Session 02 Mysticeti v1

Summary

The speaker discusses the engineering team's breakthrough in transaction finality, introducing 'Misti', the world's fastest consensus engine aiming to achieve instant finality for shared objects. They highlight the importance of reducing latency for a better user experience and outline the innovative multi-leader DAG-based consensus protocol, which significantly reduces latency and promises unlimited throughput, setting a new standard for web 3 and global decentralized networks.

Takeaways

• 🚀 The engineering team has over 70 PhDs working on cutting-edge technologies like consensus, cryptography, and storage for web 3 and the broader web.
• 🔍 They are developing a solution called 'Misti' to achieve instant transaction finality for shared objects, similar to the speed of single-writer objects.
• 🏁 Misti aims to reduce transaction finality time significantly, with current industry-leading times being 2 seconds, and the goal being under half a second.
• 📉 Latency in user experience negatively impacts satisfaction, with each second of delay causing a 19% worse experience, highlighting the importance of reducing wait times.
• 🔄 The company's blockchain has unlimited throughput, emphasizing the need to focus on reducing latency beyond just increasing throughput.
• 🛠️ Different transaction types have varying finality times; single owner objects are instant, while shared object transactions take longer and are the focus of optimization.
• 🔧 The 'fast path' allows single object transactions to bypass consensus, significantly reducing their finality time to 500 milliseconds.
• 🌐 The company uses a Directed Acyclic Graph (DAG) based system for consensus, which offers advantages over linear-based systems in terms of resilience and performance.
• 📈 The introduction of 'MRTI' (presumably a next-generation consensus mechanism) promises an 80% reduction in latency, with block times as low as 80 milliseconds.
• 🎯 MRTI's design allows for a more efficient consensus mechanism, which does not require verifying the DAG for each block progression, streamlining the process.
• 📚 The company's research and development are peer-reviewed and scientifically robust, with educational institutions set to teach MRTI as a course.

Q & A

What is the main focus of the engineering team's work as described in the script?

The engineering team is focused on developing advanced technologies related to consensus, cryptography, and storage, aiming to revolutionize the world of web 3 and the web as a whole.

What is the current challenge the team is trying to address in transaction finality?

The team is working on making transaction finality for shared objects as fast as single writer objects, aiming to achieve instant finality even when transactions require coordination.

What does 'Misti' stand for and what is its significance?

Misti is the name given to the world's fastest consensus engine developed by the team. It signifies the breakthrough in achieving faster transaction finality and reducing latency in blockchain transactions.

Why is latency a critical issue in blockchain technology according to the script?

Latency is a critical issue because it directly impacts user experience. Research has shown that every second of latency can worsen the user experience by 19%, which is why reducing latency is a priority.

What is the current transaction finality time for shared object transactions on the blockchain mentioned in the script?

The current transaction finality time for shared object transactions is between one and a half to two seconds.

How does the script differentiate between single owner objects and shared object transactions?

Single owner objects, such as asset transfers, happen instantly within 500 milliseconds. Shared object transactions, like marketplace transactions and collaborative games, currently take longer to finalize, between one and a half to two seconds.

What are the key components of transaction finality that the script mentions?

The key components of transaction finality mentioned in the script are block time, transaction finality, and settlement finality, which all contribute to the overall speed and efficiency of the blockchain.

What is the significance of the 'fast path' in the context of the script?

The 'fast path' allows single object transactions to bypass the consensus process, leading to a faster transaction finality of 500 milliseconds, showcasing the potential for high-speed transactions.

What are the two types of consensus algorithms discussed in the script?

The two types of consensus algorithms discussed are linear-based consensus algorithms and DAG (Directed Acyclic Graph) based systems, each with their own advantages and disadvantages in terms of latency and throughput.

What is the goal of the 'MRTI' consensus protocol as described in the script?

The goal of the 'MRTI' consensus protocol is to combine the benefits of a DAG-based system with the low latency of a linear-based system, aiming to achieve an 80% reduction in latency and an 80-millisecond block time.

What are the expected improvements with the implementation of MRTT in the mainnet by July 2024?

The implementation of MRTT is expected to reduce consensus latency from 1.9 seconds to 390 milliseconds and settlement end-to-end latency from 2.2 seconds to 690 milliseconds, making it the fastest chain for latency in the world.

Outlines

00:00

🚀 Introduction to the Engineering Team's Innovations

The speaker introduces the engineering team's efforts to revolutionize transaction finality in shared objects, aiming to match the speed of single-writer transactions. The team's expertise in consensus, cryptography, and storage is highlighted, with a focus on Misti, a new consensus engine designed for instant finality. The current state of blockchain transaction times is discussed, with a goal to reduce latency and improve user experience, as every second of delay negatively impacts satisfaction.

05:02

🔄 Understanding Transaction Lifecycle and Consensus Mechanisms

This paragraph delves into the lifecycle of a transaction on the blockchain, from creation to finalization, and the complexities involved in shared object transactions. The concept of 'fast path' for single object transactions is introduced, which bypasses consensus for speed. The engineering team's challenge to improve performance for consensus objects is presented, along with an explanation of linear-based and DAG-based consensus algorithms, and the advantages of the latter in terms of avoiding bottlenecks and providing higher throughput.

10:03

🌐 Introducing Misti: The Future of Consensus Protocols

The speaker reveals Misti as a groundbreaking consensus protocol that significantly reduces latency, with an 80% improvement over traditional methods. Misti operates on a DAG-based system, offering a lower block time of 80 milliseconds and faster transaction finality. The benefits of Misti include its multi-leader approach, which ensures robustness against poor performance or downtime, and its potential to finalize transactions without full consensus in some cases. The paragraph concludes with a preview of the dramatic reduction in latency that Misti will bring to the blockchain.

15:04

🏆 The Impact of Misti on User Experience and Future Developments

The final paragraph emphasizes the transformative impact of Misti on user experience, promising an unmatched level of satisfaction in a decentralized network. The speaker outlines the expected latency times for single writer and shared object transactions, which are set to be the fastest in the industry. The potential for Misti to be taught in universities and its peer-reviewed status underline the protocol's significance. The paragraph concludes with a look forward to further integration and improvements in the second half of 2024, solidifying the protocol's position as a leader in user experience and throughput.

Keywords

💡Engineering Team

The engineering team mentioned in the script refers to a group of highly skilled professionals within the company who are responsible for developing and implementing technological solutions. They are described as 'some of the best in the industry,' indicating their high level of expertise. In the context of the video, their work is crucial for the advancement of blockchain technology, particularly in areas like consensus, cryptography, and storage solutions.

💡PhDs

PhDs, or Doctor of Philosophy degrees, represent the highest academic degree awarded by universities in many fields. In the script, the company boasts 'over 70 PhDs working on consensus, cryptography,' which underscores the high level of specialized knowledge and research capabilities within their team. This highlights the company's commitment to innovation and research in cutting-edge technologies.

💡Consensus

Consensus in the context of the video refers to the process by which a blockchain network agrees on the validity of transactions and the current state of the ledger. It is a fundamental aspect of blockchain technology, ensuring security and trust among participants. The script discusses the development of a faster consensus engine, 'Misti,' aiming to achieve 'instant finality' for transactions.

💡Cryptography

Cryptography is the practice and study of secure communication techniques that ensure the integrity and confidentiality of information. In the script, the company's focus on cryptography suggests that they are developing secure methods for transactions and data storage within their blockchain platform, which is essential for protecting user information and ensuring the reliability of the system.

💡Web 3.0

Web 3.0, often referred to as the 'decentralized web,' is a concept that envisions a new iteration of the internet where content and services are decentralized, user-centric, and built on blockchain technology. The script mentions that the company's work on blockchain is aimed at 'changing the world for Web 3 and just the web as a whole,' indicating their goal to innovate and improve upon the current internet infrastructure.

💡Transaction Finality

Transaction finality refers to the point at which a transaction is considered complete and irreversible. In the script, the speaker discusses the challenge of achieving 'instant finality' for shared objects within the blockchain, contrasting it with the current speed of single-writer transactions. The goal is to make the finality of transactions as fast as possible to improve user experience.

💡Misti

Misti, as introduced in the script, is the name given to the company's new consensus engine, described as 'the world's fastest.' It represents an innovation in blockchain technology aimed at reducing transaction finality times. The script emphasizes the importance of latency and the goal of making transaction finality 'as fast as we have for single writer objects.'

💡Latency

Latency in the context of the video refers to the delay or time it takes for a transaction to be confirmed on the blockchain. The script discusses the importance of reducing latency to improve user experience, with the speaker stating that 'latency is the hardest problem to solve beyond throughput.' The company aims to reduce latency to achieve faster transaction finality.

💡DAG (Directed Acyclic Graph)

A Directed Acyclic Graph (DAG) is a data structure used in some blockchain technologies to manage transactions and blocks in a way that allows for higher throughput and potentially lower latency. In the script, the speaker mentions that their blockchain, 'onui,' is a 'DAG based system,' which is part of their strategy to improve performance and achieve faster consensus.

💡Throughput

Throughput in the context of the video refers to the rate at which transactions can be processed on the blockchain. The script mentions that the company has 'solved' the problem of throughput by having a blockchain with 'unlimited throughput,' indicating their focus on scalability and the ability to handle a large volume of transactions efficiently.

💡Settlement Finality

Settlement finality is the point at which the transfer of assets from one party to another is complete and cannot be reversed. In the script, the speaker discusses the importance of achieving fast 'settlement finality' alongside transaction finality, emphasizing the need for efficiency in the entire process from transaction submission to confirmation.

Highlights

Our engineering team includes over 70 PhDs working on consensus, cryptography, and storage innovations.

Misti is the world's fastest consensus engine, aimed at achieving instant transaction finality.

Current blockchain performance allows single writer transactions to finalize in half a second.

Shared object transactions currently take about 1.5 to 2 seconds to finalize on average.

The focus is on reducing latency and improving user experience by minimizing transaction finality time.

Execution of transactions can happen within 10 to 20 milliseconds, but consensus currently takes longer.

Misti aims to reduce latency from 2 seconds to milliseconds for faster transaction finality.

Misti is expected to have block times of 80 milliseconds, making it the fastest blockchain in history.

Misti uses a DAG-based consensus protocol to improve performance and reduce latency.

DAG-based systems offer more robust performance without being affected by single leader failures.

Misti's consensus mechanism allows for finality in 0.5 round trips, significantly reducing latency.

The introduction of Misti is expected to cut latency by 80%, with end-to-end transaction finality in 690 milliseconds.

Misti will be integrated into mainnet by July 2024, promising the best user experience for decentralized networks.

Misti's improvements will lead to unmatched user experience and performance in DeFi protocols.

Misti's innovations are recognized and taught in universities, highlighting its academic and practical significance.

Transcripts

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TR

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so I'm going to try my best to do as

much Justice to this talk as possible um

our engineering team are truly some of

the best in the industry um we have in a

company over 70 phds working on

consensus

cryptography um all sorts of really

interesting um bleed bleed N Stuff all

the way to storage that we think is

going to change the world for web 3 and

just the web as a whole um one of the

things we've been working on is how do

we

make um transaction finality for shared

objects as fast as single writer objects

right now I was explaining before that

to transact onui to do you know sending

money to someone sending a token to

someone sending an nft asset to somebody

all that happens instantly right now in

half a second what we want is when you

have a transaction that's touching a de

or any uh anything that requires

coordination how do we get that to

instant finality as well as as fast as

we have for um single writer objects

Misti is what we've called it Misti is

the world's fastest consensus engine um

people talk about throughput all the

time throughput is interesting we've

already solved that problem by having a

blockchain that has unlimited throughput

but what matters how do we go to instant

finality latency is the hardest problem

to solve Beyond

throughput in this example we're just

showing you what's happening Inu right

now from when you approve a transaction

to when it's final it's taking about 2

seconds that's actually really good it's

faster than all the other blockchains

today it's actually really good but I

think that's actually from a user

perspective can we go better than that

right it'll be amazing if that click is

effectively instant as I click the

button the finality is instant as a user

would be much more pleased there's some

research that's been undergone that

every second that you have in latency

for user experience makes it a a 19%

worse experience for the user so users

are going to be more and more upset the

worse it gets that's why many people are

un un um are not happy about blockchain

performance today but we're talking

about two seconds being the industry

leading today we're not happy we want to

go way below that we think half a second

should ultimately be the goal

now there are different types of

transaction types onu as I mentioned

there is um the single owner objects

that's just an asset transfer um imagine

a game making moves in a video game you

do that singly and that's that's

happening instantly um NF transfers all

these things happen onui within 500

milliseconds so when you click a button

it's finalized within half a second but

what about the other transaction types

we're talking about shared object trans

action types you're talking about

Marketplace transactions you're talking

about um collaborative games if you have

multiplayer games I have two or three

people playing a game or more these

things right now are taking between one

and a half to two seconds to finalize

onu um even you know public accessible

counters if you and I need to execute a

transaction that requires an increment

increment of a counter at any given time

right now that requires coordination it

goes through consensus so a bit of

discussion about sweet speed the most

important thing to think about is there

are multiple components of this right

there is block time transaction finality

and settlement finality these are there

multitude of things that's involved how

fast can you propagate blocks how fast

can you get transaction finality and how

fast can you get settlement finality

most people trying to give you

optimistic numbers but those are great

because when the world goes well but

most times the world doesn't go so well

so what are the what are the real

numbers for finality from a user

perspective when I've clicked the button

and I know it can never be reversed so

if you think about what matters it's the

protocol efficiency which is the number

of round trips across across the

internet to the performance of a node

consensus is the most expensive part

execution is very low cost execution 10

milliseconds is possible you can get

maybe 20 30 but realistically onu

execution is happening within 10 20

milliseconds very very fast in parallel

consensus as we say right now is taken

above a second and a half to to do which

is how do we get more efficient

consensus mechanisms

onu this is howu works today this is a

life cycle of a transaction onu you

would create a transaction once you

create a transaction it would get

effectively you collect a set of

certificates once you have a set of

certificates it would go for checks and

verification once it's been verified it

would go to ordering once it's been

ordered it will go effectively to

execution once it's been executed it's

final so multiple steps required which

is what's taking up to 2 seconds today

so there are multiple complicated

processes that have to happen for a

transaction to be final if you see

underneath there's something called fast

path in a fast path which is a single

object um transactions I talked about

before you bypass consensus it's not

needed so from when you verify a

transaction you can go straight to

executing it and that's happening in 500

mill seconds can we get performance

almost as fast if not faster than what

we have today for single writer objects

as we have for consensus objects that

has being the task given to our

Monumental engineering team today so now

you know the anatomy of a three

transaction let's talk about how it

works with shared objects first

transaction is submitted it's processed

I get a certificate once I have a

certificate it goes straight to the

nodes for validation once it's been

validated it goes to consensus for

ordering once it's been ordered it goes

to execution once it's executed we

basically there's four R round trips

required for that and ultimately it's

finalized so you have something about

you have up to about um four and a half

rtts involved in that whole process butu

is a very complicated system what can we

do to simplify that and what can we do

to get even more performance out of the

system

today there if I want to draw your

attention of two types of consensus

algorithms there are linear based

consensus algorithms where you submit

you create a block once you've create a

block you for it you send it you you

refer to the previous transactions in a

block you you basically have another

leader propose a um um the block you

refer to that and you keep going over

and over and over again the bottleneck

is by the you can get bottleneck by a

leader that's got poor band with you

basically lead if a leader fails you

have low throughput as a result which is

a problem with most consensus based

systems today and low latency it's about

two to three round trips very very low

very very um low latency but very

susceptible to

failure dag systems which is what we

have today not bull shark onui today

onui is a dag based system much more

complicated but you can see that

ultimately what we're doing is every

single round we have multiple gossips

happening where blocks have been

proposed in parallel over and over and

over again ultimately the benefit is you

have it you have more latency but what

you have is you're not susceptible to

bad um performance of a single leader

and over time you also have um you know

it's it's a more lightweight algorithm

from a perspective of implementation

from our perspective but at the same

time you have stronger guarantees as

well so we think a dag based system is

the way to go it's we use as a dag BAS

system today but the the the downside of

a dag BAS system we have is actually an

increase in

latency so again traditional leader

driven um it's linear communication low

latency two to three round trips and

it's of course leader the con is a

leader is a Bott neck in a in a in a

protocol our dag based consensus is

effectively way faster like it's you can

get more throughput out of it as a

result but again as I touched on we

think you know we want to get better in

terms of latency and finality so what is

mrti Miss setti is is our ambition to

effectively make a dag based consensus

protocol have as low as uh um um as low

latency as you get with a linear base

system and we're able to achieve that

our consensus 1o today is final at 1.5

round trips effectively for a single

round it takes about one to five round

trips sorry with Mr setti consenso it's

half a roundtrip to create a single

block in fact the block time of mrti is

80

milliseconds it is the lowest block

block time of any blockchain in history

80 millisecond block times as a result

of

0.5% round trips to create a single

round in missii it is a game Cher it is

a industry leading mechanism and the

reason we can do that is we do not have

to verify the dag as part of progressing

the the block

so the difference is as I mentioned

consensus 1.0 require the verification

of a dag so every time you receive a dag

it has to go through a certification

with consensus 2.0 it it requires an

unverified dag so after about um two to

three rounds you've got full

verification that a transaction is final

ultimately it's it the committer done in

pipeline in parallel and multileaders

you have multiple leaders if one leader

is out it doesn't matter the chain

doesn't know notice it keeps going on it

it can take care of um of downtime um it

can take care of bad leaders it take

care of people who have very low

performance it's not affected by the

worst leader like most Protocols are but

ultimately what it gives us is what

we're seeing an 80% reduction in latency

today this is what we have in testet you

could see this is naral and bull Shar

that we're running right now that is

showing close to 2 seconds and as soon

as Miss got turned on it cuts down to 20

397 milliseconds

by the time this hits production this

will be the fastest chain for latency in

the world s we already believe it's

there but we think Mr setti just sets a

whole new bar for what users should

experience in a Global decentralized

Network another benefit as well is p50

shared object latency what does that

mean 50% of users which is going to be

the average of users that engage withu

will see finality end to endend finality

from when you click a button to when

it's Final in 690 milliseconds that is

insane before the website is loaded your

transaction is final that means the

amount of use Cas that you can engage

with is broader we just gave you a card

this card that you scanned today when

you put it on your phone and you clicked

on approve it took about 2 seconds to

finalize that is to do with now war

bullshark in a few months once it's live

in mainnet when you do that same scan

when you click on approve it will be

instantly Final in your account so that

is what it means about building the best

user experience for users over and over

again is thinking about all the way from

when a user submits a transaction to

when the chain gives you feedback that

it's final this is endtoend latency

optimistic latency is a lot lower way

lower block times of 80 milliseconds

through entend finality of 690

milliseconds But ultimately the user

will have the best experience that they

can ever have of any chain not having a

not not going to see failed transactions

not going to see latency Spike up in

times when a network is busy not going

to see a maximum throughput ultimately

the SC ch um they change skilles

infinitely will be releasing we released

a paper already called pilotfish and

pilot fish was able to show that when

you added eight times more machines to S

you got eight times a throughput so

there is no maximum throughput

separately the latency is constant no

matter how many transactions you throw

atui and the amount of um U machines you

throw at the network the latency always

stays same and the throughput goes

higher and higher this is how internet

skill infrastructure should be

built and one thing we're going to be

working on is effectively cutting down

the latency again for single writer

objects right now I explain that there

are 500 milliseconds by the time we

merge the code base between um the

ingestion phase and also the

verification phase we think we'll be

able to get latency for single writer

objects end to end down to 300 M Ms so

you have 300 milliseconds for single

writer objects Final End to End finality

and 690 milliseconds end to end finality

for shared objects in fact we've seen as

low as 500 milliseconds for shared

objects in testut as well so we think

we'll have low subsequent finality for

all transactions inui over over over and

over again um another thing of pilot

fish is we think we can actually get a

scenario where some transactions that

need consensus can be finalized without

consensus that's going into too much

detail but there are people who have way

more phds on me on this topic that can

talk about that in detail but we think

that's going to be another variation of

what we can do

here so to summarize Miss setti 80%

latency reduction consensus has gone

down from 1.9 seconds to 390

milliseconds settlement end end to end

from 2.2 seconds to 690 millisecs um it

will be in main net by July 2024 in fact

it's running in test net now the

numberers is already published it's

running the same codebase the same

validator setup across the globe and

we're seeing remarkable results and we

we want to turn on in main net in July

and we're going to be integrating um um

congestion um phase with mrti in uh

basically H2 2024 so there'll be a lot

of more upgrades coming to S as a whole

But ultimately we think D5 Protocols are

going to see an amazing Improvement in

user experience it's already Indy

leading but I think it's going to take

it to a whole new level but overall we

think more most importantly the user

experience across wi would be just

unmatched unrivaled to what any other

ecosystem as made possible this is all

possible by having world renowned

researchers in a team everything we have

is peer-reviewed and has some of the

most amazing scientific reviews um in

the world that looked at it it's all

verified all it's it's not just code

that goes out with with uh all sorts of

caveat but these are things that you

should read up on yourself we actually

have some University they're going to be

teaching Mr setti as a course in the in

universities as a result because for the

first time they can actually understand

a proper division team for tolerant

protocol with a dag based system in a

way that it's easy to actually

internalize so we believe we're making a

lot of great changes for the world but

more importantly we think we're building

the best developer platform for web 3 as

a

whole um if you want more information on

mrti do scan this QR code I'm happy to

answer any questions you may have but

ultimately this is a summary of the

elements of missii it's a multi-leader

dag based consensus protocol it has

industry-leading latency um lowest

latency that's ever been found in any

protocol it orders are maned faster than

what exists today and it's supported by

it's going to be supported by pish

effectively unlimited throughput base

system thank you very much thank you

[Applause]