Introduction to Facet V2
Welcome to Facet V2!
What's Changing in Facet V2?
Facet V2 is a massive change that adds two crucial features to Facet:
The ability to deploy arbitrary contracts. In Facet V1 users could only deploy contracts from a pre-set list of supported known safe contracts.
Facet V2 is EVM-compatible! Now you can copy-paste existing Ethereum contracts over to Facet! Facet V1 used the custom Facet VM which required EVM contracts to be translated into a special language called Rubidity to work.
That's right, Facet is now an EVM blockchain! A lot of change! But here's what's not changing
What's Not Changing in Facet V2?
Decentralized ("Based") Transaction Sequencing. Anyone can create and sequence Facet transactions by sending Ethereum transactions to the Facet inbox address (
0x00000000000000000000000000000000000face7). No centralized sequencers!No Privileged Keys. As with Ethereum itself, everyone is equal under Facet protocol rules. By contrast, every major Ethereum L2 has a set of priveged private keys that can upgrade the protocol.
What is Facet V2?
Technically speaking, Facet V2 is a "based sovereign rollup." Why?
Facet state is derived deterministically from Ethereum's transaction history. This makes Facet a rollup.
Facet transactions are sequenced by L1 validators. This makes Facet "based."
Facet has no L1 smart contracts. This makes Facet "sovereign."
Facet V2 is the first ever based sovereign Ethereum rollup! But we prefer to call ourselves a Layer 1+.
Facet is a Layer 1+ (L1+)
What is a Layer 1+?
Like typical Layer 2s, L1+s like Facet enable users to save money by performing computations outside the L1's EVM.
However to qualify as a Layer 1+, an Ethereum scalability protocol must not introduce any additional dependencies or trust assumptions. This means that only L1+s scale Ethereum while preserving all the functionality that makes Ethereum special in the first place:
100% Uptime: as long as Ethereum is operational, all L1+s are as well.
Censorship Resistance: no one can be excluded from using an L1+.
Credible Neutrality: an L1+'s protocol cannot discriminate for or against any specific person.
No Privileged Keys: if a multi-sig or "security council" has the power to upgrade a blockchain's protocol, that blockchain cannot qualify as an L1+. L1+s must upgrade their protocols in the same way Ethereum does: through hardforks and social consensus.
Based Finality: L1+ users must have the ability to achieve finality on their transactions at the same speed they could do so via an L1 transaction directly.
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