206 karma · joined August 5, 2014
The field of cryptography has grown tremendously, and there's still a lot of research being done. There have been many competitions for developing strong cryptographic primitives. There's a lot of work being done on zero knowledge proofs and verifiable computation. Cryptocurrency has encouraged lots of bright young minds to get involved.
One thing we learned from the Snowden revelations is that crypto works where it's applied, so every little bit of crypto helps. Run a Tor node if you can.
First, it will scale better: Ethereum currently runs every contract on every computer running a node, and insists on a total order on all transactions. RChain will have a notion of a rooted directed acyclic graph of regions in which contracts will run, a much finer-grained notion of transaction, and will only insist on a partial order for transactions: when they do not conflict, they can be in any order.
Second, Ethereum has no type system. This has led to bugs in various contracts and wallets. In June 2016, a buggy contract led to the theft of $50M in ETH from the DAO. The Ethereum community split into two parts: the first part insisted that "code is law" and that the hacker engaged in a series of perfectly valid transactions with the contract, so he was entitled to the ETH; the second part wanted human intervention to roll back a large transaction that was obviously a bug. They never reconciled, and "Ethereum Classic" forked off as a separate currency. Last year, someone exploited a bug in a Parity wallet and locked up $380M. Contracts are expressions of programmer intent, but programmers are human and make mistakes. Type systems allow programmers to write a kind of "summary" of their intent as a type. The compiler compares the two expressions and fails if they are not consistent. Greg Meredith (President of RChain) showed that one could have defended against the theft using a spatial-behavioral type system: https://docs.google.com/document/d/1sGlObhGhoEizBXC30Ww4h1KH...
Third, the Ethereum VM has suffered from various bugs (https://bounty.ethereum.org/) and relies on a find-and-patch system. RChain intends to formally verify as much of the platform as possible.
Last and probably least, Ethereum uses proof of work, which is basically proof of stake, but you're staking GPUs and ongoing electricity costs. RChain will use Vlad Zamfir's "correct by construction" proof of stake algorithm.
-- Mike Stay