Most important points:
- BitMEX co-founder Arthur Hayes is now a strategic advisor at Covalent, focusing on the Ethereum Wayback Machine.
- The Ethereum Wayback Machine aims to store and re-execute temporary blob data, ensuring the long-term availability and secure preservation of Ethereum’s historical data.
- This initiative supports decentralized AI by providing accurate historical data and promoting innovation and transparency in the blockchain community.
Arthur Hayes recently announced that he is serving as a strategic advisor at Covalent, helping to develop an Ethereum Wayback Machine.
This machine will serve as an off-chain blockchain storage system, allowing the temporary Blob data to be re-executed. This initiative aims to ensure the preservation of historical events on the Ethereum network, which currently lacks long-term data availability within the blockchain ecosystem.
The Ethereum Wayback Machine is a brilliant step for blockchains. It provides a painless mechanism for storing and retrieving historical data in Ethereum. Blockchain quality must be maintained with the utmost integrity and transparency. Thus, it would support easy re-execution of all blob data, and Ethereum’s old states would be accurately reconstructed.
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Ethereum Wayback Machine improves data retention
His involvement brings enormous experience and expertise to the project. His groundbreaking work in the field of cryptocurrencies is expected to expedite the development and implementation of the Ethereum Wayback Machine. This reiterates Covalent’s commitment to the advancement of blockchain technology and the improvement of data preservation methods.
The proprietary Ethereum Wayback Machine will be good for implementing decentralized AI; AI would leverage historical data that is available and intact to the decentralized system, using which the models are fed. AI models are based on data sets that faithfully and completely represent real-world phenomena. The decentralized development of artificial intelligence directly follows the much broader goals of the blockchain community: transparency through technology, security and innovation.
Hayes serves in an advisory role and has strengthened Covalent’s initiative in many ways, setting the company apart in the blockchain industry. The Ethereum Wayback Machine ensures best-in-class data preservation solutions, creating better trust and reliability in the Ethereum network and other blockchain networks. Its own processes were in place, likely setting new thresholds for how historical data is manipulated and managed in the digital age.
