Decentralized currency, often referred to as cryptocurrencies, like Bitcoin and Ethereum, have several unique features that make them special:Decentralization: Unlike traditional currencies controlled by central authorities like governments or banks, cryptocurrencies operate on decentralized networks of computers. This means no single entity has control over the currency, reducing the risk of manipulation or censorship.Security: Cryptocurrencies use strong cryptography to secure transactions and control the creation of new units. This makes them resistant to fraud and counterfeiting.Transparency: Many cryptocurrencies use public ledgers, known as blockchains, that record all transactions. These ledgers are transparent and immutable, making it difficult to alter or tamper with transaction history.Global and Borderless: Cryptocurrencies can be used globally, without the need for currency conversion. This is particularly useful for international transactions.Low Transaction Costs: Cryptocurrency transactions can have lower fees compared to traditional financial systems, especially for cross-border payments.Financial Inclusion: Cryptocurrencies can provide access to financial services for people who are unbanked or underbanked, as they only need internet access to participate.Ownership and Control: Users have more control and ownership over their cryptocurrency holdings, eliminating the need to rely on intermediaries like banks.Innovation: The underlying blockchain technology has spurred innovation beyond currency, with applications in areas like smart contracts, decentralized finance (DeFi), and non-fungible tokens (NFTs).Limited Supply: Many cryptocurrencies have a limited supply, which can protect against inflation and give them potential as a store of value, like digital gold in the case of Bitcoin.However, it's important to note that cryptocurrencies also come with challenges and risks, such as price volatility, regulatory concerns, and security vulnerabilities. Their special characteristics have generated both excitement and debate in the financial and technological worlds.#decentralizing #DEXplatform #BinanceSquareTalks

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Chapter 1 — Professionalism in Web3
One of the critical factors for project success is assembling the right team. In a recent discussion led by @SALAMANDER12_, a seasoned community manager and project developer, the conversation delved into the challenges and pitfalls of team building in the Web3 industry.
Joined by experienced professionals like @joeyvowels and @Kelano_eth, the dialogue provided valuable insights into the importance of understanding the unique dynamics of Web3 and the meticulous process of hiring the right individuals.

i. The Web3 Marketing Dilemma
Sal opened the discussion by sharing a cautionary tale of a project that hired a Web3 marketing team but failed to gain traction. The project, despite investing a considerable amount, struggled to connect with its audience.
The lesson here was clear: understanding the nuances of Web3, including the power of people, spaces, and influencers, is crucial for success.
 
ii. Hiring Process in Web3
Kelano emphasized the need to determine the level of readiness and training required for a role. He highlighted that beyond technical skills, the personal qualities of a candidate, such as reliability, organization, and effective communication, play a pivotal role in a remote work environment.
 
iii. The Essence of Caring in Web3
Both Sal and Kelano stressed the importance of hiring individuals who genuinely care about the project. Sal emphasized the need for critical thinking and a continuous dedication to the Web3 space.
Kelano added that while caring is crucial, the degree to which a person needs to care should align with their specific role and responsibilities within the project.
 
iv. Traditional Practices
Joey contributed to the discussion by underlining the relevance of traditional hiring practices even in Web3.
He emphasized the importance of asking thought-provoking questions and testing a candidate’s skills, even in a remote setting. Joey argued that embracing aspects of Web2 practices, such as having a detailed resume, can provide valuable insights into a candidate’s capabilities.
 
v. The Web2 Foundation for Web3 Success
The conversation concluded with the consensus that a foundational understanding of Web2 practices is essential for executing successfully in the Web3 space. Both Sal and Joey highlighted the significance of professionalism and experience outside Web3.
Kelano specifically pointed out how individuals with a background in e-commerce tend to excel in Web3 due to their expertise in creating creatives and building communities.
 
vi. Closing Remarks
Hiring the right team requires a nuanced approach that combines technical expertise, personal qualities, and an understanding of the evolving landscape.
As the speakers emphasized, leveraging traditional hiring practices alongside the unique demands of Web3 is the key to building a team that not only navigates the challenges but thrives in the decentralized and ever-changing digital ecosystem.

Chapter 2 — Valuing People's Time and Quality Work (2m 13s)
In a candid conversation featuring industry experts @MarianneNFTs, @SALAMANDER12_, @MakaveliDlaCruz, and @joeyvowels, key insights were shared on the challenges and strategies for hiring in Web 3.
The discussion revolved around the importance of building a reliable and efficient team in a rapidly evolving environment. From the pitfalls of traditional resumes to the need for quick execution, the conversation provided valuable perspectives for both employers and potential hires.
 
i. The Pitfalls of Traditional Resumes
Marianne, a seasoned entrepreneur, emphasized the struggles she faced while hiring for Web 3 projects. Despite the common belief in the necessity of a portfolio, Marianne challenged the relevance of traditional Web 2 resumes for roles in marketing, content creation, and copywriting.
She argued that, in these fields, a focus on practical skills and a showcase of capabilities through a portfolio or website is more critical than academic or professional backgrounds.
 
ii. Speed and Adaptability
A crucial theme that emerged from the conversation was the significance of speed and adaptability in Web 3 hiring. Marianne underscored the need to hire individuals who can work at a fast pace and quickly adapt to changes.
In the ever-evolving landscape of Web 3, where ideas materialize rapidly, the ability to execute swiftly is paramount. While acknowledging the importance of quality, Marianne encouraged a balance, suggesting that speed should not be sacrificed for perfection.
She advocated for launching projects quickly and refining them over time.
 
iii. A Founder’s Perspective on Hiring
Sal, offering insights from a founder's perspective, echoed Marianne's sentiments on the challenges of hiring the right team. She highlighted the potential setbacks of hiring individuals who might not align with the fast-paced nature of Web 3.
Sal emphasized the unforgiving speed at which the industry operates, likening Web 3 to seven "cat ears or dog ears." She stressed the importance of assembling a team aligned with the quality and pace demanded by the space.
 
iv. Compensation and Shifting Mentality
Joey contributed to the discussion by addressing the compensation issue prevalent in the Web 3 industry. He shared Andrew's advice on avoiding the temptation to cut costs on talent, emphasizing the long-term consequences of undervaluing quality work.
 Joey urged a shift in mentality regarding compensation, highlighting the need to recognize the value of people's time and the quality of their contributions.
 
v. Long-Term Vision in Web 3
Sal concluded the conversation by pointing out the increasing presence of well-funded businesses in Web 3 and the growing trend of projects with a long-term vision.
She cited examples such as @OverworldPlay and @SeedworldMeta, showcasing how these projects secured funding before even launching, indicative of a shift towards sustainability and longevity in the industry.
 
vi. Closing Remarks
The conversation among the speakers provided valuable insights into the nuances of hiring in Web 3.
From reevaluating the importance of traditional resumes to emphasizing speed, adaptability, and fair compensation, the discussion shed light on the evolving dynamics of building successful teams in the decentralized and fast-paced world of Web 3.
Employers and job seekers alike can benefit from these strategic perspectives to navigate the challenges and opportunities presented by this innovative landscape.

Chapter 3 — Hiring People Better Than Yourself (1m 55s)
Industry experts shared valuable insights into the intricacies of building and leading teams in the Web 3 space.
The discussion, hosted by @SALAMANDER12_ and featuring prominent figures like @TPANF, @MakaveliDlaCruz, @NFTeafor2, @joeyvowel, @MarianneNFTs, and @mattlopez313, delved into the challenges and strategies associated with hiring, collaboration, and leadership within the decentralized landscape of Web 3.
 
i. The Pro Aesthetics
TPA, a prosthetic specialist and leader in the field, emphasized the importance of asking questions and displaying a genuine interest when onboarding new team members.
Drawing from his experience, he highlighted the significance of graduates and newcomers actively seeking guidance and clarification. TPA stressed that a willingness to ask questions signals reliability and a commitment to learning, fostering trust within the team.
 
ii. Web 3 Hiring Dynamics
Makaveli chimed in, underscoring the need for individuals to prove themselves in the Web 3 environment. He emphasized the importance of consistency, effective communication, and building genuine relationships.
Makaveli warned against shortcuts, noting that attempting to cheat the system through deceptive practices ultimately leads to failure in a space where transparency, as upheld by blockchain technology, is paramount.
 
iii. Leadership Wisdom
Andrea, co-founder of @thecolonyxyz, shared her extensive experience in team building from both Web 2 and Web 3 perspectives.
Her key advice included checking egos at the door, hiring individuals with diverse skill sets, and fostering a culture of collaboration.
Andrea stressed the importance of leaders setting an example by adhering to boundaries and allowing team members the autonomy to contribute their expertise.
 
iv. Don't Be the Smartest Person in the Room
Joey echoed Andrea's sentiment, emphasizing the value of humility in leadership.
He succinctly advised against being the smartest person in the room, reinforcing the idea that a successful team thrives on collective intelligence and diverse perspectives.
 
v. Cautionary Tale
Marianne added a cautionary note based on her experiences with clients who, despite hiring marketing and consultancy teams, disregarded their advice.
She urged project leaders to trust the professionals they hire and allow them the creative freedom to implement strategies aligned with their expertise.
 
vi. Recap and Encouragement
Sal wrapped up the discussion by applauding Andrea's insights and reiterating the importance of hiring individuals who surpass one's own abilities.
The overall sentiment of the conversation emphasized the collaborative and dynamic nature of Web 3 work environments.
 
vii. Closing Remarks
These insights from industry leaders provide a compass for those navigating the complexities of team building and leadership.
From fostering a culture of collaboration to embracing diverse skill sets, the Web 3 workforce thrives on openness, trust, and a commitment to continuous learning.
As the conversation demonstrated, success in the decentralized future relies on the collective efforts of forward-thinking and collaborative teams.

Chapter 4 — Hiring for Passion Over Expertise (2m 40s)
Recapping an insightful discussion featuring @mattlopez313, the CEO of @ProjectShinsei, the space's moderators, @SALAMANDER12_ and @joeyvowels, and a prominent collaboration manager within the industry, @MasterJanNFT, the focus was on the critical aspect of team building in the dynamic and rapidly evolving landscape of Web3.
The conversation revolved around the importance of passion, vision, and community support in assembling a team that goes beyond the conventional norms of hiring based solely on expertise.
In this Chapter, we delve into the key takeaways from the conversation and explore the significance of hiring for passion, regardless of the specific roles within a project.
 
i. Hiring for Passion
Matt kicked off the discussion by sharing his extensive experience in hiring, particularly in the field of sales.
With a track record of hiring 50 individuals over eight years, he emphasized the uniqueness of hiring for sales, where passion takes precedence over specific skills.
 According to him, the ability to teach expertise makes passion a more valuable trait in a potential team member.
 
ii. The Power of Conveying Passion
Matt stressed the importance of candidates conveying their passion during the hiring process.
He argued that passion aligning with the company's vision is a stronger indicator of a great worker than mere expertise.
Whether it's for collab managers, community managers, or other roles, Matt underscored the need for candidates to demonstrate not just their skills but also a genuine enthusiasm for the company's mission.
 
iii. From Experience to Passion
While acknowledging the value of experience, Matt made a compelling case for passion as the driving force.
He pointed out that even without the necessary skills, a passionate individual can be taught, and their enthusiasm can have a lasting impact on the team.
This perspective, he emphasized, holds true not only in Web 2 but is even more crucial in the emerging landscape of Web 3.
 
iv. Realizing the Vision
Sal chimed in with her own experience, highlighting the goosebumps-inducing moment when she first connected with Matt.
She pointed out that, even before Shinsei was officially launched, the passion and vision expressed by Matt resonated strongly, creating an immediate connection.
Sal emphasized the importance of passion as the driving force behind successful execution and team performance.
 
v. Passion Across Roles
A question arose regarding whether hiring for passion is role-dependent.
Matt challenged this notion, sharing experiences of hiring developers based not only on their technical skills but also on their passion for the project.
He stressed that even in technical roles, finding individuals who believe in the vision and are willing to work without immediate compensation is a key factor in Shinsei's success.
 
vi. The Community Aspect
MasterJan contributed valuable insights, expanding on the concept of hiring for passion by emphasizing the community aspect.
He highlighted the benefits of bringing in individuals with their own audiences, turning the recruitment process into a means of importing not just team members but entire communities.
This, he argued, enhances a project's reputation and trust.
 
vii. Risking Reputation for a Vision
Joey reinforced the importance of passionate team members risking their reputations for a shared vision.
He emphasized the rarity of finding individuals willing to contribute without immediate monetary compensation, emphasizing that this commitment reflects the right approach and execution.
 
viii. Closing Remarks
In conclusion, the conversation among these industry experts and leaders emphasized a paradigm shift in team building.
While expertise remains important, the spotlight is increasingly on hiring individuals driven by passion, aligned with the project's vision.
The success stories of Shinsei and other projects discussed underscore the significance of this approach in navigating the complex and competitive landscape of Web3.
As the industry continues to evolve, it is evident that passion, coupled with expertise, is the winning formula for building enduring and successful teams.

Chapter 5 — Setting Employees Up for Success (4m 38s)
This Chapter touches upon the essential aspects of employment in the Web3 industry.
@awisefo, @joeyvowels, @thegreatola, @MakaveliDlaCruz, @_AndrewForte, and @R3alTalkBENNY shared their perspectives, offering a unique glimpse into the challenges and nuances of building and sustaining effective teams.
 
i. Passion vs. Experience
Awf, the initiator of the conversation, kicked things off by highlighting the significance of passion in Web3.
Drawing on personal experiences, he emphasized how passion can be a driving force, propelling individuals to unlock their hidden potential.
Awf's emphasis on passion stems from his encounters with individuals who started their journey in the digital space for fun but ended up discovering their capabilities and motivations along the way.
In contrast to conventional hiring norms that prioritize extensive experience and educational backgrounds, Awf underscored the importance of passion as a metric for gauging an individual's effectiveness in a team or on solo projects.
According to him, passion becomes a moral boost and a motivational force, prompting individuals to strive for more and contribute meaningfully to projects.
 
ii. Passion vs. Costly Skill Sets
Joey, jumping into the conversation, shed light on the economic challenges prevailing in the Web3 space. The discussion took an unexpected turn as the participants delved into the ever-rising gas fees, a constant headache for blockchain enthusiasts.
Gas fees, the cost of transactions on the blockchain, have been a sore point for those navigating Web3. Awf and Joey shared their frustrations, recounting instances where minting NFTs became a costly endeavor due to soaring gas fees.
The conversation morphed into a comparison of gas fees in 2021 and the present, with both speakers expressing disbelief at the escalating costs.
Despite the challenges, they recognized the practicality of certain blockchains like Polygon, emphasizing that lower gas fees don't necessarily guarantee profitability if trading volumes are insufficient.
 
iii. Trust and Cultural Fit: Hiring Challenges in Web3
As the dialogue progressed, Ola contributed valuable insights about the hiring process in Web3. He pinpointed the importance of cultural fit when onboarding talent.
Ola drew attention to the nuances of transitioning talent from Web2 to Web3, emphasizing that familiarity with the culture, slangs, and dynamics unique to the Web3 ecosystem is crucial.
Moreover, Ola highlighted the significance of evaluating past experiences and contributions when hiring for Web3 projects.
The concept of "proof of work" was introduced, urging employers to verify a candidate's impact on growth during previous engagements rather than solely relying on resumes.
This, according to Ola, becomes a key determinant of a candidate's suitability for the dynamic and unique culture of Web3.
 
iv. Building the Right Team
The conversation then pivoted to Benny, who shared his thoughts on the challenges of building the right team in Web3.
Drawing on his extensive experience, Benny highlighted a common issue – the reliance on free work in the crypto industry.
Small-cap founders with promising ideas often struggle to secure funding, leading them to seek passionate individuals willing to work for free.
Benny raised thought-provoking questions about the balance between providing founders and projects with adequate time and avoiding prolonged unpaid engagements.
He stressed the need for a deeper discussion about not only how to hire a good team but also how to be a good employer.
The discussion touched upon the importance of founders ensuring that employees receive what they need in return for their time and effort.
 
v. Setting Up for Success
Joey added a crucial layer to the conversation by emphasizing the role of resources in ensuring team success.
He pointed out that hiring individuals for various roles within a project isn't enough; founders must equip them with the necessary tools and resources.
The conversation concluded with a call to set people up for success rather than failure, urging leaders to understand and leverage the unique resources each team member brings to the table.
 
vi. Optimizing Workflow: The Significance of SOPs
As the discussion continued, Andrew injected a crucial perspective into the conversation by highlighting the importance of Standard Operating Procedures (SOPs). Acknowledging the myriad of teams striving to achieve greatness in the Web3 space, he underscored the necessity of having a well-defined framework and workflow.
Andrew emphasized that despite ambitious goals, teams often struggle due to the absence of structured SOPs. Comparing it to running like a "headless chicken," he pointed out that having SOPs in place is crucial for optimizing processes and avoiding counterproductivity.
 
vii. Being a Good Employer
Sal seamlessly integrated Andrew's point into the ongoing dialogue, reiterating the notion that being a good employer is integral to hiring good employees. She delved into the practicalities of this dynamic, drawing from personal experiences.
Sal echoed the sentiment that merely having connections and bringing people into a project is insufficient. She stressed the importance of a robust foundation in the form of resources and protocols. Her insights highlighted the need for comprehensive training when onboarding team members, ensuring they understand the intricacies of the ecosystem they are stepping into.
 
viii. Symbiotic Relationships
Makaveli brought a fresh perspective, focusing on the symbiotic nature of relationships within the creator's economy, especially in the context of the Web3 space.
He challenged the conventional employer-employee mindset, framing the collaboration as a group of creators working together to advance a shared vision.
Highlighting the importance of grace periods and open conversations, Makaveli emphasized that a cohesive team requires an understanding of each member's value.
He encouraged founders and team members to engage in meaningful conversations to align expectations and foster a harmonious working environment.
 
ix. Whatever It Takes
Building on Makaveli's insights, Sal added her thoughts on the Shinsei crew's collaborative efforts.
She commended their commitment to collaboration and the collective effort displayed in their recap notes.
Sal emphasized the rarity and excitement of witnessing an entire team coming together with shared responsibility and dedication.
 
x. Proving Your Point: A Team's Collective Responsibility
Sal concluded the discussion by echoing Makaveli's sentiment of doing whatever it takes for the team's success.
She highlighted the Shinsei crew as a positive example, where individuals take on responsibilities collectively and share the burden, showcasing a level of dedication that is both rare and commendable.
 
xi. Closing Remarks
In essence, the space’s conversation provided profound insights into the intricacies of building and sustaining effective teams in the blockchain industry.
From the importance of SOPs to the symbiotic relationships within a team, the participants shed light on the multifaceted challenges and opportunities in Web3 employment.
As we navigate this ever-evolving landscape, the wisdom shared in these spaces serves as a valuable guide for both employers and employees striving to thrive in the dynamic world of Web3.

Chapter 6 — Quality Execution Over Broad Endeavors
In this recap, we feature Phase 101, also known as @Nick_Alex_1, the owner of @Kuroki_NFT, and the host @SALAMANDER12_; valuable insights were shared about the significance of team building, hiring strategies, and maintaining focus in a competitive market.
 
i. The Importance of Creativity in Hiring
Nick highlighted the transformative changes in his life and underscored the pivotal role of creativity in hiring for projects like @Kuroki_NFT, which operate with limited resources.
As a hiring manager, he emphasized the need to look beyond traditional hiring methods, recognizing the untapped potential in individuals that may not be evident on paper.
 
ii. Emphasizing Passion and Vision
Building on Matt's (@mattlopez313 in the previous chapters) insights, Nick emphasized the importance of passion when assembling a team.
By conveying the vision of the project and personal values as a founder, the team becomes an attractive force, drawing individuals who are genuinely excited about the venture. This approach reduces the need for extensive recruitment efforts, as passionate individuals naturally gravitate towards projects that resonate with them.
 
iii. Transparency and Intentionality in Resource Management
Nick stressed the importance of transparency, especially when working with limited resources. By being upfront about financial constraints and compensation models, a foundation of trust is established.
This transparency allows for a mutually beneficial working relationship, where team members understand the parameters and contribute their best efforts, even in situations where immediate financial rewards may not be feasible.
 
iv. Quality Over Quantity
Drawing parallels to real-life scenarios, Nick cautioned against the common pitfall of over-hiring. In a bid to project an impressive image, some projects may assemble large teams with overlapping roles.
However, Nick's advice is clear – it's not about the number of team members but about having the right people in key positions. Quality over quantity ensures that every team member contributes meaningfully, avoiding the inefficiencies associated with excess personnel.
 
v. Navigating the Competitive Web3 Gaming Market
Sal chimed in, discussing the hyper-competitive nature of the Web3 gaming market. She acknowledged the influx of established players from the Web2 space, bringing significant financial resources. However, Sal emphasized the importance of staying true to Web3 roots and not merely replicating strategies used by wealthier counterparts.
 
vii. Strategic Differentiation and Focus
Both Sal and Nick concurred on the need for strategic differentiation. In a crowded market, it's not just about replicating successful models but carving out a distinct identity.
Nick warned against the temptation to diversify too much, emphasizing the importance of staying in one's lane and focusing on strengths. Successful execution, according to Nick, comes from a clear understanding of the project's core competencies.
 
viii. Closing Remarks
The conversation with Phase 101 and Sal provides valuable insights for emerging projects in the Web3 gaming sector.
By prioritizing creativity in hiring, emphasizing passion, maintaining transparency, and focusing on strategic differentiation, projects can navigate the competitive landscape and build teams poised for success.
As the Web3 gaming industry continues to evolve, these principles will undoubtedly play a crucial role in shaping the trajectory of innovative ventures.

Chapter 7 — Writer's Notes
When people are passionate about what they do, the potential for achievement in our professional lives becomes significantly greater.
In Chapter 3, Andrea pointed out that people leave a person, not the company.
Drawing from my personal experiences, I enjoyed working in the F&B field, but the people I was surrounded by, especially the “egotistical” bosses, made it less enjoyable.
Having the right people, especially the right bosses, significantly influences your chances of success. So, that's about it, concluding my thoughts on the matter.
Did you enjoy reading this article? Well consider following me here in Binance Square or on X!
#strategy #web3gaming #decentralizing #blockchain​ #Innovation

The rising importance of digital identity and data as valuable assets in the digital age has sparked discussions and initiatives centered around Self-Sovereign (SSI) and Decentralized Identity, aiming to empower individuals with control over their own data and privacy in the era of web3.0.
Self-Sovereign Identity & Decentralized Identity are not exactly the same, but have a lot in common. In fact, SSI is mostly used in the case of blockchain-based identity management. 
A few fundamental aspects of self-sovereign identity have been developed over time with particular value advantages. 
These characteristics demonstrate how a self-sovereign identity management system could enable users to fully control identity ownership and administration without relying on other parties. 
On a particular blockchain network, a self-sovereign identity denotes a permanent identity that is entirely accessible exclusively by the person or entity owning the identity. Nevertheless, at the right moment, some SSI features can be presented to any other address. 
It is worth noting that identity theft problems are lessened by the benefits of encryption and decentralization that come with self-sovereign identities.   
Technical Aspects of SSI
SSI points to the complexity of developing trust in an interaction between parties. One party must present credentials in order for this trust to be established during an interaction, and the reliant parties can then confirm that the credentials were granted by a reputable source. 
This allows the verifier’s trust to be transferred from the issuer to the credential holder. It is basically a triangular structure consisting of the holder, verifier, and issuer.
It has become common knowledge that users control the verifiable credentials they possess and that their permission is needed in order to use those credentials for an identity system to be self-sovereign. As a result, there is a decrease in unintended user data sharing. 
The concept of centralized identity, where an external entity grants identity, is in contrast to this. In a self-sovereign identity (SSI) system, individuals create and control decentralized IDs, which serve as unique identifiers. As a matter of fact, most SSI systems utilize public-key cryptography to verify credentials, which are stored in digital wallets and secured on a blockchain.
The credentials may include information from a database maintained by the issuer, information from a social network account, a history of purchases made on an online store, or verification from friends or coworkers.
Simulated Life Example
In a simulated example, picture yourself as a job seeker who has to prove their qualifications. With SSI, the digital wallet allows you to create your self-sovereign identity and request your university to issue a verifiable credential directly to your wallet. 
The credential, such as a digital diploma, is securely signed by the university and stored tamper-proof. 
Therefore, when you apply for a job, you present your digital wallet to the employer, who can instantly verify the authenticity of your qualifications, enhancing privacy, and a more efficient way to manage digital identities. 
The employer in this case takes the role of the verifier by using digital verification tools to approve the authenticity of the certificate presented by the identity holder (job seeker) based on the verifiable credential issued by the trusted issuer (university).
To sum up, SSI aims to offer individuals control over personal data. Securely stored using blockchain and cryptographic techniques, identities are protected from breaches and theft. 
While simplifying identity management across platforms, SSI empowers marginalized communities by providing verifiable digital identities, enabling access to crucial services and promoting inclusivity. 
Nevertheless, in the age of technology, where digital identity and data have become incredibly valuable, there are still significant challenges that require attention, such as establishing suitable legal frameworks and promoting education on the topic, as they are the basis of healthy new ventures.
#ZK-proof #zkSync. #zkSNARKsRevolution #decentralizing #DeFiImpact

The ADA cryptocurrency
The $ADA cryptocurrency is the native asset of the #cardano blockchain, and it plays a critical role in maintaining and operating the network. Unlike cryptocurrencies like #bitcoin , which primarily serve as a digital store of value, ADA is designed to enable a broader set of functionalities, ranging from facilitating transactions to being staked to secure the network.
Cardano’s consensus mechanism, known as Ouroboros, is a proof-of-stake system, which is fundamentally different from the proof-of-work systems found in cryptocurrencies like Bitcoin. In proof of stake, the creation of new blocks is performed by validators who are chosen based on the number of coins they are willing to “stake” as collateral. Essentially, #ADA holders can participate in staking to help validate transactions, add new blocks to the blockchain, and thereby keep the network secure. In return for staking their ADA, participants receive additional ADA as rewards, creating an incentive for users to hold and stake their coins rather than spending them.
In terms of its economic model, ADA has a capped supply, much like Bitcoin. The maximum supply of ADA is fixed at 45 billion tokens, with a current circulating supply of approximately 35 billion. Transaction fees in the Cardano network are also paid using ADA, and these fees are adjusted algorithmically based on network activity. Additionally, certain network upgrades and functionalities might require users to pay fees or make deposits in ADA, which further integrates the cryptocurrency into the Cardano ecosystem.
ADA can be stored in various types of wallets, including hardware wallets, mobile wallets, and desktop wallets. Cardano offers its official wallet, known as Daedalus, which provides a full copy of the Cardano blockchain and offers enhanced security features. Another option is the Yoroi wallet, which is a lightweight wallet for Cardano that runs as a browser extension.

Cardano development phases
Since its launch, the blockchain has evolved through several phases, each introducing key features. The Byron Era, the initial version of Cardano, began in September 2017. This phase launched the first mainnet, enabling ADA transactions over a federated network using the Ouroboros consensus mechanism.
The Shelley upgrade followed in mid-2020, #decentralizing network consensus. This update transitioned the network to a state where most nodes were operated by the community rather than a centralized entity.
After Shelley, the Goguen era brought further blockchain capabilities through a series of hard forks. In March 2021, the platform added support for native assets through the Mary hard fork. Later, Cardano advanced to the Alonzo phase in 2022, enabling smart contracts for the first time. Concurrently, the project initiated the Plutus Pioneer Program to train over 1,000 interested developers in writing dapps on Cardano.

Cardano consensus and architecture
Cardano features a unique two-layer architecture. The Cardano Settlement Layer (CSL) handles all ADA transactions, while the Cardano Computation Layer (CCL) oversees computational functions, including smart contracts and dapps.
Time on the Cardano blockchain is divided into epochs, each consisting of a series of slots. In each slot, a slot leader is elected to validate transactions and add them to the blockchain. This election is not random but rather is based on the amount of ADA an account holds and has staked.
The election of slot leaders is a key aspect of the Ouroboros protocol. The more ADA an account has staked, the higher the chance that it will be chosen as a slot leader. This system of proportional election aims to ensure a more democratic and decentralized mechanism of transaction validation. Ouroboros also incorporates multi-party computation to ensure that the election of slot leaders is both random and secure, eliminating any predictable patterns that could be exploited.
Security is another focus of the Ouroboros design. The protocol claims to offer provable security, assuming that the majority of ADA staking is controlled by honest nodes.

The e-UTXO model
Cardano employs an Extended Unspent Transaction Output (e-UTXO) model for its ledger, which is a variation of the Unspent Transaction Output (UTXO) model used by Bitcoin. The traditional #UTXO model keeps track of the ownership of tokens based on unspent outputs from previous transactions. In contrast to account-based models (like the one used by Ethereum), where the ledger resembles a state machine, the UTXO model treats each transaction as an atomic operation that consumes certain outputs and produces new ones without affecting other parts of the ledger.
The e-UTXO model extends this basic framework by incorporating some features commonly found in account-based models. Specifically, e-UTXOs can carry additional data fields and can also be subject to more complex conditions specified by smart contracts. In essence, e-UTXOs permit Cardano to integrate complex logic without compromising the benefits of the UTXO model, such as scalability and parallel transaction processing.
Cardano entities
The Cardano team is split across three independent Cardano-centric entities: the Cardano Foundation, Input Output, and Emurgo.
The non-profit Cardano Foundation, based in Zug, Switzerland, oversees and supervises the project. Input Output spearheads research and development as well as delivering protocol upgrades. Emurgo acts as the private investment side of Cardano funding, accelerating projects.
Research-driven approach
Cardano has quite a strong academic foundation. This methodology incorporates a peer-reviewed approach to the network's software architecture and functionalities.
Over the years, the project has been subject to rigorous academic scrutiny and has undergone peer review.  Due to this reason, the project has prioritized transparency in software development, using features substantiated by empirical evidence. Cardano's research team has generated over 100 scholarly papers, discussing topics from distributed systems and programming languages to game theory.
While the research-driven approach has its merits, it has also led to software upgrade delays during its progression.