Source: UXUY

Throughout November, the heat of the cryptocurrency market has been focused on Turkey. The Binance Blockchain Week and Devonnect 2023 conferences were held as scheduled, bringing together global developers, founders, influencers, traders, institutional investors, and regulatory agencies in Istanbul for in-depth discussions on the future of blockchain and Web3.

On November 8, 2023, Jordan, co-founder of UXUY, attended the Binance Blockchain Week as a speaker and had a face-to-face exchange with Binance's new CEO, Richard Teng. The following day, Jordan delivered a speech titled "UXUY Connecting Bitcoin and BNB Ecosystem" on the innovation stage of Binance Blockchain Week. On November 13, the UXUY team participated in the Devonnect conference, where they listened to Vitalik Buterin's new perspectives on Plasma and engaged in extensive discussions with cryptocurrency professionals.

As a crossroads of East and West, Istanbul naturally became the meeting point for the collision of thoughts of cryptocurrency professionals from both regions. UXUY was excited to be in Turkey to participate in these two grand events, and this article will share with you the fresh perspectives from Istanbul.

Richard Teng: The Future of Decentralized Finance is Bright

During his speech at Binance Blockchain Week, Richard Teng, the new CEO of Binance, left a deep impression on the UXUY team. At the conference, Binance officially launched the Web3 wallet, and Richard Teng showcased the application interface and transaction steps of the Web3 wallet, earning applause from the audience.

Richard Teng stated that the development of cryptocurrencies is rapid, and the future of decentralized finance is bright. There are two key factors: first, institutional adoption. Compared to three to five years ago, major global financial institutions such as BlackRock, Fidelity, and ChildSwap all have cryptocurrency agendas and blockchain agendas, driving initiatives such as ETFs to bring new investors into the cryptocurrency industry, which will be a huge increment. Second, regulatory agencies around the world are spending a lot of time and effort to learn and understand, attempting to propose regulatory frameworks to standardize this field, which will further instill trust and bring new users to the cryptocurrency industry.

When asked why Istanbul was chosen to host this conference, Richard Teng mentioned that research shows that about 40% of Turkish residents actually hold digital assets, a significant increase from 16% three years ago. More importantly, the trading volume of digital assets in Turkey continues to rise. In terms of trading volume alone, Turkey is currently one of the leading countries in the world. Digital assets have a very bright future, and therefore, we will continue to support the development of the cryptocurrency industry in this region, which is also why we chose Turkey.

Vitalik Buterin: Thanks to zk-SNARKS Technological Advancements, Plasma Regains Attention

At the Devonnect 2023 conference, Vitalik Buterin, co-founder of Ethereum, took the stage to speak. He did not hide his love for the Plasma solution, considering it as a blockchain scaling solution that can bypass existing data availability issues. The Plasma network was initially created in 2017 and can be seen as a "sub" chain of the Ethereum mainnet. They use their own block validation mechanism to execute transactions outside of Ethereum and then periodically publish the final state back to the mainnet. With Plasma, all data processing and computing tasks are excluded from the Ethereum mainnet—only the finally validated state is published to the chain—resulting in less data occupying Ethereum block space.

Vitalik Buterin stated that Plasma has not been considered by the current batch of innovators because of its high cost in client-side data storage and significant application limitations. This makes it difficult to build Plasma-driven applications, whose functionalities are not just simple payments. Operators on the Plasma chain create new blocks in the form of Merkle trees. This means that every time there is a transaction, the owner of that transaction can be found through a single-step execution tree. If an operator chooses to behave improperly by publishing invalid or unavailable blocks, the owner of the transaction will have 7 days to challenge it, proving that they are not the latest owner, there is double spending, or there are invalid historical records. Buterin explained that this could lead to an inefficient and cumbersome process in the real world.

Currently, Plasma still has shortcomings. Buterin stated that zk-SNARKs and validity proofs can solve significant issues with previous Plasma designs, but limitations still exist. Taking the example of Uniswap liquidity provider positions: "If you swap USDC for ETH in a Uniswap position, you can try to withdraw the pre-trade USDC and post-trade ETH. If you collude with the Plasma chain operator, liquidity providers and other users will not be able to access the post-trade state, so they will not be able to withdraw the post-trade USDC. Rollups are still the gold standard and have incomparable security features. This is especially true from the perspective of developer experience: nothing beats the simplicity for application developers, not even having to consider ownership graphs and incentive flows in the application. However, Plasma completely avoids data availability issues, greatly reducing transaction costs. Plasma can bring significant security upgrades to the chain, otherwise the chain will become a verification chain."

UXUY at the Forefront of the Industry

After the conference, the UXUY team left the charming Istanbul, feeling very clearly that more and more people are entering the crypto space, and the footsteps of the "next billion" are getting closer.

As a next-generation decentralized multi-chain trading platform, UXUY naturally possesses the advantages of decentralization and significantly lowers the threshold of DEX with the help of MPC technology. As a core contributor to the Lightning Network, UXUY actively promotes the infrastructure construction of Bitcoin Taproot Assets and explores cutting-edge areas to connect more value and shape our decentralized future together.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。