phillmatic retweeted
Vitalik Buterin says Ethereum should focus on ETH as a store of value, not as a fee-burning token.
DFINITY founder Dominic Williams:
"I guess that leaves only the Internet Computer in the 'world computer' game then."
@dfinity @dominic_w
phillmatic retweeted
I guess that leaves only the Internet Computer in the "world computer" game then, building on hardcore technical work since 2014 ;) Cloud engines this week βπΌ..
Expanding on why I believe "ETH as store of value (SoV)" makes much more sense to focus on than "ETH as fee-burning token".
Three primary reasons:
1. ETH as fee-burning token never was as strong as it seemed
2. Optimizing for ETH as fee-burning token would demand Ethereum and ETH function in ways that are very hard to make compatible with decentralization and capture resistance.
3. Meanwhile, optimizing for ETH as SoV is aligned with Ethereum focusing on its unique strengths (decentralization and CROPS)
EIP-1559 (including its burn) is fine and good, we should keep them. But we should not feel sad if fee burn is < 10% of breakeven indefinitely; the value of ETH comes from elsewhere.
The core idea: the big thing that people appreciate about Ethereum is decentralization and CROPS. The main pragmatic benefit that these things translate into is stability. SoV is the category where that is not an unneeded extra we merely put effort into for ideological reasons, but rather a pragmatic strength from the perspective of people putting in their assets. And in the era of AI disruption, stability will be highly valued.
phillmatic retweeted
Alternative: run your backend onchain, where tamperproof code is serverless, and there is no OS to compromise. Prefer this over traditional tech for all the reasons | ICP
phillmatic retweeted
GPT-6 Cyber "available to select Daybreak Red customers"
General problem: if a customer can security audit open source software before you, that you develop or rely on, they can become your attacker.
Solution: move the world to tamperproof backend code hosted by a network/ICP.
Introducing GPTβ6 Cyber: a major advance in security research that pairs stronger capabilities with better model alignment.
The model powered the Linux kernel research we announced yesterday, and security teams at companies like Mozilla, Palo Alto Networks, Calif, and Ciscoβalongside our own at OpenAIβare already putting it to work.
GPT-6 Cyber is available to select Daybreak Red customers and we are expanding access over time.
openai.com/index/introducingβ¦
phillmatic retweeted
I think you are missing the point of what $ICP is actually solving.
Let's look at some major hacks:
Bybit: Had exactly what you prescribe:
an air-gapped multisig cold wallet with hardware signers.
Still lost $1.5B. The compromised laptop wasn't even Bybit's. A Safe Wallet dev was hacked, attackers obtained AWS credentials and replaced the JavaScript in Safe AWS S3 bucket. The signers approved what the screen showed them. The screen lied. The malicious JavaScript was removed two minutes later.
Binance: DevOps laptop -> service container -> the signing system signed whatever it was told. No private key was leaked.
Bangladesh Bank: Custom malware inside SWIFT Alliance Access, manipulating the Oracle DB to conceal fraudulent transfers.
Capital One: A misconfigured WAF on AWS.
See the pattern?
The pattern isn't "humans". It's one human reaching one mutable server that sits between the signer and the chain. #InternetComputer removes that server.
An attacker compromises a mutable component of the infra and changes what the system does. That infra is the attack surface, not the person signing.
That's the attack surface $ICP is designed to eliminate:
β
Frontends served directly from canisters, with responses certified by the subnet and verifiable by the client. No S3 bucket where attackers can silently replace JavaScript.
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No traditional service containers, SSH access or admin controlled databases. Canister state changes are executed through subnet consensus.
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No single administrator holding the upgrade keys on a laptop. Canisters can be governed by a DAO, with upgrades requiring a vote.
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No complete signing key sitting in one place. Threshold crypto distributes key shares across nodes, while properly implemented consent messages let users verify what they're signing.
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No API keys or cloud credentials. Canister calls are authenticated by the protocol, nothing for a compromised laptop to hand over.
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Verifiable deployed code. Wasm hash is onchain, reproducible builds let anyone check it matches source.
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Public controllers. Anyone can see who can upgrade a canister, one key, DAO, or nobody.
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Withdrawal policy enforced by consensus. Limits and approvals live in the canister, not in a backend someone can reach.
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Upgrades go through a visible voting window. A malicious change is a public proposal, not a silent push.
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Certified data reads. Balances and transaction lists are verifiable as coming from the subnet, not a tampered node.
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No runtime supply chain. Dependencies compile into the WASM, nothing fetched at execution time.
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No passwords or seed phrases to phish. Internet Identity uses passkeys, with a separate principal per app.
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No key server. vetKeys derive encryption keys onchain via threshold crypto.
Your three "someone still has to" points: code bugs, key custody and user signing and those are real risks, and they apply everywhere. ICP has never claimed otherwise.
What $ICP solves is that the infra layer exploited in hacks like Bybit, Binance, Bangladesh Bank etc.. can be fundamentally redesigned to eliminate entire classes of attack.
#InternetComputer isn't trying to make traditional infra more secure. It's eliminating entire attack surfaces by making that infra unnecessary.
That's why I'm genuinely optimistic about ICP future.
The tech addresses real problems, and its potential extends far beyond what we've seen in crypto.
I like the direction @dominic_w is taking on X lately, focusing on practical problems and what $ICP can do to solve them.
phillmatic retweeted
Dfinity Founder wants Exchanges to use ICP...
@Dfinity Founder Dominic Williams (@dominic_w) is unhappy about the current attacks on exchanges.
$ICP is trying to provide a tamper-proof custody service for institutions using its threshold cryptography technology built on the Internet Computer.
According to Williams, Dfinity's Chain-Key design has no single points of failure.
Instead of a private key system, it uses a decentralized signing mechanism via autonomous network canisters triggered only by approved approval chains.
This message is clearly directed at exchanges.
