Crypto Visionaries Address Data Storage, Layer3 and Rollup Challenges at KBW2023

The Korea Blockchain Week 2023 (KBW2023) has commenced with great enthusiasm. This annual event, hosted by FactBlock and Hashed, is now in its sixth year.

One of the highlights of KBW2023 was Ethereum co-founder Vitalik Buterin’s keynote speech, where he delved into a significant challenge faced by crypto clients: the ever-increasing volume of data they need to store. Buterin presented three potential solutions to this critical issue, Foresight News reports.

Firstly, he proposed adopting EIP-444, which involves binding historical data within the client. This would mean that clients would no longer need to store historical headers, bodies, and receipts older than one year on the p2p layer. They could then locally delete, or prune, this historical data.

The second solution suggests shifting the responsibility of state storage to dedicated nodes, potentially alleviating the data storage burden on individual clients. Lastly, the third solution involves moving old objects out of the state, further streamlining data management.

Buterin emphasised that achieving statelessness and PBS (Practical Byzantine Fault Tolerance) could make state expiration a lower priority concern, even with an 8 TB state. He stressed the importance of addressing the 20-byte address issue for long-term security and efficiency.

Additionally, Ed Felten, the co-founder and Chief Scientist of Offchain Labs, discussed the future prospects of Rollup technology at KBW2023. He highlighted that expanding the crypto space requires not only faster chains but also more chains.

Layer3, according to Felten, plays a pivotal role in this expansion due to its potential for lower costs, faster finality, and quicker protocol evolution through Stylus.

KBW2023 is a vital gathering where crypto builders, investors, finance executives, policymakers, and newcomers unite to exchange ideas and find solutions to the industry’s complex challenges.

Established in 2018 to bridge information gaps in blockchain and cryptocurrency, KBW is now celebrating its sixth year. The event is set to conclude on September 10th, with the main event, KBW: Impact, scheduled from September 5th to 6th at The Shilla Seoul.