Throughout November, the crypto market was all about Turkey. Binance Blockchain Week and Devonnect 2023 were held here as scheduled. Developers, founders, influencers, traders, institutional investors, and regulators from around the world gathered in Istanbul to discuss the future of blockchain and Web3.
On November 8, 2023, UXUY co-founder Jordan attended the Binance Blockchain Week as a guest speaker and had his first face-to-face communication with Binance's new CEO Richard Teng. The next day, Jordan delivered a speech titled "UXUY Connects Bitcoin and BNB Ecosystems" on the Binance Blockchain Week Innovation Stage. On November 13, the UXUY team participated in the Devonnect conference, listened to Vitalik Buterin's new views on Plasma, and had a full discussion with crypto practitioners.
As the intersection of the East and the West, Istanbul has naturally become the intersection where the ideas of Eastern and Western crypto practitioners collide. UXUY is very excited to come to Turkey and participate in these two events. This article will share with you new perspectives from Istanbul.
During the Binance Blockchain Week, the speech of Richard Teng, Binance’s new CEO, left a deep impression on the UXUY team. During the conference, Binance officially launched the Web3 wallet. Richard Teng showed everyone the application interface of the Web3 wallet, transaction steps, etc., which won applause from the audience.
Richard Teng said that cryptocurrency is developing rapidly and the future of decentralized finance is bright. There are two key factors. The first is institutional adoption. Compared with three to five years ago, major global financial institutions such as BlackRock, Fidelity, and ChildSwap all have cryptocurrency agendas and blockchain agendas, and promote initiatives such as ETFs to introduce new investors into the cryptocurrency industry, which will be a huge increment. Secondly, regulators around the world are spending a lot of time and energy to learn and try to understand it. Efforts to come up with a regulatory framework to regulate this field will further instill trust and bring new users to the crypto industry.
When talking about why Istanbul was chosen for this conference, Richard Teng said that surveys show that about 40% of Turkish residents actually hold digital assets, a significant increase from 16% three years ago, and more importantly, the volume of crypto asset transactions continues to rise. In terms of trading volume alone, Turkey is currently one of the top countries in the world, and digital assets have a very bright future, so we will continue to support the development of the crypto industry in the region, which is why we chose Turkey.
At the Devonnect 2023 conference, Ethereum co-founder Vitalik Buterin took the stage and made no secret of his love for the Plasma solution, which he sees as a blockchain scaling solution that can sidestep existing data availability issues. Plasma networks were originally created in 2017 and can be thought of as "child" chains of the Ethereum mainnet. They use their own block verification mechanism to execute transactions outside of Ethereum, and then publish the final state back to the mainnet periodically. With Plasma, all data processing and computing tasks are excluded from the Ethereum mainnet - only the final verified state is published on the chain - so less data takes up Ethereum block space.
Vitalik Buterin said Plasma was not considered by the current crop of innovators because it was expensive in terms of client-side data storage and had very limited application. This makes it difficult to build Plasma-powered applications that do more than just simple payments. Operators on the Plasma chain create new blocks in the form of a Merkle tree. This means that every time there is a transaction, the owner of that transaction can be found by stepping through the tree. If an operator chooses to misbehave by publishing an invalid or unusable block, the owner of that transaction will have seven days to cancel it by proving that they are not the latest owner, there was a double spend, or there is an invalid history. Buterin explained that this can make for an inefficient and clumsy process in the real world.
At present, Plasma still has shortcomings. Buterin said that zk-SNARKs and validity proofs can solve major problems of previous plasma designs, but there are still limitations. Take the Uniswap liquidity provider position as an example: "If you exchange USDC for ETH in a Uniswap position, you can try to extract the USDC before the transaction and the ETH after the transaction. If you collude with the Plasma chain operator, liquidity providers and other users will not be able to access the post-transaction state, so they will not be able to extract the USDC after the transaction. Rollups are still the gold standard and have unparalleled security features. This is especially true from the perspective of developer experience: nothing can match the simplicity of application developers, and they don’t even have to think about the ownership graph and incentive flow in the application. However, Plasma allows us to completely circumvent the problem of data availability and greatly reduce transaction fees. Plasma can bring major security upgrades to the chain, otherwise the chain will become a verification chain.
After the conference, the UXUY team left the charming Istanbul, and could clearly feel that more and more people were entering Crypto, and the "next billion" was getting closer.
As the next generation decentralized multi-chain trading platform, UXUY naturally possesses the advantages of decentralization. With the help of MPC technology, the threshold of DEX is greatly reduced. As a core contributor to the Lightning Network, UXUY actively promotes the construction of Bitcoin Taproot Assets infrastructure, explores cutting-edge fields, connects more values, and jointly shapes our decentralized future.
