> Blockchains sacrifice privacy, requiring even crazier and more expensive technology to get that privacy back.
The Mimblewimble protocol [0] bucks that trend, providing more privacy at the base layer while being less expensive in terms of the historical size of transactions [1].
> a focus on simplicity and deep mathematical purity: a 1 MB block size, a 21 million coin limit
A supply of 50/(2^{height/210000}) coins every 10 minutes is not particularly simple or pure.
One coin per second forever seems preferable, even if it takes a century to get inflation down to 1% [2].
> The protocol design must be easy to justify decades and centuries down the line; the technology and parameter choices must be a work of art.
This is where Ethereum fails miserably.
> The second ingredient is the culture of uncompromising, steadfast minimalism.
Even bitcoin is not that minimal if you consider the complexities of bitcoin script. Much of that functionality can be achieved with scriptless scripts [3].
There's also something to be said about extreme design simplicity and resilience to change. Bitcoin is already really good at this, but when the system design is so simple that any change looks invasive, it ossifies even sooner and makes changes even less likely. Removing opportunities for discussion (e.g. scripting support and opcode discussions) also removes opportunity for conflicts regarding a protocol feature. Simpler design may come at the cost of slightly less expressivity, but at the benefit of being naturally more resilient to change.
Ethereum failed already at beginning. A blockchain; Mutable ,premined and ICO is already there. Eth is the target for regulations and censorship sooner or later.
And i agree with that scalability is very important part of decentralization.
Privacy and scalability well balanced in MimbleWimble.
Well Ethereum has enabled a sea of scams and a carnage of Web3 hype, ICOs, NFTs, Tokens, DAOs, DeFi rug-pulls and everything else using so-called 'smart contracts' (that are not what they say they are) that all ruined it from the very start.
90% of the creations on Ethereum are useless and there is little there that is worth looking at. From the start, it was not designed to scale at all hence its sluggish throughput and high fees. Now it is going to become even more centralized when it moves to PoS.
Might as well drop the decentralization claims then.
> 90% of the creations on Ethereum are useless and there is little there that is worth looking at. From the start, it was not designed to scale at all hence its sluggish throughput and high fees.
Sounds like early internet BBS boards!
RE: ETH decentralization, they've prioritized decentralization of the settlement layer over the decentralization of money in the world, which does somewhat reflect the current state of the world.
Proof of Stake in general also failed in the very early days in concept and allows for easy restructuring of block rewards and monetary policy. Ethereum has been able to change monetary policy about six times now and is tantamount to a fiat currency with even more despotic bent.
The Mimblewimble protocol [0] bucks that trend, providing more privacy at the base layer while being less expensive in terms of the historical size of transactions [1].
> a focus on simplicity and deep mathematical purity: a 1 MB block size, a 21 million coin limit
A supply of 50/(2^{height/210000}) coins every 10 minutes is not particularly simple or pure. One coin per second forever seems preferable, even if it takes a century to get inflation down to 1% [2].
> The protocol design must be easy to justify decades and centuries down the line; the technology and parameter choices must be a work of art.
This is where Ethereum fails miserably.
> The second ingredient is the culture of uncompromising, steadfast minimalism.
Even bitcoin is not that minimal if you consider the complexities of bitcoin script. Much of that functionality can be achieved with scriptless scripts [3].
[0] https://web.archive.org/web/20190312100102/https://www.circl...
[1] https://forum.grin.mw/t/scalability-vs-privacy-chart
[2] https://john-tromp.medium.com/a-case-for-using-soft-total-su...
[3] https://medium.com/scalar-capital/scriptless-scripts-25e18fd...