Mel Project: Is Web3 Truly Decentralised?
Episode 558 • July 26, 2024

Mel Project: Is Web3 Truly Decentralised?

Web3’s decentralisation is currently limited to smart contracts as they can be verified on-chain. However, until scalability and UX become on par with that of Web2, the only realistic way for crypto to reach mass adoption is threw off-chain dApps. This creates the premise for a security bottleneck in the form of centralised APIs used for on-chain querying. Mel Project aims to expand on-chain security and decentralisation (consensus) to off-chain apps, basically achieving off-chain composability through trustless light clients. Earendil, the backbone of their ecosystem, designed to resist ISP-level censorship, is a decentralized anonymous communication and payment network that enables autonomous applications and true P2P protocols.

Topics:

  • Eric’s background and founding Mel Project
  • Why Ethereum came short
  • Is Infura a security bottleneck?
  • Liberating markets (and the Internet)
  • Light clients and how Mel Project tackles them
  • Use cases
  • Smart contracts on Mel Project
  • Scaling the ‘world computer’
  • Mel Project’s consensus: Streamlet
  • Why Mel Project chose an UTXO model
  • Earendil & ISP-level censorship resistance
  • Roadmap
  • The Geph VPN
  • Mel Project’s low volatility (stable) coin
  • $SYM: PoS token
  • Misc.

Links:

Brian Crain