when Lambo?

Dwayne, CEO of Medallion XLN

“I never planned on getting into the automobile industry, but I knew a better car could be built.” — Ferruccio Lamborghini

In 1962 Ferrari was the king of sports cars. Racing was the number one priority for the Ferrari bloodline. Enzo Ferrari sold production cars to fund their racing endeavors. By 1962, Ferrari had entered 993 F1 races and won 238, 9-time winners of the 24 hours in Le Mans, 8-time winners of the Mille Miglia, and 7-time winners of the Targa Florio. They are the infamous Red Team! Italian businessman, Ferruccio Lamborghini, was the proud owner of a tractor manufacturing factory. Ferruccio also owned a couple of Ferrari sports cars, but Ferruccio thought that the clutch was too small for such a powerful car. Enzo Ferrari was infamous for his temper, so when Ferruccio Lamborghini met with Enzo Ferrari to bring up this complaint, a huge argument erupted. Enzo yelled, "The clutch is not the problem. The problem is that you don't know how to drive a Ferrari and you break the clutch!" Ferruccio Lamborghini left furious, decided to start his own car company after this argument and issued this challenge to Ferrari. “Dear engineer, I'll never buy your cars again. From now on I’ll make my own cars, then I can be sure they work the way I want them to.” One year later, the Automobili Lamborghini car company, with the goal to create the perfect car, debuts its first car in 1963. The premiere Lamborghini 350 GTV was a two-seater coupe with a V12 engine established in Sant’Agata Bolognese, Italy. Ferruccio positioned Lamborghini to be a direct rival to Ferrari. In the ’70s the car companies battled with the Lamborghini Muira and Ferrari Daytona, in The 80s a battle of the Lamborghini Countach and the Ferrari Testarossa, The Lamborghini Diablo and Ferrari F50 battled in the 90s, and so on. Owning one of these cars was the only motivation for young boys to do good in school. So it was no surprise that when the Bitcoin early adopters hit it big, one of their first extravagant purchases was a Lamborghini. Leading to the saying, “When Lambo?” This means, when is your project going to blow up to the point that it made holding your shitcoins worth my time? Also, when can I buy a Lamborghini?

The rivalry between Ferrari and Lamborghini to create powerful cars inspired me to investigate what makes a powerful Blockchain. Why are some chains decentralized and secure, but not fast. Other chains are fast and secure, but not decentralized. Vitalik Buterin coins this problem, The Blockchain Trilemma. The objectives to be fast, secure, and decentralized suffer from trade-offs. A blockchain project management triangle can be 2 of the 3 principles. This is the reason Bitcoin can only do 3-7 transactions per second (tps) and Ethereum can only do 10-15 tps. The networks prioritize decentralization and security, which is the reason they are not fast. With the new upgrade, Ethereum 2 is rumored to be able to outperform its payment processing rival VISA with 100,000 tps. Here’s the catch, according to Vitalik Buterin, Ethereum 2.0 won’t be any faster than it already is, but it will be more scalable. A blockchain’s speed is defined by its block time. Bitcoin has a block time of 10 minutes, while Ethereum has a block time of 13 seconds. The trade-off we encounter with the speed upgrade is with security and decentralization.

The long-awaited Ethereum 2 code-named “Serenity”, started on December 1, 2020. The upgrade of Ethereum will make it more powerful, scalable, sustainable, greener, and secure. The current version of Ethereum uses enough energy in a single day to power a city. It can only process 15 tps and warehouses full of ETH miners make it relatively centralized. Ethereum’s upgrade isn’t a switch to a new blockchain, the existing base layer will still exist as the “Execution Layer.” Ethereum 2 mainly refers to switching from Proof-of-work to a proof-of-stake consensus mechanism. The Beacon chain went live on December 1, 2020, which introduced the staking feature to the Ethereum blockchain. We are currently in a phase called the Merge, which will merge the Beacon Chain with Ethereum main net. This process is expected to be completed by August 2022. The switch in consensus alone won’t make Ethereum any faster or transactions cheaper. The introduction of shard chains will help Ethereum scale by providing sixty-three additional chains for operations to be spread across. Less data will need to be stored on machines, and therefore it will become easier to run a node. Scaling methods such as Zero-Knowledge proof roll-ups (ZK Rollups) are currently being implemented to assist with scaling leading up to the switch to sharding. The performance boost will occur mostly with Layer 2 scaling solutions. Layer 2 transactions are almost instant at extremely low fees. The current leaders of the Layer 2 wars are Polygon, Arbitrum, Optimism, and StarkNet. The Layer 2 solutions are sidechains that roll many transactions into one large transaction, then process on Ethereum’s execution layer.

As far as Medallion XLN, when Lambo? I have to be honest, I didn’t expect launching an ICO to be so resource intensive. There is a lot of security testing that needs to happen on the Smart Contracts and User Interface to make sure there are no surprises. Over the course of the last few months, we hope we have garnered your interest in our project and gained your trust. Our community is 2500 strong on the newsletters alone and based on the likes and comments we get, it seems like there is enough interest in our project to not be a dud. The next steps are to introduce the team, release the Whitepaper, launch the smart contract for everyone to inspect, then launch the ICO website to begin fundraising. We’ve been fortunate enough to gain investments from parties interested in what we’re working on. So by token launch, we will have a fully working decentralized application we believe will achieve our goals of providing each individual with their digital sovereignty, interoperable on any interface, on any planet in any solar system.

It’s obvious to me why crypto-enthusiasts gravitate to Lamborghinis more than Ferraris. Lamborghini is more than just being fast for the sake of being fast. The brand takes the entire car industry in mind and asks, "How can we achieve perfection?" They don't just want to create a fast car, they want it to be beautiful and comfortable. They aren't just building cars to fund their racing addiction, they are building the perfect automobile. Ethereum is building the most scalable blockchain, and Medallion XLN is building blockchain’s first killer app.

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I don’t think Ferrari is going to be sponsoring us anytime soon…but Lamborghini….