Interview with auditor Satyaki

October 23, 2024

In this engaging recorded interview, we chat with Satyaki, a Web3 writer and enthusiast who uncovered his passion for Ethereum during the 2021 bull market. Learn how his fascination with groundbreaking projects like Eigenlayer and the ethos of decentralized innovation drives his mission to educate and connect with the blockchain community.

1. Very nice to be joined by you for an interview. As an introduction, please let our audiences know who you are and what got you first interested into web3 / Ethereum.

Hi, I’m Satyaki. I’ve been a Web3 writer and enthusiast for over three years, starting during the 2021 bull cycle. I first got interested when I was working with an Angel Syndicate Fund and someone pitched a Web3 social app. I had no idea what Web3 was, so I asked my fund manager, who introduced me to Chris Dixon’s [partner at Andreessen Horowitz] tweets. I opened a Twitter account around that time and began exploring.

I also listened to a podcast featuring Ansul Rustagi, discussing the metaverse, which piqued my interest. My journey into Web3 began with investments in Bitcoin and Ethereum, just small amounts at first, but I was drawn to Ethereum's potential and complex ecosystem. I’ve since worked as a content manager for various projects, focusing on content and community engagement.

What really hooked me about Ethereum is its technical depth and community impact. It’s more than just a profit-driven space; it emphasizes education and inclusivity. While I’m not deeply involved with the core Ethereum team, I admire how it fosters a builder-focused and democratic environment. Ethereum isn’t just about financial gain; it’s about creating real value and making an impact, which is why I chose to immerse myself in this ecosystem.

2. What is the most interesting developments in the Ethereum and Web3 space. Is it the development of L2 scalability, or restaking protocols like eigenlayer?

Regarding the most interesting developments in Ethereum and Web3, I’m particularly fascinated by Eigenlayer. Ethereum is like an endless ocean of innovation, and Eigenlayer stands out to me because of its intricate design and the thought that has gone into it, especially by Sreeram Kannan. Kannan’s diverse background—spanning distributed systems, wireless networks, and blockchain—brings a unique perspective to the project. He’s not just focused on theoretical work; he’s here to make a long-term impact in this nascent space. The current metrics, like Eigenlayer being the second-largest protocol after Lido with over $12 billion in TVL and numerous projects building on it, showcase its growing influence.

I’ve been studying Eigenlayer since last September, writing about it on LinkedIn as I explored its potential. The vision and purpose behind Eigenlayer are what truly resonate with me, highlighting the importance of founder-driven initiatives in shaping the future of blockchain.

3. What are the key areas of focus now in Ethereum that you are focusing on your research? What is getting you most excited these days.

Currently, my key focus in Ethereum research is Eigenlayer. In simple terms, Eigenlayer aims to be a human coordination engine and serves as a cryptoeconomic security layer, expanding Ethereum's capabilities by allowing others to leverage its validator network.

Blockchain's core innovation lies in its decentralized nature. For instance, if we were chatting via Telegram, it would be centralized, but on a blockchain, the servers are distributed. Ethereum has spent over a decade building a secure, incentivized network. Rather than starting from scratch, developers can build on Ethereum, and Eigenlayer makes this network more accessible, enabling new services to inherit Ethereum’s security.

Eigenlayer features a four-sided marketplace involving stakers, operators, application builders, and end consumers. This intricate system is fascinating and showcases significant depth in its design. Additionally, EigenDA aims to boost scalability and support Ethereum's roll-up roadmap. I’m actively exploring Eigenlayer, including its intersubjective token, which is another exciting innovation. I plan to write a detailed thread about it soon, so stay tuned!

4. In your mind, what are the most exciting things or innovative things that Eigenlayer is going to help bring?

Eigenlayer is kind of making Ethereum security layer, accessible to everybody without any, like, technical overhead. Like, you all know, right, key that Ethereum, security layer, the network of validators make Ethereum special. Anybody can spin a block, and anybody can do everything. But what actually separates Ethereum from the other people is it has the valid network. Bitcoin also has that, but Bitcoin's core blockchain and network doesn't allow it to scale that much.

Ethereum comes with that programmable facility where you can build innovative apps and applications over it. Like although many people will argue about that particularly bitcoin maxis, in that bitcoin is also getting all the things that Ethereum has. But I dont think that is going to happen anytime soon, and there are lots of blockages. Ethereum already has that.

I'll not go into that debate, but coming back to Ethereum, basically, Ethereum security layer makes the protocol special. And what Eigenlayer is doing is it is enabling everybody to use Ethereum security layer to, like, prove or verify everything.

Now, with Eigen layer, you can verify any on chain movement, through this so called Ethereum validator network. Like, let's say you want to verify proofs, such as ZK proof network. You can verify that with Eigenlayer. The proven network can be an Eigenlayer, which can tap into the network of Ethereum validators.

There's another thing called, pre-confirmation, which can enable fast finality. These were not possible at scale without Eigenlayer. Pre-confirmation gives you fast confirmations for Ethereum roll-ups. Now with the Eigenlayer security layer, the validator network can just confirm the transaction in seconds. And if you do any malicious movement or activity, your token will be slashed from it.

But long story short, the main crux of the entire discussion is if we make the Ethereum security layer accessible to everything, basically, now every piece of software or code can be verified via Ethereum network, which wasn't possible earlier.

5. Currently, with the growth of L2’s and now restaking on protocols such as Eigenlayer, how do you see Ethereum evolving in terms of its ecosystem, going forward?

This year hasn't been great for Ethereum, with prices stagnating around $2,500 despite some highs during the bull market. However, Ethereum has a solid roadmap for the next decade, with many innovations and developments underway.

Layer 2 protocols and projects like Eigenlayer are attracting more users and generating value for Ethereum. For example, Uniswap recently launched its own app chain using the OP stack, which still relies on Ethereum for settlement. Vitalik has often said that Ethereum isn't just about the blockchain itself but also includes the tools and protocols built on it. I believe we're in a prime time for innovation, and as more people come into the space, Ethereum will solidify its role as a settlement layer.

While macro factors, like recent geopolitical tensions, may affect short-term price action, I’m optimistic about Ethereum's long-term growth. Solid fundamentals should drive value over time, even if the next few months are rocky. Overall, I still see Ethereum as a key player in the blockchain space.

6. Do you have any thoughts on privacy on Ethereum today? Have we taken steps back since the US justice system’s indictment against the founders of Tornado Cash? Where do you think does the industry go from here?

When discussing privacy on Ethereum, especially in light of the Tornado Cash indictment, I see it as a matter of censorship resistance. Ethereum enables projects like Tornado Cash to operate independently of centralized control, fostering innovation.

Governments are meant to create trust and protect users, but often prioritize their interests. This leads to contradictions, such as legalizing substances for tax revenue despite their potential harm. The government’s response to Tornado Cash reflects a fear of losing control over monetary power, as blockchain technologies challenge traditional systems.

Tornado Cash offers anonymity, which can be misused, but punishing the developers for how others use their creation seems extreme. While innovation in crypto cannot be stopped, regulatory pressures will increase. Some countries, like El Salvador and Singapore, are becoming more crypto-friendly, recognizing the value of digital currencies.

Despite challenges, decentralized applications like Uniswap and Compound remain resilient. We need to focus on promoting DEXs and finding innovative ways to onboard users outside of centralized exchanges. While I believe some healthy regulations are necessary, I don’t trust governments. We should explore technical solutions to enhance security and reduce risks, especially in areas prone to hacks. By prioritizing robust security measures, we can create a safer and more resilient crypto ecosystem.

7. If you could create a dream Ethereum-based application that doesn’t exist yet, what would it be and how would it change the world?

Honestly, I haven’t thought about creating a specific Ethereum-based application because I'm not a developer. My focus is on education, particularly around Ethereum and Eigenlayer. Right now, I’m diving deep into understanding the protocol, writing about it, and considering podcasts with core team members.

While I’m not looking to build anything myself, I believe in the importance of educating others about blockchain technology. My goal is to learn thoroughly and create quality, accessible content that helps people grasp the intricacies of the blockchain ecosystem—especially Ethereum and Eigenlayer. I want to ensure that I’m not just an empty educator but someone who truly understands the tech before sharing it with others. That’s where my passion lies.

8. Thank you Satyaki for your time here. Let us know how others can follow you.

You can follow me on Twitter at @satyaki44. It’s the best place to connect and discuss anything related to blockchains, especially Ethereum and Eigenlayer. I love brainstorming ideas and creating consumer-friendly content for everyone. Thanks!

If you are interested in being part of an interview for any talks about the latest and top of mind on Ethereum, just send me a message on X @dittoproj or email me at support@dittoeth.com.