I think that is a very reasonable stance @Zane . In truth, I’m still in “wait and see” mode, but you make a reasonable point. Design is all about analyzing trade offs, recognizing what works in practice and what does not,iterating…
I know i patintless but there is a chance to see eth integration in the first half of 2023?
How would a canister based rollup affect an ETH integration?
Now that BTC direct integration shipped, what is the ETA for the ETH direct integration?
I think between the ETH Utility canister and the ETH Lightclient RFP we might beable to pull this off faster as a community.
I am happy to know that Ethereum Integration will proceed.
In Dom’s blog about Ethereum Integration, he intended that smart contracts on Ethereum would be able to call canisters on the Internet Computer. I guess it uses some proxy smart contracts on both Ethereum and IC, but the explanation is obscure to me, so I don’t understand it well. Can someone please elaborate on this? I also would like to know how much flexibility there is when smart contracts on the Ethereum call canisters on the IC compared to when the canisters call the Ethereum’s smart contract with tECDSA.
To make all this possible, we need to enable Ethereum smart contracts to directly call into smart contracts on the Internet Computer, and to enable Internet Computer smart contracts (“canisters”) to directly call into smart contracts on Ethereum.
Now, we must consider how the results of calls from the Internet Computer to Ethereum will be returned, and how smart contracts on Ethereum will call into smart contracts on the Internet Computer.
@Manu once the full Phase 2 Ethereum integration is live, will it be possible to build an Infura / Alchemy competitor on the IC? Will it be as performant as those companies?
If so, would it make sense for the Dfinity Foundation to build services around it to create an income stream, or would it be best for a third party business?
This integration could really change the game for ICP, if implemented.
With Internet Computer able to communicate (almost) freely with WEB2 using HTTP requests, we can build DAOs based on Discord participation and roles, build trustless Oracles on EVM compatible chains. Damn even having trustless bridges between chains build and verified on Internet Computer.
How can we make this happen?
Lots of engineering work required sir!
Bridging stablecoins from Ethereum is frustratingly inefficient. The user experience is subpar, with a 20-minute wait time that just doesn’t meet user expectations. On Ethereum, transactions take about 12 seconds, and even that is often seen as too slow by most in the crypto space. While I understand why it takes longer on ICP, users aren’t concerned with technical reasons—they want immediate results.
I recommend that Dfinity sources its CK stablecoins through integration with chains offering instant finality and resistance to rollbacks or reorganizations, like Sui or Algorand. This would provide a seamless bridging experience until we have native stablecoins.
The time to finality on Ethereum is currently about 15 minutes.
If transactions were accepted before they are finalized, we’d only have a probabilistic guarantee that they won’t be reverted, which wouldn’t match the finality guarantees of the Internet Computer.
As discussed in the linked article, single slot finality would reduce the time to finality on Ethereum, which would then also make the conversion to and from chain-key tokens much more efficient.