EigenLayer's Forkable Token System - Bringing Social Truth Onchain

EigenLayer's Forkable Token System - Bringing Social Truth Onchain

Eigenlayer is a protocol for decentralized trust, allowing anyone to build new crypto applications without worrying about the source of trust. It enables other protocols to inherit the security of Ethereum by staking ETH and running the Ethereum protocol correctly. Eigenlayer also introduces the concept of Actively Validated Services (AVS), which consume decentralized trust from the Eigenlayer ecosystem. AVSs are verifiable SaaS (Software as a Service) that provide specialized services on top of Eigenlayer. Economic security is crucial for the short-term trust in blockchain systems, while social consensus operates on a longer time scale. The conversation explores the concept of economic security and the role of institutions in managing risks. It discusses the importance of protocols having sharp measured security and the need for regularizing risks in the crypto space. The conversation also delves into the idea of open innovation and the goal of empowering better services. The second part of the conversation focuses on the interplay between objective, subjective, and intersubjective faults in blockchain systems. It explains the need to bring social truth on-chain and the mechanism of forking to determine the true version of a token. The conversation concludes by highlighting the benefits of pooling security and the importance of isolation between financial applications and forking applications. EigenLayer's core premise is to provide decentralized trust to as many different applications as possible. The Eigen token is consumed by AVSs for intersubjective false and intersubjective staking. In the event of a fault, all AVSs must decide which token to follow within a lag period. Forking occurs after the 28-day period, with each AVS switching to one of the two forks. The system ensures that faults are adjudicated by a majority vote among eigenstakers. The AVSs are compensated for any faults, and the system remains secure as long as the transaction value is less than the attributable security. The Eigen token design went through multiple iterations, with the goal of finding the right balance between order and chaos. EigenLayer's view is that decentralized trust is the raw material of the crypto economy, and trustless composability is crucial. The project aims to bridge the gap between short-term utility and long-term merit. The success of EigenLayer's ecosystem was an emergent phenomenon, driven by the principles of reducing capital costs and incentivizing adoption. Sreeram's Twitter - https://twitter.com/sreeramkannan

Chapters


00:00 Introduction to Eigenlayer and Restaking

03:52 Verifiable SaaS: Actively Validated Services

14:31 The Importance of Economic Security

34:09 Managing Risks and Ensuring Economic Security

36:01 Open Innovation and Better Services

45:26 The Importance of Unit Matching in Economic Security

54:23 Bringing Social Truth On-Chain through Forking

01:03:53 Pooling Security and Elastic Scaling

01:07:31 Isolation: Maintaining Trust and Avoiding Centralized Influence

01:08:26 Decentralized Trust and the Eigen Token

01:09:25 Forking and Adjudication in EigenLayer

01:10:52 Balancing Order and Chaos in the Eigen Token Design

01:14:11 Bridging Short-Term Utility and Long-Term Merit in EigenLayer



Disclosures


This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.

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Alexander and Illia: Discussing Ethereum’s Serenity and The Near Protocol

Alexander and Illia: Discussing Ethereum’s Serenity and The Near Protocol

Following Alexander's post comparing the differences between Ethereum's Serenity with Near Protocol, we decided to dive into the platform with the founders (Alexander Skidanov and Illia Polosukhin). The Near Protocol is a new project, and one of our goals is to find these projects first and educate our listeners on them.  We discuss Ethereum’s plan forSerenity (Sharding and Casper), why the Near team believes this release is not a 2020 event but likely 5 years or more away and why the Near Protocol can win first. We are all well aware of the wide array of Ethereum competitors that have come and gone, and the competition from other public chains like Tezos, EOS, etc. Although, having these conversations are invaluable since 1) you learn the criticisms of the major platforms from outside teams, 2) You could potentially find the next big idea and 3) you keep an open mind on other ways to build these projects. ----more---- Follow Alexander on Twitter @AlexSkidanov Follow Illia on Twitter @ilblackdragon Follow Tom on Twitter @Shaughnessy119 Near Protocol Website Sign Up For 51percent's Leading Crypto Research 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH and has no stake in the Near Protocol. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. No party compensated Tom Shaughnessy or 51percent Crypto Research for this podcast.  ----more---- Sign Up For 51percent's Leading Crypto Research  ----more----  Advertisers: To advertise on this podcast, email Tom@51pct.io Potential Guests: If you're interested in appearing on the podcast, email Tom@51pct.io ----more----

9 Nov 201850min

Emin Gün Sirer – Building Crypto 3.0

Emin Gün Sirer – Building Crypto 3.0

Host Tom Shaughnessy welcomes on a very special guest, Emin Gün Sirer, for a far-reaching and extremely engaging crypto discussion. The conversation covers Emin's view on the problems current blockchains (Bitcoin, Ethereum, EOS) face and how he is addressing them with his radical new blockchain platform; Ava. The discussion covers the latest on Ava, the future of crypto and Emin's thoughts on numerous pressing issues the space faces. If you enjoy the episode, please rate and share it.   Follow Emin on Twitter @el33th4xor Follow Tom on Twitter @Shaughnessy119   Sign Up For 51percent's Leading Crypto Research 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH and does not own tokens in XRP and has no investment stake in Ripple. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. No party compensated Tom Shaughnessy or 51percent Crypto Research for this podcast.  Sign Up For 51percent's Leading Crypto Research    Advertisers: To advertise on this podcast, email Tom@51pct.io Potential Guests: If you're interested in appearing on the podcast, email Tom@51pct.io

7 Nov 20181h 19min

Wietse Wind: An Unbiased Conversation On XRP The Cryptocurrency Beyond Ripple The Company

Wietse Wind: An Unbiased Conversation On XRP The Cryptocurrency Beyond Ripple The Company

With all of the media's attention on Ripple, Wietse Wind joins Tom Shaughnessy to discuss building on XRP (the cryptocurrency) beyond Ripple (the company) Wietse has significant experience here as he has built the XRPTipBot which allows users of social media sites (Twitter) to send XRP while staying on the site. So far the tipbot has handled $50K in volume and the site has had 30k+ unique visitors. Ripple and XRP are not without their red flags, as we have discussed, but this conversation is meant to be an unbiased conversation on building on XRP outside of Ripple the company.   Follow Wieste on Twitter @WietseWind  Follow Tom on Twitter @Shaughnessy119   Our Research Report on Ripple and XRP 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH and does not own tokens in XRP and has no investment stake in Ripple. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. No party compensated Tom Shaughnessy or 51percent Crypto Research for this podcast.  Access our research report on Ripple and XRP Below Ripple Deep Dive: A 2 Basis Point Improvement Isn’t Worth a $45B XRP Valuation

2 Nov 201839min

Mike Kane: Hydrogen Is Building The Infrastructure For The New Ecosystem of Crypto Financial Applications

Mike Kane: Hydrogen Is Building The Infrastructure For The New Ecosystem of Crypto Financial Applications

Mike Kane, the co-founder and CEO of Hydrogen joins us to discuss how the platform company is enabling the next generation of financial applications. Hydrogen's API's and connections offer a one-stop-shop bringing together all of the pieces needed to build an application (identity, documents, authentication, AI, payments) versus integrating numerous different companies for each piece (i.e. Civic for identity then Docusign for documents). Hydrogen is building on the Ethereum blockchain but also has its own blockchain. Listeners can learn more about Hydrogen here. Follow on Twitter: Add your email on 51pct.io for our MakerDAO Deep Dive 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH, HYDRO and Civic. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. No party compensated Tom Shaughnessy or 51percent Crypto Research for this podcast. Tom did not purchase any HYDRO tokens, he received them from an airdrop.

31 Okt 201853min

Anthony Lusardi: Ethereum Classic, Dead or Alive?

Anthony Lusardi: Ethereum Classic, Dead or Alive?

Anthony Lusardi, a director of the Ethereum Classic cooperative joins us to give a full update on whether Ethereum Classic (Ticker ETC, $1B) is dead or alive, and the interplay with the larger Ethereum chain (Ticker ETH $21B). Beyond the engaging discussion on Ethereum Classic; this episode is perfect for those looking to understand what happens to crypto communities, governance, network effects, funding and goals after a fork, and the interplay with other chains. This is a timely Episode as we just had on Eric Conner to discuss Ethereum (ETH) just last week.   Follow on Twitter: Add your email on 51pct.io for our MakerDAO Deep Dive 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH and has no position in ETC. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. No party compensated Tom Shaughnessy or 51percent Crypto Research for this podcast.

29 Okt 201850min

Eric Conner: An Ethereum Update Covering Constantinople Hard Fork, Proof of Stake, Sharding, Inflation and More

Eric Conner: An Ethereum Update Covering Constantinople Hard Fork, Proof of Stake, Sharding, Inflation and More

Following the delay in Ethereum's next hard fork and all of the noise going on between scaling, security, proof-of-stake and sharding (Shasper), Eric Conner joins us for the ultimate conversation into a complete Ethereum update.  We discuss why the hard fork was delayed, the future for Ethereum under proof-of-stake, throughput with sharding and what the future holds. For the first time we also take questions from Twitter. If you want to get or stay up to speed on Ethereum, this is the epsiode to listen to.   Follow on Twitter: Add your email on 51pct.io for our MakerDAO Deep Dive 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. No party compensated Tom Shaughnessy or 51percent Crypto Research for this podcast.

25 Okt 201845min

Harbor’s CEO Josh Stein: The Ultimate Deep Dive on Security Tokens

Harbor’s CEO Josh Stein: The Ultimate Deep Dive on Security Tokens

Today on the podcast we have Josh Stein, the CEO of Harbor. Harbor is one of the most well-known names in the security token world.   This episode is the most comprehensive deep dive on security tokens, and is a must listen.   The use cases of Security tokens, the benefits, and secondary trading. How security tokens can help lower the illiquidity discount for real-world assets that runs between 40% to 60%. Harbor vs its competitors (Polymath, Token Foundry etc) How Harbor is looking to complement traditional financial institutions and is not looking to put them (Goldman Sachs, J.P. Morgan) out of business.  The Token Stack, and what differentiates Harbor from its competitors. An example of what the New York Giants would look like if ownership was tokenized; collapsing giant ownership chunks into smaller $50K tokens with new rights and use cases.   Follow on Twitter:   Add your email on 51pct.io for our extensive research reports. 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH, Polymath and does not have any investment position in Harbor. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. Harbor did NOT compensate Tom Shaughnessy or 51percent Crypto Research for this podcast.

22 Okt 201852min

MakerDAO Founder and CEO Rune Christensen - Why Dai Will Displace Stablecoin Tether

MakerDAO Founder and CEO Rune Christensen - Why Dai Will Displace Stablecoin Tether

Following Tether (USDT) losing its peg to the USD and dipping to $0.92, we have the Founder and CEO of MakerDAO Rune Christensen on the podcast to discuss MakerDAO's Dai stablecoin and the MKR token.  The conversation deep dive into how the MKR system works, how Dai maintains its peg, Andreessen Horowitz's investment in MKR and the future of the system.   - Dai vs Tether; how Tether will be replaced eventually   - An update on multi-collateral Dai. There will be multiple collateral types for Dai including even security tokens.   - How other stable coins complement Dai (on-ramps, off-ramps, Dai is the bridge between other stablecoins)   - Stablecoin use cases (finance, dApps, remittances)   - How MakerDAO’s token holders are actually in control of the network today (MKR).   - Discussion on Dai’s stability mechanisms and the future ways to make Dai even more stable (Dai savings rate account adjustments)   - The game theory aligning MKR token holders with the growth of the platform and Dai.   - What a16z brings MakerDAO, their purchase of 6% of MKR tokens and their lockup period. @katie_haun   51percent's Deep Dive and Valuation Model on MakerDAO   Add your email on 51pct.io for our extensive research reports. 51percent's Institutional Crypto Podcasts are to the point discussions with crypto leaders for analysts, funds and institutions. Make sure to add your email on 51pct.io Disclosure: Tom Shaughnessy owns tokens in ETH and MKR, and does not own Dai. This podcast is NOT investment advice and is only informational. Do not make investment decisions based upon this podcast. MakerDAO did NOT compensate Tom Shaughnessy or 51percent Crypto Research for this podcast.

17 Okt 201855min

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