Efficient Scaling
When discussing how to scale up a blockchain network, the efficiency of this scaling is a crucial factor that must be considered. Scaling must not only increase the network's capacity but also do so in a way that maintains or improves overall performance and security. Facet argues that it optimizes the way transactions and smart contracts are handled, aiming to eliminate the need for and costs associated with executing smart contracts directly on the blockchain.
Following this point of view, here’s a breakdown of what we are considering:
Rethinking Smart Contracts: 0xVM challenges the conventional belief in blockchain sector that smart contracts are indispensable. While smart contracts are a defining feature of classic blockchain system, 0xVM posits that they are also a significant source of inefficiency and high costs.
Predicting Smart Contract Outcomes: The key idea is that if the outcome of a smart contract can be predicted with certainty, there’s no need to execute the contract on the blockchain, incurring the associated costs. Instead, these predictable outcomes can be used directly.
Cost Efficiency in Prediction vs. Execution: Simulating or predicting the behavior of a smart contract is much cheaper than executing the contract on blockchain, like Ethereum’s protocol. This difference in cost is due to the fact that executing smart contract logic requires network validators, which involves a consensus process and computational resources. In contrast, simulating a smart contract’s behavior can be done by anyone without needing to engage the blockchain's consensus mechanism and computational resources.
Challenges and Potential: While this approach is promising in theory, it presents challenges in ensuring the accuracy and trustworthiness of these predictions. There’s also the need to maintain security and consensus, which are core to the blockchain network. The successful implementation of 0xVM’s concept would require careful consideration of these factors to maintain the integrity and reliability of the network.
In summary, 0xVM’s goal is to develop a system where everyone can simulate smart contract behavior, and these simulations can replace the actual execution of smart contracts on Bitcoin blockchain. This approach could significantly reduce the costs associated with smart contracts by avoiding the need for blockchain execution in predictable scenarios.
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