750 essentially what sharding does is it 00:08:55.750 --> 00:08:57.280 breaks the network into hundreds if not 00:08:57.280 --> 00:08:59.110 thousands of mini block chains and 00:08:59.110 --> 00:09:00.580 they're all independent but the cool 00:09:00.580 --> 00:09:01.840 thing about these block chains is that 00:09:01.840 --> 00:09:03.670 they inherit the same security model and 00:09:03.670 --> 00:09:05.140 consensus so you're not having to worry 00:09:05.140 --> 00:09:06.790 about independent consensus on every 00:09:06.790 --> 00:09:08.620 single mini block chain these sub block 00:09:08.620 --> 00:09:09.970 chains can scale better because they 00:09:09.970 --> 00:09:11.950 exist for a specific purpose you're not 00:09:11.950 --> 00:09:13.390 trying to do thousands and thousands of 00:09:13.390 --> 00:09:15.280 different things on the one main chain 00:09:15.280 --> 00:09:16.330 like we're currently doing with 00:09:16.330 --> 00:09:18.280 aetherium smart contracts other people 00:09:18.280 --> 00:09:19.570 have already thought about this kind of 00:09:19.570 --> 00:09:21.310 mini blockchain proposal and essentially 00:09:21.310 --> 00:09:22.720 having a network of these block chains 00:09:22.720 --> 00:09:24.640 or participating in the same consensus 00:09:24.640 --> 00:09:25.780 i've talked about some of these before 00:09:25.780 --> 00:09:27.670 in my cross chain protocols video which 00:09:27.670 --> 00:09:29.290 i recommend you go and watch but some 00:09:29.290 --> 00:09:31.030 examples are polka dot or the cosmos 00:09:31.030 --> 00:09:32.710 network if italic wants to implement 00:09:32.710 --> 00:09:34.000 this natively in aetherium and i 00:09:34.000 --> 00:09:35.200 recommend you go and watch this video 00:09:35.200 --> 00:09:37.120 from the beyond block conference in 00:09:37.120 --> 00:09:39.070 taipei where he basically outlined his 00:09:39.070 --> 00:09:40.930 proposal this is all very new and a 00:09:40.930 --> 00:09:42.790 three to five year plan that vitalic is 00:09:42.790 --> 00:09:44.110 laying out here so I don't think we'll 00:09:44.110 --> 00:09:45.670 even see an alpha implementation of it 00:09:45.670 --> 00:09:47.470 in 2018 we'll probably see more written 00:09:47.470 --> 00:09:49.360 specs and research into the idea of 00:09:49.360 --> 00:09:51.040 sharding but I don't think we'll see an 00:09:51.040 --> 00:09:52.450 implementation that anybody can touch 00:09:52.450 --> 00:09:54.220 until sometime in 2019 00:09:54.220 --> 00:09:55.870 as for what Fork that'll eventually end 00:09:55.870 --> 00:09:57.850 up in who knows it'll be sometime far in 00:09:57.850 --> 00:09:59.680 the future probably post the Serenity 00:09:59.680 --> 00:10:00.070 fork 00:10:00.070 --> 00:10:01.750 so that's consensus and scaling I think 00:10:01.750 --> 00:10:02.860 there's some cutting edge cool 00:10:02.860 --> 00:10:04.210 technology that's gonna solve these 00:10:04.210 --> 00:10:05.830 problems but it's still a little ways 00:10:05.830 --> 00:10:07.510 out I think the first we'll see is 00:10:07.510 --> 00:10:10.570 Kasper FFG sometime in 2018 mid to late 00:10:10.570 --> 00:10:12.520 2018 most likely but in addition to 00:10:12.520 --> 00:10:14.170 consensus and scalability there are some 00:10:14.170 --> 00:10:15.610 other concerns that people had and 00:10:15.610 --> 00:10:17.140 people are working on cool solutions to 00:10:17.140 --> 00:10:18.370 those first I want to bring up is 00:10:18.370 --> 00:10:20.260 privacy and aetherium operates a lot 00:10:20.260 --> 00:10:22.120 like Bitcoin today and that everything 00:10:22.120 --> 00:10:23.620 is open and transparent and you can see 00:10:23.620 --> 00:10:25.390 what everybody else is doing some people 00:10:25.390 --> 00:10:26.560 don't like this and this is why they use 00:10:26.560 --> 00:10:28.780 coins such as Z cash or manera go on 00:10:28.780 --> 00:10:30.070 watch my privacy coin video if you 00:10:30.070 --> 00:10:31.390 haven't already the good news for 00:10:31.390 --> 00:10:33.190 privacy on a theorem is that most of the 00:10:33.190 --> 00:10:34.690 legwork is actually being done it was a 00:10:34.690 --> 00:10:36.760 hard fork back in 2017 which introduced 00:10:36.760 --> 00:10:38.860 CK snarks so you can use that in smart 00:10:38.860 --> 00:10:40.660 contracts CK stocks or zero knowledge 00:10:40.660 --> 00:10:42.460 proof or a technology that are used in Z 00:10:42.460 --> 00:10:44.770 cash to implement its privacy layer and 00:10:44.770 --> 00:10:46.180 so all the fundamentals are actually 00:10:46.180 --> 00:10:48.010 already in aetherium somebody just has 00:10:48.010 --> 00:10:49.570 to start writing smart contracts which 00:10:49.570 --> 00:10:51.370 leverage this in a smart way and I 00:10:51.370 --> 00:10:52.630 haven't really seen an implementation of 00:10:52.630 --> 00:10:54.220 a token or anything that's utilizing 00:10:54.220 --> 00:10:56.050 this technology to its fullest just yet 00:10:56.050 --> 00:10:57.730 I would anticipate in 2018 we're gonna 00:10:57.730 --> 00:10:59.290 see some people start leveraging the 00:10:59.290 --> 00:11:01.660 fact that ZK stocks can be used in smart 00:11:01.660 --> 00:11:02.950 contracts and we'll see some more 00:11:02.950 --> 00:11:03.600 privacy 00:11:03.600 --> 00:11:04.829 focused initiatives on top of the 00:11:04.829 --> 00:11:06.509 theorem but this will be second layer it 00:11:06.509 --> 00:11:08.399 won't be built into aetherium natively 00:11:08.399 --> 00:11:09.839 the second concern that a lot of people 00:11:09.839 --> 00:11:11.430 have had is just security concerns 00:11:11.430 --> 00:11:13.560 around aetherium smart contracts due to 00:11:13.560 --> 00:11:15.630 bugs and smart contract code in 2017 we 00:11:15.630 --> 00:11:17.490 saw hundreds of millions of dollars be 00:11:17.490 --> 00:11:19.319 stolen by exploit is one of the most 00:11:19.319 --> 00:11:21.000 notable examples of this was the parody 00:11:21.000 --> 00:11:22.290 wallet hack that happened where 00:11:22.290 --> 00:11:23.069 everybody that was using the 00:11:23.069 --> 00:11:24.690 out-of-the-box multi-sig wallet the 00:11:24.690 --> 00:11:26.670 parody basically lost their money this 00:11:26.670 --> 00:11:28.380 included a lot of those icos who raised 00:11:28.380 --> 00:11:29.880 millions and millions of dollars so 00:11:29.880 --> 00:11:31.290 there's a lot of angry people the good 00:11:31.290 --> 00:11:32.430 news is there are several initiatives 00:11:32.430 --> 00:11:34.380 focusing on how we solve that first 00:11:34.380 --> 00:11:35.519 there is actually an attempt to bring a 00:11:35.519 --> 00:11:37.230 better programming language to smart 00:11:37.230 --> 00:11:38.639 contracts right now that a factor 00:11:38.639 --> 00:11:39.990 language for writing etherium smart 00:11:39.990 --> 00:11:41.730 contracts is something called solidity 00:11:41.730 --> 00:11:43.259 and while it's relatively easy for new 00:11:43.259 --> 00:11:44.970 developers to pick up it leaves a lot of 00:11:44.970 --> 00:11:45.990 room for these developers to make 00:11:45.990 --> 00:11:47.610 mistakes which makes this mock contract 00:11:47.610 --> 00:11:49.170 vulnerable is a new smart contract 00:11:49.170 --> 00:11:50.579 language being developed called VIPRE 00:11:50.579 --> 00:11:52.920 which is an alternative to solidity and 00:11:52.920 --> 00:11:54.420 it has a lot more security features 00:11:54.420 --> 00:11:55.709 limiting down the methods you can 00:11:55.709 --> 00:11:57.360 actually access basically making it 00:11:57.360 --> 00:11:58.860 harder for developers to unknowingly 00:11:58.860 --> 00:12:00.839 include exploits in their code it's 00:12:00.839 --> 00:12:02.190 actually an alpha right now and you can 00:12:02.190 --> 00:12:03.420 go and use it that just doesn't seem to 00:12:03.420 --> 00:12:04.709 be a lot of people using it right now 00:12:04.709 --> 00:12:06.569 but it is being actively developed and 00:12:06.569 --> 00:12:07.949 the second approach to smart contract 00:12:07.949 --> 00:12:09.149 security and this is kind of the Holy 00:12:09.149 --> 00:12:10.800 Grail is something called formal 00:12:10.800 --> 00:12:12.660 verification I spoke about formal 00:12:12.660 --> 00:12:14.370 verification in the past in my what is a 00:12:14.370 --> 00:12:16.139 smart contract video when I was talking 00:12:16.139 --> 00:12:17.550 about tezo's they're doing something 00:12:17.550 --> 00:12:19.319 similar with formally verifiable smart 00:12:19.319 --> 00:12:21.029 contracts and code be formally 00:12:21.029 --> 00:12:22.410 verifiable means that code can 00:12:22.410 --> 00:12:24.449 essentially be proven mathematically to 00:12:24.449 --> 00:12:26.250 do what it says on the box so without 00:12:26.250 --> 00:12:27.660 having to run that code yourself and 00:12:27.660 --> 00:12:29.610 hunt for exploits basically you can 00:12:29.610 --> 00:12:31.230 prove mathematically that the code just 00:12:31.230 --> 00:12:32.850 does what it says to use formal 00:12:32.850 --> 00:12:34.170 verification though you usually have to 00:12:34.170 --> 00:12:36.060 adhere to a very strict syntax in the 00:12:36.060 --> 00:12:37.620 way you write your smart contracts which 00:12:37.620 --> 00:12:39.120 can be good because it encourages best 00:12:39.120 --> 00:12:41.310 practices but you also often have to use 00:12:41.310 --> 00:12:42.600 a separate coding language altogether 00:12:42.600 --> 00:12:44.730 that is formally verifiable itself 00:12:44.730 --> 00:12:46.019 there's a lot of research going into 00:12:46.019 --> 00:12:47.790 this but it is cutting edge so I don't 00:12:47.790 --> 00:12:49.259 expect we're gonna see a lot of movement 00:12:49.259 --> 00:12:51.120 in this in 2018 but it's something to 00:12:51.120 --> 00:12:52.529 keep an eye on it's the way I think that 00:12:52.529 --> 00:12:54.720 all smart contracts and all code in the 00:12:54.720 --> 00:12:56.370 future is gonna be written as well so 00:12:56.370 --> 00:12:57.779 that you can verify that something does 00:12:57.779 --> 00:12:59.279 what it says it does without having to 00:12:59.279 --> 00:13:01.050 go hunt for bugs again the cool thing 00:13:01.050 --> 00:13:02.009 about the two things that I just 00:13:02.009 --> 00:13:02.910 mentioned is that they can be 00:13:02.910 --> 00:13:04.589 implemented completely independently of 00:13:04.589 --> 00:13:06.870 the etherium roadmap and any changes to 00:13:06.870 --> 00:13:08.880 your theorem protocol itself so if you 00:13:08.880 --> 00:13:10.230 combine all the things I've talked about 00:13:10.230 --> 00:13:11.699 today that's actually quite a lot of 00:13:11.699 --> 00:13:13.439 movement happening on the etherium front 00:13:13.439 --> 00:13:14.939 so that's my roundup of the etherium 00:13:14.939 --> 00:13:16.050 roadmap what's happening with the 00:13:16.050 --> 00:13:17.910 protocol itself in the court 00:13:17.910 --> 00:13:19.560 but also with the secondary layer stuff 00:13:19.560 --> 00:13:21.600 and the tooling around it I think 2017 00:13:21.600 --> 00:13:22.620 really set aetherium 00:13:22.620 --> 00:13:24.060 up so that all the eyes are on its 00:13:24.060 --> 00:13:25.260 development and now it's really up to 00:13:25.260 --> 00:13:26.430 the development community behind 00:13:26.430 --> 00:13:28.230 aetherium basically take it forward and 00:13:28.230 --> 00:13:29.970 prove that it can scale in a secure way 00:13:29.970 --> 00:13:31.260 so what do you think does the future of 00:13:31.260 --> 00:13:32.790 aetherium look bright let me know in the 00:13:32.790 --> 00:13:34.170 comments and also let me know if there 00:13:34.170 --> 00:13:35.310 was anything that I've missed that's on 00:13:35.310 --> 00:13:36.630 the roadmap that you're really excited 00:13:36.630 --> 00:13:37.890 about if you found this video useful 00:13:37.890 --> 00:13:39.660 please slam that like button it really 00:13:39.660 --> 00:13:41.610 helps out and like I said earlier hit 00:13:41.610 --> 00:13:43.110 the subscribe button so you get weekly 00:13:43.110 --> 00:13:44.850 updates when I post these videos and 00:13:44.850 --> 00:13:46.740 also when I do my Sunday live stream if 00:13:46.740 --> 00:13:48.060 you like this content and you want to 00:13:48.060 --> 00:13:49.470 support the creation of more videos just 00:13:49.470 --> 00:13:51.930 like this one jump over to patreon calm 00:13:51.930 --> 00:13:53.910 for word slash I'm Jackson and you can 00:13:53.910 --> 00:13:55.380 support these videos and get access to 00:13:55.380 --> 00:13:57.360 all sorts of exclusive perks like early 00:13:57.360 --> 00:13:59.790 access to videos exclusive patreon only 00:13:59.790 --> 00:14:01.440 hangouts and more thanks for watching I 00:14:01.440 --> 00:14:02.430 hope you found this helpful 00:14:02.430 --> 00:14:04.080 until next time I'll see you later 00:14:04.080 --> 00:14:13.390 [Music] 00:14:13.570 --> 00:14:15.440 you 00:14:15.440 --> 00:00:00.000 [Music]