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Exploring Web3 Engine with Consensys Speakers: Mindchat Latest Episode

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In the 3rd episode of Mindchat, released on February 15, Mind Network hosted a Twitter Space discussion featuring three distinguished speakers from Consensys - Emilylin, developer at the L2 ecosystem named Linea; Manish Tomar, Ecosystem team member at MetaMask; and Alex Greinacher, Head of Consensys Scale Program. The insightful conversation revolved around the significance of Layer 2 (L2) solutions, cross-chain capabilities, the Consensys Scale Program, and the innovative Snaps program.

The Time Stamp

3:26 Introduction to speakers

7:49 The L2 development process in Linea

11:50 Differentiator of Linea L2 with its competitors

14:57 L2s vs ZK L2s

18:24 Linea's role in bringing cross-chain capabilities

23:33 Consensys Scale Program working and features

28:46 Advantages for Scale Program members

33:13 A Dive into snaps functionality

35:45 Most popular snaps and their functions

44:04 Legal aspects of cross-chain capabilities

48:00 Decentralization challenges

52:40 Final thoughts

Top Highlights of the Episode

Significance of L2, with a Spotlight on Linea

  • Linea's ability to anchor to Layer 1 (L1) provides a crucial data availability layer.
  • It enables faster and cheaper transactions.
  • There are hallmark features of L2, including its capacity to leverage Ethereum's network effects, security, and side-chain capabilities.

Cross-chain Capabilities and Developer Empowerment

  • Consensys does not explicitly create L2 solutions with cross-chain capabilities.
  • But, it emphasizes their role in lowering barriers between different chains and fostering increased cross-activities.
  • L2's Postman SDK, token bridge, and native messaging bridge empower developers to create user-facing solutions.

Consensys Scale Program and Community-Driven Approach

  • It acts as a startup program for developers.
  • The program offers all-access passes, technical support, account management, and ecosystem benefits, promoting collaboration with external companies, especially decentralized applications (dApps).
  • Consensys' community-driven approach showcases its commitment to building a new internet.
  • The Consensys Scale Program provides 24/7 support.

Privacy and Security in the Cross-chain Landscape

  • There is a rising emphasis on privacy and security in the context of cross-chain access.
  • As the Consensys Scale Program onboards an increasing number of companies, including bridge protocols and gaming projects, it uses security snaps for privacy and security.

Characteristics and Advantages of Security Snaps

  • These snaps collaborate and build upon each other, indicating the evolution into layer 2.
  • Snap ecosystem allows the integration and interdependence of snaps for more advanced functionalities.
  • It represents the development of a layered approach to building security features.
  • Snaps protect against scams like phishing or wallet draining.
  • They can read user transactions and identify potentially malicious activities.
  • Some snaps provide information on the specific parts of the contract being interacted with.
  • They also identify and alert users about node fishing contracts.
  • Security snaps enable users to review transaction details before approval.

Types of Snaps Program

  • Multiple Security Snaps:
  • It combines various security snaps for comprehensive protection.
  • Companies offer eight or nine security snaps.
  • Snaps enhance coverage to detect and prevent a wide range of security threats.
  • Redundancy in coverage ensures protection even if one snap misses certain aspects.
  • Simulation Snap:
  • It simulates the outcomes of transactions in the user's wallet.
  • The snap predicts and displays the results of a transaction before approval.
  • It helps identify potential wallet-draining attempts.
  • Users get insights into the tokens or assets received after a transaction.
  • Notifications or Messaging Snap:
  • It shares push notifications within the phone for real-time alerts.
  • Users can subscribe to channels for message delivery within MetaMask.
  • It enhances communication regarding potential security issues or updates.\
  • Account Snap:
  • The snap allows users to build a snap to secure keys using different methods.
  • Users enjoy flexibility in securing account information.
  • It enables customization for enhanced security measures.

Details on Snaps installation

  • All snaps are free to install.
  • Users can install as many snaps as needed for enhanced security.
  • There is no cost associated with obtaining protection from various types of threats.
  • Snaps are composable, meaning one snap can use functionalities from other snaps.
  • They allow for modular and customizable security features.
  • Also, they enhance the overall security infrastructure by combining different snap functionalities.

Future Plans of the Snaps Program

  • Extend MetaMask in a permissionless way.
  • The launch of Snaps' UI and the introduction of pages to streamline user interactions within the MetaMask platform.
  • Enable users to interact with other platforms without going out of the platform or switching snaps.

Regulation Challenges and Decentralization

  • It is recommended to audit snaps before listing, ensuring a secure and permissionless environment for developers.
  • Decentralization depends on the psychological impact of external factors, such as crypto prices, on consensus and community engagement.

About Mind Network

Mind Network is dedicated to creating an internet infrastructure that empowers individuals globally to assert control over their data. With a proactive commitment to reshaping privacy values in the digital realm, Mind Network is at the forefront of establishing a new standard for Web3. It ensures improved privacy, heightened security, and increased efficiency by leveraging the convergence of zero-knowledge proofs and fully homomorphic encryption. It supports the evolving landscape of blockchain technology, emphasizing the importance of collaboration, security, and decentralization.

 
Visit Mind Network's Websites and Social Media Channels: Website | Twitter | Mirror | YouTube | Github | Gitbook | Discord | Telegram


The AMA is supported by Moledao, Cointime and MetaEra

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