The Ledger
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Narula: Blockchains are anchors of trust, not databases; minimize on-chain data
“They're not a system for data storage. They're not a database. They're a piece of a puzzle, an anchor of trust. And so I think the real way we should be using blockchains is we should put as little on them as possible.”
Narula: Simple metrics for measuring decentralization can be easily gamed
“Simple mechanisms for trying to define it and trying to use it as a measure could pretty easily be gamed.”
Narula: Delegated Proof-of-Stake gains performance by increasing coercion risk
“Because there's a smaller number of people engaging in the protocol, you can get higher transaction throughput. You can get better performance. However, there's also a smaller number of people participating in the protocol, meaning it might be easier to coerce…”
Narula: Decentralization is a proxy for fairness, accountability, and openness
“I think decentralization is actually a proxy for other features that we might want to have. Things like fairness, accountability, standards, openness, lack of gatekeeping. Decentralization is what enables us to have all of these different things.”
Narula: Cryptography enables nodes to construct independently verifiable database views
“Every single node can construct an auditable, verifiable database view on top of this append-only ledger. This is really the key insight here. And the reason that it's auditable and verifiable is because we're using cryptography, hash functions, and digital si…”