My fellow retards –
If you’ve been around this space for a while, you know all the incarnations of “scaling” that have been proposed for Ethereum. I remember when ETH first launched that we were going to move to proof of stake within 18 months. 6 years later and it seems like we are making progress. The point is, from the earliest days, Vitalik and crew knew that scaling was necessary. They knew ETH1 design would not support the vision they had.
Many others jumped on Ethereum’s delays by launching their own L1s, and dubbed themselves Ethereum killers. They promised what Ethereum hadn’t delivered. However, most of these haven’t been honest about the tradeoffs. Sure you can get thousands of tps, but at what cost? Many of these systems just weren’t decentralized. New smart contract platforms do seem to be decentralized, but they are fighting their own battles to gain adoption, and many have built semi trustless bridges to Ethereum in hopes of wooing some of its users.
Then we have the litany of L2s, which for the most part are centralized. They take your asset, store it in a “safe” honeypot, then recreate it on their database, and let you transact with it at lightning speed. They are not decentralized. The design of something like plasma would have worked and been decentralized, but the team quickly(ish) realized they couldn’t build it. It was too hard. Most of these L2s are excellent for making their founding teams money, but they don’t really move the needle for innovation. There are some exceptions.
Then PHONON network entered the conversation. Rather than going up the stack to build an L2, or try to compete in the world of many many many smart contract L1s, Phonon decided to go below the stack. To support all chains at their core level, private keys, rather than to build higher level abstractions for specific chains
Going lower into the plumbing of these systems is difficult. Soon you start to realize that smart contract systems and bitcoin (which does have smart contracts in the form of multisig) are essentially all the same thing, just with different implementation details. They are all just private keys and that do some neat things with signatures on data. Phonon decided to innovate in THIS area. They are bringing value and use cases to the private keys themselves, rather than building silos above, they are building tunnels beneath.
Phonon allows for private keys (which can be across many networks and represent value, nfts, defi positions, etc.) to be transacted between parties 100% privately, with no data broadcast, and 100% securely. This is a private key scalability and privacy system. Phonon will support all blockchain systems on the k curves. Phonons upgrade in the second half of next year will extend support to the Edwards curve too (for chains such as Monero and Solana).
Welcome to real innovation. The water is warm, come on in.
My targets for the marketcap of PHONON DAO remain unchanged though I’m moving the timing up a bit- $1b in three months and $12b in 12 months. This is equal to $26 and $320 per GRID. I would add on the high end I can see $300b marketcap in 3 years (or $8000/GRID).
[Not financial advice – for entertainment purposes only]
phon/ongod out.