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Jan claims that "on-chain state" is friendlier to layer 2 solutions, that can participate securely with light clients.
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The layer 1 equivalent of a "contract" will then be a threading of successive states. Operating on such states is left as an exercise to other layers.
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The Nervos CKB-VM is a RISC-V interpreter written in Rust. A hardware ISA means that the VM design will be more stable and more obviously universal than an ad hoc VM like EVM or eWASM, with fewer need to fork.
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You can implement crypto primitives in C or RISC-V assembly and have acceptable speed. Common primitives can be accelerated via JETs as in Urbit or Simplicity.
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The native asset of Nervos is the Common Knowledge Byte, that allows you to store data. You pay for transaction fees in terms of state capacity with cycles of RISC-V (with a floating cycle price just like the Ethereum GAS price).
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Nervos uses PoW, still the only proven approach for decentralized participation, and is good for data availability.
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Nervos also uses Nakamoto Consensus to optimize network bandwidth usage. It will have a way to not repeat transaction twice, when initially broadcast from users to miners, then broadcast as mined blocks from miners to users.
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The real bottleneck of the decentralized network is the network bandwidth required to maintain a wide consensus.
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On-chain state design makes transaction dependencies very explicit. Jan claims this will be friendly to future sharding designs.
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I argue that while on-chain state is great at preventing ambiguity within the execution of transactions, it only moves back the race conditions outside of this execution into the ordering of transactions. All users of a contract then race with each other all the time.
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