Vitalik: Ethereum, Part 1 Naval

Introduction 0:00
Haseeb’s background 0:22
Vitalik’s background 2:43
A blockchain you can build any app on top of 7:02
Eth trades efficiency for transparency 10:18
Like plain text, Eth is simple and efficient 12:41
Only high-value transactions can afford the blockchain 13:08
Doing away with ‘trusted’ third parties 14:09
Trading performance for security 14:43
‘Impregnable castles made of math’ 16:23
Ethereum’s limitations are latency and privacy 16:56
There are ways to get back your privacy 19:32
Can Eth provide a high level of decentralization and a high level of scaling at the same time? 20:39
Sharding leads to more centralization 21:49
Verifiability at the expense of scaling 24:00
How much decentralization is the right amount? 25:11
What happens when subsidies to join nodes disappear? 27:07
Stateless clients make it possible to verify the chain with very little on your hard drive 28:18
Staking culture is difficult to cultivate 28:52
New blockchain players tend to go for minimum viable decentralization 29:54
People don’t value privacy until somebody goes to jail over it 30:32
Eth is ‘simple at the base’ 31:12
Social recovery wallets make it easier to be your own bank 31:44
Block space is getting expensive 32:41
There’s not a lot of innovation on Bitcoin, by design 33:35
Blockchain’s ‘free-rider effect’ 34:57
Innovation is slowest at Layer 1 35:34
Layer 2 moves faster because it’s permissionless 36:59
What if we froze Layer 1 today? 37:25
Data for computation trade-off 38:57
Benchmarking blockchains apples-to-apples 40:02
Enshrining decentralization 41:43
Tensions between scaling and preserving value 42:27
There will be multiple stores of value 43:54
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