Crypto market excitement has been focused on Turkey throughout November. The two conferences Binance Blockchain Week and Devonnect 2023 were held as scheduled. Developers, founders, influencers, traders, institutional investors, and regulators from around the world gathered in Istanbul to discuss the future of blockchain and Web3. A full discussion took place.

On November 8, 2023, UXUY co-founder Jordan attended the conference as a speaker at Binance Blockchain Week and had his first face-to-face communication with Binance’s new CEO Richard Teng. The next day, Jordan innovated at Binance Blockchain Week A speech entitled "UXUY Connects Bitcoin and BNB Ecology" was delivered on stage. On November 13th, the UXUY team participated in the Devonnect conference, listened to Vitalik Buterin’s new views on Plasma, and had a full discussion with encryption practitioners.

As the intersection of East and West, Istanbul has naturally become the intersection of ideological collision between Eastern and Western encryption practitioners. UXUY is very excited to come to Turkey and participate in these two events. This article will share with you a new perspective from Istanbul.

In the speech of Binance Blockchain Week, Binance's new CEO Richard Teng's speech left a deep impression on the UXUY team. During the conference, Binance officially launched the Web3 wallet. Richard Teng showed everyone the application interface of the Web3 wallet. Trading steps, etc., won applause from the audience.

Richard Teng said that cryptocurrencies are developing rapidly and the future of decentralized finance is bright. There are two key factors. The first is institutional adoption. Compared with three to five years ago, the world's major financial institutions BlackRock, Fidelity, and ChildSwap all have cryptocurrency agendas and blockchain agendas, promoting initiatives such as ETFs. , bringing new investors into the cryptocurrency industry, which will be hugely incremental. Second, regulators around the world are spending a lot of time and effort trying to understand it. Efforts to come up with a regulatory framework to regulate this space will further instill trust and bring new users to the crypto industry.

When talking about why Istanbul was chosen to hold this conference, Richard Teng said that the survey showed that about 40% of Turkish residents actually hold digital assets, a significant increase from 16% three years ago. What is more important is that the trading volume of crypto assets continues to increase. rise. In terms of transaction volume alone, Turkey is currently one of the top countries in the world, and digital assets have a very bright future, so we will continue to support the development of the crypto industry in the region, which is why we chose Turkey.

At the Devonnect 2023 conference, Ethereum co-founder Vitalik Buterin took the stage to speak. He made no secret of his love for the Plasma solution, viewing it as a blockchain scaling solution that can circumvent existing data availability issues. The Plasma network was originally created in 2017 and can be considered a “child” chain of the Ethereum mainnet. They execute transactions outside of Ethereum using their own block verification mechanism, and then periodically publish the final state back to the mainnet. With Plasma, all data processing and computing tasks are kept out of the Ethereum mainnet—only the final verified state is published to the chain, so less data takes up Ethereum block space.

Vitalik Buterin said Plasma is not being considered by the current crop of innovators because of its high cost in terms of client-side data storage and its application limitations.This makes it difficult to build Plasma-powered applications that do more than simple payments.Operators on Plasma chains create new blocks in the form of a root of a Merkle tree.This means that every time there is a transaction, you can step through the tree to find the owner of that transaction. If an operator chooses to misbehave by publishing an invalid or unavailable block, the owner of the transaction will have 7 days to undo it by proving they are not the latest owner, there is a double spend, or there is a history of invalidity Record. Buterin explains that this can create an inefficient and clumsy process in the real world.

Plasma still has shortcomings, Buterin said, although zk-SNARKs and proof of effectiveness can solve major problems with previous plasma designs, there are still limitations. Take the Uniswap liquidity provider position as an example: "If you exchange 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, the liquidity provider and other users will not have access to the post-transaction state, so they will not be able to withdraw post-transaction USDC. Rollups remain the gold standard and have unmatched security features. This is especially true from a developer experience perspective: nothing can compare On top of the simplicity for application developers, without even having to think about ownership graphs and incentive flows within the application. Plasma allows us to sidestep the data availability issue entirely, significantly reducing transaction fees. Plasma can be a significant security upgrade for chains that would otherwise be validiums.

After the conference, the UXUY team left the charming Istanbul. It can be clearly felt that more and more people are entering Crypto, and the footsteps of "the next billion" are getting closer and closer.

As the next generation decentralized multi-chain trading platform, UXUY naturally has the advantage of decentralization. With the help of MPC technology, it can significantly lower the threshold of DEX. As a core contributor to the Lightning Network, UXUY actively promotes the construction of Bitcoin Taproot Assets infrastructure, explores cutting-edge areas, connects more values, and jointly shapes our decentralized future.