Source: UXUY

Throughout November, the crypto market's attention was focused on Turkey. The Binance Blockchain Week and Devonnect 2023 conferences took place as scheduled, bringing together global developers, founders, influencers, traders, institutional investors, and regulators in Istanbul to engage in extensive discussions about the future of blockchain and Web3.

On November 8, 2023, UXUY co-founder Jordan attended the conference as a speaker at Binance Blockchain Week, where he had his first face-to-face interaction with Binance's new CEO Richard Teng. The next day, Jordan delivered a speech titled "UXUY Connects Bitcoin and BNB Ecosystems" on the innovation stage of Binance Blockchain Week. Subsequently, on November 13, the UXUY team participated in the Devonnect conference, where they listened to Vitalik Buterin's new insights on Plasma and engaged in thorough discussions with crypto practitioners.

Istanbul, as a crossroads of East and West, naturally became a meeting point for the collision of ideas between Eastern and Western crypto practitioners. UXUY was excited to come to Turkey to participate in these two grand events, and this article will share new perspectives from Istanbul.

Richard Teng: The Future of Decentralized Finance is Bright

During his speech at Binance Blockchain Week, Binance's new CEO Richard Teng left a deep impression on the UXUY team. During the conference, Binance officially launched its 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 is institutional adoption. Compared to three to five years ago, major global financial institutions like BlackRock, Fidelity, and ChildSwap now have cryptocurrency and blockchain agendas, promoting initiatives like ETFs to bring new investors into the crypto industry, which will be a significant increment. Secondly, regulatory bodies around the world are spending considerable time and effort trying to understand it. They are working to propose regulatory frameworks to govern this field, which will further instill trust and bring new users to the crypto industry.

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

Vitalik Buterin: Thanks to Technological Advances in zk-SNARKS, Plasma is Back in the Spotlight

At the Devonnect 2023 conference, Ethereum co-founder Vitalik Buterin took the stage and did not hide his affection for the Plasma solution, viewing it as a blockchain scaling solution that can circumvent existing data availability issues. The Plasma network was initially created in 2017 and can be seen as a "child" chain of the Ethereum mainnet. They execute transactions outside of Ethereum using their own block validation mechanism and periodically publish the final state back to the mainnet. With Plasma, all data processing and computational tasks are excluded from the Ethereum mainnet—only the final verified state is published on-chain—thus occupying less data space on the Ethereum blockchain.

Vitalik Buterin stated that Plasma has not been considered by the current batch of innovators because of its high costs in client data storage and significant application limitations. This makes it difficult to build Plasma-driven applications that offer more than 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 by executing the tree step by step. If an operator chooses to act improperly by publishing invalid or unavailable blocks, the transaction owner will have seven days to cancel it by proving they are not the latest owner, that there is double spending, or that 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 indicated that zk-SNARKs and validity proofs can address significant issues in previous Plasma designs, but limitations still exist. Taking Uniswap liquidity provider positions as an example: "If you swap USDC for ETH in a Uniswap position, you can try to withdraw 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 withdraw the post-transaction USDC. Rollups remain the gold standard and have unparalleled security features. This is especially true from the developer experience perspective: nothing compares to the simplicity for application developers, who do not even have to consider ownership graphs and incentive flows in their applications. However, Plasma allows us to completely avoid data availability issues, significantly reducing transaction costs. Plasma can bring significant security upgrades to the chain; otherwise, the chain would become a validation chain.

UXUY at the Forefront of the Industry

After the conference, the UXUY team left the charming Istanbul with a clear sense that more and more people are stepping into crypto, and the footsteps of the "next billion" are getting closer.

As a next-generation decentralized multi-chain trading platform, UXUY inherently possesses the advantages of decentralization, significantly lowering the threshold for DEXs through MPC technology. As a core contributor to the Lightning Network, UXUY actively promotes the infrastructure development of Bitcoin Taproot Assets, explores cutting-edge fields, connects more value, and collectively shapes our decentralized future.