Ethereum update: The only way to implement Generalized State Channels
As far as I see it, everything in this space is going to dance around the fact that there is no VM on the EVM to pass signed functions as well as signed state to. In lieu of this, we have a slew of companies that are working on running off-chain contracts locally and eventually deploying them on-chain in the case of griefing.
At first we’ll start simple with frameworks that support certain classes of apps, and I see this expanding in a library-like fashion where you can build turn-based games on this framework, messaging things on this framework, etc..
With an on-chain VM, we only have to have the one deployed VM (it could even be rent-seeking and collect transaction fees to send to its creator!) and send our signed functions and signed state to it in the case of arbitration. This allows for truly generalized state channels. Everything else is certainly a step in the right direction, but I think they are dancing around a much more powerful solution.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third-party interference.
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